State Financial Regulator Moves Forward to License California Debt Collectors

Companies Must Submit  their Applications prior to Jan. 1, 2022, to Continue Operating in California  

SACRAMENTO, Calif. -- The Department of Financial Protection and Innovation (DFPI) has announced that all debt collectors operating in California can now apply to be licensed by the Department, representing the first step in increased state oversight that will include an assessment of applications, formal examinations, and protections for California consumers. Debt collectors, debt buyers, and debt collection attorneys operating in the state may now submit their license applications online at the Nationwide Multistate Licensing System (NMLS).

 

The recently enacted Debt Collection Licensing Act (DCLA), which was passed in the state Legislature last year as SB 908, requires that all debt collectors submit a license application prior to Jan. 1, 2022, to continue operating in California next year.

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