California Finance Lenders Law

What's New

  • 10/23/14 –The Commissioner of Business Oversight Commissioner proposes to adopt regulations under the California Finance Lenders Law and the California Residential Mortgage Lending Act. The proposed regulations would clarify that nondepository operating subsidiaries, affiliates, and agents of federal banks and other financial institutions are required to be licensed and regulated by the Department of Business Oversight. The period within which to comment on this proposed regulatory action ends on December 8, 2014. (Notice of Proposed Rulemaking PRO 03/13)
  • 10/14/14 – The 2013 Annual Report of operation of Finance Companies under the California Finance Lenders Law is now available.
  • 04/02/2014 - The California Department of Business Oversight Commissioner is proposing further amendments to implement the Pilot Program for Increased Access to Responsible Small Dollars Loans, as enacted by Senate Bill 318 (Chapter 467, Statutes of 2013).  The Department is proposing amendments to Sections 1601, 1603 and 1608 of Title 10 of the California Code of Regulations, originally published in the California Regulatory Notice Register 2014, No. 2-Z.  This rulemaking action relates to amendments made in response to comments received regarding the proposed regulation.  The period within which to comment on these amendments ends on April 18, 2014. (PRO 15/13)
  • 03/11/2014 - The California Department of Business Oversight Commissioner (Commissioner) is requesting comments on proposed changes to the regulations under the California Finance Lenders Law and the California Residential Mortgage Lending Act.  The proposed regulations would clarify that non-depository operating subsidiaries, affiliates, and agents of federal banks and other financial institutions are required to be licensed and regulated by the Department of Business Oversight.  The Commissioner is seeking comments from interested parties prior to initiating a rulemaking action, and requests that comments be received by May 7, 2014. (Invitation for Comments, PRO 03/13)
  • 03/06/2014 - Licensees are reminded that in accordance with section 7119 of title 21 of the California Code of Regulations, the Residential Mortgage Loan Report is due by March 31, 2014, for all residential mortgage lenders that are not reporting to a federal or state regulatory agency as provided by the Home Mortgage Disclosure Act of 1975, as amended. Licensees making residential mortgages should consult with their internal compliance officers regarding whether they are required to file the state report.
  • 03/03/2014 - The Annual Report Form for Licensees Engaged in Business under the California Finance Lenders Law (CFLL) for Year Ended December 31, 2013, is available for download.  Please download all 3 documents: CFLL Annual Report Instructions, Schedule A to K, Schedule L to O and G by Loan Type or download the PDF Portfolio* containing all documents.  Pursuant to Financial Code Section 22159, the report must be filed by all licensees on or before March 15, 2014. For questions, please call (213) 576-7690.
    *Requires Flash and javascript.
  • 01/09/2014 - The Commissioner of Business Oversight adopted amendments to various sections of Title 10 of the California Code of Regulations.  The regulations (1) amend license and renewal license application forms under the Corporate Securities Law of 1968 (broker-dealers, agents, investment advisers), the California Finance Lenders Law, the California Residential Mortgage Lending Act, and the Securities Depository Law pursuant to AB 1424 (Chap. 455, Stats. 2011); (2) amend the application for a license under the California Finance Lenders Law regarding operating subsidiaries, reporting of past criminal acts and other violations, and self-certification for passive investors; and (3) adopt the annual report form under the California Finance Lenders Law.  The amendments were filed with the Secretary of State on January 7, 2014 and are effective upon filing with the Secretary of State.  (PRO 18/11)
  • 12/30/2013 - The 2012 Annual Report of Operation of Finance Companies Licensed  under the California Finance Lenders Law is now available.
  • 12/20/13 - The California Department of Business Oversight Commissioner proposes to amend Section 1550 of Article 10, repeal Sections 1580 through 1596 of Article 13, and adopt Sections 1600 through 1618 to Article 14, of Subchapter 6 of Title 10 of the California Code of Regulations.  This proposed rulemaking action adopts necessary rules to implement the Pilot Program for Increased Access to Responsible Small Dollar Loans established by Senate Bill 318, repeal the Pilot Program for Affordable Credit-Building Opportunities abolished by Senate Bill 318, and amend the existing rule on advertising.  The period within which to comment on this proposed regulatory action ends on February 24, 2014.  (PRO 15/13)
