The DFPI seeks to determine annual licensing fees with comments due July 3.
06/20/2024 8:50 A.M.
1.5 minute read
The California Department of Financial Protection and Innovation (DFPI) commissioner is proposing to amend the California Code of Regulations relating to reporting and assessments under the Debt Collection Licensing Act (DCLA).
“The DCLA requires a licensee to pay the department annually its pro rata share of all costs and expenses reasonably incurred in the administration of the DCLA,” according to the DFPI.
The first assessment will occur in 2024 and the “net proceeds generated by California consumers’ accounts in the preceding year.”
The term “net proceeds” is not defined by statute, therefore the DFPI proposes adopting a definition of “net proceeds generated by California debtor accounts” in order to determine annual fees.
The DCLA also requires a licensee to file an annual report with the commissioner and sets forth certain information that must be disclosed in the report, according to the DFPI. The commissioner is authorized to require additional information to be included in the report. This rulemaking action clarifies terms and establishes additional annual reporting requirements.
In response to public comments received regarding the originally proposed rules, the commissioner has modified the proposed rules. The commissioner is making the modified rules available for public comment, for a 15-day comment period.
The notice of modifications to proposed regulations is available here (PDF), and the modified text is available here (PDF).
Comments may be submitted by email to [email protected] with a copy to [email protected]. Please identify the comments as PRO 01-23 in the subject line.
To submit comments by mail, send to:
Department of Financial Protection and Innovation
Attn: DeEtte Phelps, Regulations Coordinator
2101 Arena Boulevard Sacramento, California 95834
The deadline to submit comments on the modified rules is July 3, 2024.
For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.
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