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California Consumer Financial Protection Law
Information for New Registrants

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Who Should Register

With the approval of DFPI’s first registration regulations under the CCFPL by the Office of Administrative Law, the DFPI will now require providers of the following financial products and services to register and submit data to the Department:

  • Debt Settlement Services
  • Student Debt Relief Services
  • Private Postsecondary Education Financing
  • Income-Based Advances (also known as “earned wage access”)

To determine whether your business falls under one of these categories, please refer to the definitions in sections 1001 – 1004 and exemptions in section 1010 of the regulations.

Financial service providers covered by the new regulations must file an application to register by February 15, 2025, to continue operating legally in the state. Registration will provide valuable data and insights to help inform changes to consumer protection laws and regulations in the future.

How to Register

  1. Create an NMLS account.If you do not have an NMLS account, you must first complete the Company Account Request Form. Once the request has been validated the users listed in the form will receive an email with the account login information in up to 5 business days. If the account cannot be created, NMLS will communicate with the submitter.
  2. Complete application forms before February 15, 2025.Once you can access NMLS, submit the following through NMLS to the DFPI by the February 15, 2025 registration deadline. Applying before the deadline ensures that your company can lawfully operate in California after February 15, 2025.

    You may create an NMLS account and begin completing these forms prior to November 1, 2024, but will not be able to submit them to DFPI until that date.

    Note: If you have submitted these forms to another state, then you do not need to re-enter your company or branch records into NMLS. You will only need to identify the appropriate registration type in California and complete a few state-specific fields.

  3. Pay the application fee.There is application fee of $350 that will be invoiced through NMLS after the application is submitted. Additionally, NMLS will annually charge a processing fee per company registration renewed through the system. Fees are not refundable.
  4. Register for a DFPI self-service portal account.
    Once your registration has been approved through NMLS, you must create a self-service portal account with the DFPI by following these steps:
    • Click the link: Registration. Enter all required information.
    • For the question “Are you currently registered as a Covered Person with the CA DFPI?”, click “Yes” then click “Submit Registration”.
    • The screen will show a “Sign Up Confirmation” stating your request will be reviewed within five (5) business days.
    • DFPI Covered Persons staff will approve the request.
    • You will receive an email confirming your account has been activated. You can now provide a designated email address.

CCFPL Regulations FAQ

General FAQ (For Stakeholders, Legislators, Media and Partners)

1. What is the new consumer protection regulation, and what industries will the DFPI now supervise and register?

Under the California Consumer Financial Protection Law (CCFPL), and through approval by the Office of Administrative Law, the DFPI will now require providers of the following financial products and services to register and submit data to the Department:

  • Debt Settlement Services
  • Student Debt Relief Services
  • Private Postsecondary Education Financing
  • Income-Based Advances (also known as “earned wage access”)

Registration will provide valuable data and insights to the DFPI to help inform changes to consumer protection laws and regulations in the future.

The Department encourages you to seek legal advice if you are unsure whether the rulemaking applies to your business.

2. When do the regulations go into effect?

The CCFPL regulations go into effect on Feb. 15, 2025. However, the CCFPL has been in place since 2021, giving the DFPI authority to protect Californians from unlawful, unfair, deceptive, or abusive acts and practices (UUDAAP) across the financial services marketplace. The Department has charged more than 300 violations under the CCFPL since it went into effect in 2021.

3. Why are they important to consumers and the financial marketplace?

The registration regulations add to the DFPI’s oversight by requiring formal supervision and data reporting from four industries not previously registered with the DFPI, which will allow for greater insight into emerging trends and potential risks to consumers.

4. What new protections do consumers receive from the new rules?

Consumers will now know if a company can legally operate in California by looking up their current registration on the DFPI website.

5. Are there other industries that will be required to register in the future?

The rulemaking process will determine which covered persons will be required to register with the Department. Future rulemaking packages may require providers of additional consumer financial products or services subject to the CCFPL to register with the Department.

To receive notices of DFPI rulemaking, subscribe to our e-mail subscription service. 

6. What is the California Consumer Financial Protection Law (CCFPL)?

In 2020, the California State Legislature passed the CCFPL as AB 1864 (Limón, Chapter 157, Statutes of 2020). Identifying gaps in consumer protection due to strict definitions in existing licensing laws, this law provided the DFPI with the appropriate authority to oversee areas of the financial marketplace previously unregulated in California, including debt settlement and debt relief services, private postsecondary education financing products, and income-based advance products. For more information on the CCFPL, visit dfpi.ca.gov/ca-consumer-financial-protection-law/.  

