CAPPS ~ Regulatory Alert

California Association of Private Postsecondary Schools | CAPPS

Notice of Proposed Rulemaking

California Consumer Financial Protection Law, California Financing Law,

California Deferred Deposit Transaction Law, and

California Student Loan Servicing Act (PRO 01-21)

The Department of Financial Protection and Innovation has filed a Notice of Proposed Action with the Office of Administrative Law and invites public comments on the proposed rulemaking. The Commissioner proposes to add the following sections to Title 10 of the California Code of Regulations:

• Sections 1000, 1001, 1002, 1003, 1004, 1010, 1011, 1012, 1020, 1021, 1022, 1023, 1024, 1025, 1026, 1030, 1031, 1032, 1033, 1034, 1040, 1041, 1042, 1043, 1044, 1045, 1048, 1050, 1051, and 1052 (California Consumer Financial Protection Law)

• Sections 1430.1, 1461, 1462, 1462.5, 1463, 1464, 1465, and 1466 (California Financing Law)

• Section 2030.5 (California Deferred Deposit Transaction Law)

• Section 2044.1 (California Student Loan Servicing Act)

The purpose of the proposed regulations is to implement, interpret, and make specific the registration requirements for covered persons under Financial Code section 90009 of the California Consumer Financial Protection Law and the requirements for exemption from registration for licensees under the California Financing Law, California Deferred Deposit Transaction Law, and the California Student Loan Servicing Act, and clarify the regulation of advances under Financial Code section 22150 of the California Financing Law.

The 45-day public comment period ends on Tuesday, May 2, 2023.

Submit comments by any of the following methods:

E-mail to regulations@dfpi.ca.gov with a copy to Peggy.Fairman@dfpi.ca.gov

Postal mail addressed to:

Department of Financial Protection and Innovation

Attn: Araceli Dyson

2101 Arena Boulevard

Sacramento, California 95834

PRO 01-21 – Notice of Proposed Action (PDF)

PRO 01-21 – Text of Proposed Rulemaking (PDF)

PRO 01-21 – Initial Statement of Reasons (PDF)

NOTE: To ensure you receive future notices about this rulemaking, visit www.dfpi.ca.gov and select the “Subscribe” button at the bottom of the page. After logging in, select the California Consumer Financial Protection Law Regulations list under the Regulations category.

Direct any comments to: Robert Johnson ~ email Robert@cappsonline.org