California DFPI Invites Comments on Second Proposed Debt Collection Licensing Act Regulation | Ballard Spahr srl

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The California Department of Financial Protection and Innovation (DFPI) recently released a Invitation to Comments on the second proposed regulation under the Debt Collection Licensing Act. The call for comments aims to obtain further information on subjects related to the scope of certain terms of definition, the types of information required in annual reports and the amounts of guarantees.

Essentially, the DFPI is seeking comments on whether clarification is needed for certain terms, such as “engage in debt collection activity”, “in the ordinary course of business” and “regularly. ” [engage in debt collection], and whether clarification is needed regarding entities or transactions exempted from the Act. DFPI is also seeking comments on whether additional information should be required in annual reports to be submitted by licensees and whether higher bond amounts should be required, among other issues.

Note that at the beginning Regulatory Notice, the DFPI said it expects the final rules, if adopted, to come into effect on or around November 19, 2021, which should allow applicants to apply for a license before January 1, 2022.

Comments must be submitted to the DFPI by October 5, 2021.


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