7. Where can consumers file a complaint about regulated industries?

The DFPI plays a vital role in safeguarding consumers and promoting fairness among businesses in the financial marketplace, including providing a free and easy way for consumers to file complaints against financial institutions. For details, visit the DFPI File a Complaint webpage or contact us at [email protected] or call toll-free at (866) 275-2677.

New Registrants

1. How do I know if I need to register?

If you are a financial service provider operating in California in one of the four industry categories, you must complete an application and register with DFPI before Feb. 15, 2025:

  • Debt Settlement Services
  • Student Debt Relief Services
  • Private Postsecondary Education Financing
  • Income-Based Advances (also known as “earned wage access”)

To determine whether you fall under one of these categories, please refer to the definitions in sections 1001 – 1004 and exemptions in section 1010 of the regulations. Visit dfpi.ca.gov/CCFPL-registration for more information

2. Are there any exemptions to registration under the CCFPL?

For information regarding exemptions to registration under the CCFPL for consumer financial products and services offered or provided to California residents, refer to California Financial Code Section 90002.

The recently approved registration regulations include further clarification on exemptions in Title 10, California Code of Regulations § 1010(b).

3. How do I register?

Registration applications are required to be submitted through the Nationwide Multistate Licensing System & Registry (NMLS). To gain access to NMLS for the first time, you must complete the Company Account Request Form.  This form can be submitted electronically through the NMLS website in the Getting Started section. Instructions and tutorials on how to access and use the system are also available on the NMLS Resource Center.

If your company already has a record in NMLS, you do not need to do this step. You can access your NMLS account and apply for the applicable registration type.

4. What fees will registrants be required to pay?

Registrants will be required to pay an application fee of $350 to the DFPI, and an annual NMLS renewal fee to NMLS.  All fees will be invoiced through NMLS and are non-refundable.

Registrants will also pay an annual fee to the DFPI, which is equal to its pro rata share of all costs and expenses reasonably incurred in the administration of the registration program. The CCFPL also authorizes DFPI to bill for the reasonable and necessary costs of examinations.

5. I need help with navigating/accessing the NMLS system. Who do I call for help?

If you have general NMLS questions about navigation and access, please contact the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123).  You can also find useful links at NMLS Resource Center – Contact Us page. 

6. How do I find out the status of my registration application?

Log into your NMLS account to view the license status of your registration application. For additional information on your license status, you may refer to the NMLS License Status Review & Definitions quick guide or call NMLS at (855) 665-7123. 

7. I received an email from NMLS stating a license item was added to my application. What is a license item?

A license item is added to your NMLS record to notify you of any missing or incomplete information that is still required to complete the review of your application. License items may indicate items are missing or incomplete and will include instructions on how to submit the information. Once you have completed the license item(s) in NMLS, we will review the information and let you know if the information provided satisfies the requirement.

8. What happens if providers do not submit an application to register by Feb. 15, 2025?

Financial service providers covered by the new registration regulations must file an application to register by Feb. 15, 2025, to continue operating legally in the state.  After this date, no person shall engage in the business of offering or providing the subject products in the regulations to California residents without an application for registration submitted to DFPI.

Supervision

1. As a covered person, will my business be subject to examination?

The Department may conduct regulatory examinations of any covered person subject to the CCFPL, including both registrants and non-registrants. These examinations will seek to monitor compliance with consumer financial protection laws and detect any unlawful, unfair, deceptive, or abusive acts and practices.

2. What is the timeline for examinations of Covered Persons?

The Department may begin examinations of covered persons by late 2024.

Laws & Regulations

1. Where do I find the regulations related to the CCFPL?

You can stay updated on CCFPL related rulemaking through the CCFPL Laws and Regulations webpage on the DFPI website.

2. How do I sign up for CCFPL or industry-specific updates?

To receive updates from DFPI, visit dfpi.ca.gov/subscribe. 

3. What Division of the Financial Code contains the CCFPL?

The California Consumer Financial Protection Law is in Division 24 sections 90000 – 90019.  You can find the CCFPL financial code here.

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