DFPI proposes amendments to regulations under the California Debt Collection Licensing Act | Orrick, Herrington & Sutcliffe LLP

DFPI proposes amendments to regulations under the California Debt Collection Licensing Act | Orrick, Herrington & Sutcliffe LLP

On June 17, the California DFPI proposed to amend the California Code of Regulations relating to requirements under the Debt Collection Licensing Act (DCLA) and will be accepting comments through July 3. The proposed amendments would define the phrase “net proceeds generated by California debtor accounts” and also clarify annual reporting requirements for DCLA licensees.

Specifically, “net proceeds generated by California debtor accounts” will mean the amount retained by a debt…

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2 July 2024

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