California Requests Feedback on Proposed Debt Collection Regulations Impacting Licensing, Reporting, and Records

Editor's Note: This article, authored by Paul Boller, Stefanie Jackman, & Chris Capurso previously appeared on Troutman Pepper’s Consumer Financial Services Law Monitor and is re-published here with permission.

On July 15, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on proposed additions to regulations implementing the Debt Collection Licensing Act (DCLA). According to the invitation, the new provisions pertain “to the scope, annual report, and document retention requirements of the DCLA.” For example, the proposed regulations define “original creditors” and propose to generally exclude them from licensure unless one or more of the following benchmarks applies:

The proposed regulations also exclude from licensure “person[s] solely servicing debts not in default on behalf of an original creditor[.]”

Additionally, the proposed regulations would:

View this content by subscribing

Please register to unlock this content

I already have an account. Log in