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California DFPI Digital Asset Lending Regulatory Year in Review

February 22, 2023 By Josh Dhyani and Aldys London

A&B ABstract: In December of 2022 California released an interagency progress report (“Report”) analyzing the current regulatory status of Web3, Crypto Assets, and Blockchain. The report was prepared pursuant to Executive Order N-9-22 (the “Order”) issued by California Governor Gavin Newsome on May 4, 2022, which declared California’s intent to regulate blockchain, including crypto assets […]

Filed Under: California, Fintech, State Law Tagged With: #California, blockchain, CCFPL, crypto, DFPI, Web3

California Settlement Offers Reminder that Buy Now Pay Later Participants are Subject to California Financing Law

September 15, 2022 By Ross Speier and Josh Dhyani

In August 2022, the California Department of Financial Protection and Innovation (“Department” or “DFPI”) entered into a consent order with a company offering point of sale financing products that the DFPI deemed to be buy now, pay later (“BNPL”) financing, for which a California Financing Law (“CFL”) license is required. The company is required to […]

Filed Under: California, Consumer Loan, Licensing Tagged With: #BNPL, #California, fintech

New Proposed Registration Requirements for Covered Financial Products and Services Under the California Consumer Financial Protection Law

December 10, 2021 By Josh Dhyani

Last year, California passed the California Consumer Financial Protection Law (“CCFPL”), which renamed the Department of Business Oversight as the Department of Financial Protection and Innovation (“DFPI”) and expanded the authority of the department, including increased regulatory authority related to certain financial products. Under that widened purview, the DFPI has now proposed regulations requiring registration […]

Filed Under: California, Licensing, State Law, Student Loans Tagged With: #California

Application Deadline Looms Under California Debt Collection Licensing Act

December 2, 2021 By Josh Dhyani

On September 25, 2020, California Governor Gavin Newsom approved Senate Bill 908 – enacting the Debt Collection Licensing Act (DCLA). The DCLA, which takes effect January 1, 2022, requires a person or entity engaging in the business of debt collection in California to be licensed and provides for regulatory oversight of debt collectors by the […]

Filed Under: California, Debt Collection, Licensing, Mortgage Servicing, State Law Tagged With: #California, #debtcollection, #mortgageservicing, Servicing

California Enacts Debt Collector Licensure Law

November 2, 2020 By Nanci Weissgold and Anoush Garakani

A&B Abstract: On September 25, California Governor Gavin Newsom signed into law Senate Bill 908, which, in part, enacts the California Debt Collection Licensing Act (“Act”). Effective January 1, 2022, the Act will require the licensure of persons that engage in debt collection in California with California residents.   Notably, the Act also applies to entities […]

Filed Under: California, Debt Collection, Licensing, State Law Tagged With: #California, #debtcollection

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