Financial Services Office

The Financial Services Office licenses and regulates payday lenders, mortgage and other non-bank lenders, mortgage servicers, escrow agents and companies, and other financial service providers.

The Financial Services Office is responsible for the regulation of six separate laws:

Financial Services Office application and examinations:

Financial Services Office reviews applications for licensure under the laws and, if all requirements are met, companies receive a license. Once a company is licensed, it is included in the regulatory examination cycle for that industry.

Financial Services Office regulatory examination cycles vary from one year to four years and are conducted at the licensed location. Criteria has been established for each type of license in order to determine the company’s compliance with laws and regulations and the financial stability of the business. Analysis of financial information is also performed by Financial Services Office to determine whether special examinations are required and to closely monitor problem companies. Financial Services Office may also conduct a regulatory examination for cause at any time.

Violations of the laws (California Financial Code and the California Code of Regulations) are handled by the Department’s Enforcement Division (ENF).

Financial Services Office also works with the United States Attorney’s office and the Department of Housing and Urban Development in the regulation of lenders and independent escrow agents.

Financial Services Office staff also utilizes the informational resources of the National Association of Consumer Credit Administrators to assist in the regulation of lenders.

Last updated: Sep 24, 2021 @ 2:11 pm