Invitation for Comments for Non-Depository Operating Subsidiaries
The Department 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 Department is seeking comments from interested parties prior to initiating a rulemaking action. The Invitation for Comments Notice and proposed text is available at this link.
The deadline to submit comments is May 7, 2014.