  • 08/12/2013 -The Commissioner of the Department of Business Oversight is proposing further amendments to Sections 260.210, 260.211, 260.211.1, 260.231, 1422, 1422.7, 1423, 1430, 1581, 1582, 1805.204, and 1950.122.8 of Title 10 of the California Code of Regulations, originally published in the California Regulatory Notice Register 2012, No. 50-Z.  This rulemaking action relates to amendments made in response to comments received regarding the proposed regulation and other nonsubstantive changes.  The Department of Business Oversight also proposes other nonsubstantive changes throughout the text to amend Department-specific information as a result of the reorganization of state departments.  The period within which to comment on these amendments ends on August 29, 2013.  (PRO 18/11)
  • 07/17/2013 - The California Foreclosure Reduction Act (“Act”) became effective January 1, 2013, significantly changing the landscape of the non-judicial foreclosure process in California.  The Act applies to all mortgage servicers that conduct foreclosures in this state.  However, many provisions in the Act apply to mortgage servicers that have foreclosed on more than 175 homes during the preceding calendar year.  Click here for a summary of the Act and a list of such mortgage servicers previously licensed by the former Department of Corporations, now licensed by the Department of Business Oversight.  At this time, no state-licensed bank or credit union previously licensed by the former Department of Financial Institutions, now licensed by the Department of Business Oversight, has more than 175 foreclosures in the preceding calendar year.     
  • 01/23/13 - The 2012 CFL Annual Report Instructions and Forms are now available.
  • 01/17/13 - The 2012 Residential Mortgage Loan Report has been posted.
  • 01/01/13 - The Commissioner has revised Commissioner’s Release No. 65-FS regarding new foreclosure laws taking effect on January 1, 2013.  The revisions clarify certain requirements for mortgage servicers, and correct the operative date of provisions enacted by AB 1599 (Ch. 556, Stats. 2012), a bill requiring translated summaries of notices of default and sale.
  • 12/07/12 - The Commissioner of Corporations proposes to adopt and amend various sections of Title 10 of the California Code of Regulations.  This regulatory action proposes to, among other things: (1) amend license and renewal license application forms under the California Finance Lenders Law, the; (2) amend the application for a license under the California Finance Lenders Law regarding operating subsidiaries, reporting of past criminal acts and other violations, and self-certification for passive investors; and (3) adopt the annual report form under the California Finance Lenders Law.  The period within which to comment on this proposed regulatory action ends on January 28, 2013. 
  • 12/04/12 - The Commissioner of Corporations has issued Release 65-FS to advise mortgage servicers of the new foreclosure laws effective January 1, 2013, including the landmark California Foreclosure Reduction Act (AB 268 (Ch. 86, Stats. 2012) and SB 900 (Ch. 87, Stats. 2012)), which reforms the foreclosure process.
  • 11/30/12 - The California Corporations Commissioner has issued Release 64-FS to provide information to mortgage loan originators (MLOs) who are employed by bona fide nonprofit organizations, and who may be exempt from licensure requirements under Financial Code Section 22013(b) of the California Finance Lenders Law and Financial Code Section 50003.5(b) of the California Residential Mortgage Lending Act, as amended by AB 2666 (Chap. 264, Stats. 2012), effective January 1, 2013.   For an MLO to qualify for the exemption, the bona fide nonprofit organization employer must register with the Department.  The Commissioner of Corporations has posted the form and instructions for filing.

Consumer Information

Information on persons licensed under CFL that are engaged in making or brokering loans secured by residential real property is also available in NMLS Consumer Access.

 

RSDL Pilot Program


Licensee Information

 

Licensee Resources

Self-Service DOCQNET PortalCompanies licensed under the California Finance Lenders Law, California Deferred Deposit Transaction Law, and Escrow Law, may access the Self-Service DOCQNET Portal to submit applications for licensure, view the status of applications, submit annual report information, and update contact information.

 


NMLS Consumer Access

NMLS Consumer Access is a fully searchable website that allows the public to view information concerning state-licensed mortgage companies, branches and individuals currently licensed through NMLS.

Information on CFL licensing requirements for companies and branches engaged in making or brokering loans secured by residential real property is also available in NMLS.

NMLS

 An application for a license under the California Finance Lenders Law for residential mortgage providers (mortgage lenders, brokers, mortgage lenders and brokers, and mortgage loan originators) should be filed through the Nationwide Mortgage Licensing System (NMLS).

Please visit NMLS for additional information.  Click here for state licensing requirements specific to the California Department of Business Oversight.