Pursuant to the Governor’s Reorganization Plan No. 2 on July 1, 2013, the Department of Corporations and Department of Financial Institutions became the Department of Business Oversight. Learn more.

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The Department of Business Oversight  (DBO) provides protection to consumers and services to businesses engaged in financial transactions.  The Department regulates a variety of financial services, products and professionals.  The Department oversees the operations of state-licensed financial institutions, including banks, credit unions, money transmitters, issuers of payment instruments and travelers checks, and premium finance companies.  Additionally, the Department licenses and regulates a variety of financial businesses, including securities brokers and dealers, investment advisers, deferred deposit transactions(commonly known as payday loans) and certain fiduciaries and lenders.  The Department also regulates the offer and sale of securities, franchises and off-exchange commodities. For the complete list, see the Department’s page about Licensees and Regulated Industries.

 

What’s New

  • 3/26/2014 - The California Department of Business Oversight Commissioner is requesting comments on proposed amendments to regulations setting forth requirements for applicants for a money transmitter license and money transmitters who are licensed by the Department of Business Oversight. The proposed changes under consideration include amendments to definitions, exemptions from the Money Transmission Act, application requirements for a license, administrative standards and procedures relating to an application for a license, tangible shareholders’ equity, consumer disclosures, and eligible securities. The Commissioner is seeking comments from interested parties prior to initiating a rulemaking action, and requests that comments be received by April 26, 2014. (Invitation for Comments, PRO 03/14)
  • 3/19/2014 - The next Escrow Law Advisory CommitteeMeeting has been postponed. A new date and time will be announced soon.
  • 3/11//2014 - The Department of Business Oversight (Department) is providing notice that the Department proposes to adopt sections 10.190500 and 10.190501 of Title 10 of the California Code of Regulations. The period within which to comment on the proposed parity regulatory action ends on May 5, 2014. These regulations provide state chartered banks and savings associations with different options for measuring the credit exposure of derivatives transactions so that they may lawfully engage in them. On November 19, 2013, the Department adopted parity regulations in accordance with the special rulemaking procedures prescribed in Financial Code Section 332(c). These regulations expire on December 31, 2014. (PRO 19/13)
  • 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.  For questions, please call (213) 576-7690.
    *Requires Flash and javascript.
  • 02/24/2014 - The CRMLA reports (CRMLA 13 Report Letter.pdf, CRMLA 13 Annual Report.pdf, CRMLA_13_FSD_Survey.pdf)  must be completed and returned to the Department of Business Oversight.  These reports must be filed by every licensee, even if no business was conducted under the authority of the license in 2013. Due to the delay of this notice, the Commissioner hereby grants an extension until April 4, 2014.
  • 02/12/2014 - The Annual Report Form 2030, for Licensees Engaged in Business under the California Deferred Deposit Transaction Law (CDDTL) for Year Ended December 31, 2013, should be submitted electronically.  The Department has emailed a link to the Annual Report Form 2030 to each CDDTL licensee’s designated e-mail address on file. If you have not received the link to the Annual Report Form 2030 or if you have questions regarding your Form 2030 please contact: RespondToDBO@dbo.ca.gov.
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Notice:

As reported previously by the Department of Corporations, effective July 1, 2013, the Department of Corporations and the Department of Financial Institutions will merge to form the Department of Business Oversight (www.dbo.ca.gov).  We urge with all due speed that any person subject to the jurisdiction of the Department of Corporations replace references to the “Commissioner of Corporations” and “Department of Corporations” with “Commissioner of Business Oversight” and the “Department of Business Oversight” in any and all communication, including advertisements and documentation that require disclosure of the regulator’s name by August 15, 2013.  Please contact Karen Fong karen.fong@dbo.ca.gov at the Department of Business Oversight should you have any questions. 


Governor of the State of California, Edmund G. Brown
Business, Consumer Services, and Housing Secretary
Department of Business Oversight Commissioner


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Alerts

  • 04/08/14 - ** Agreed International– related to timeshare sales in Mexico**
    The California Department of Business Oversight has been notified that Agreed International appears to be misleadingly using the name of a company that is licensed by the Department, Agreed Escrow (formerly Aftermarket Escrow) to offer escrow services. Read More…
  • 04/08/14 - ** Argon Holdings – related to timeshare sales in Mexico ** 
    The California Department of Business Oversight has been notified that Argon Holdings is offering escrow services to consumers in connection with the sale of their timeshares through Advanced Realty AL without a license. Read More…
  • 01/23/14 - World Capital Market, Inc. (WCM777)
    The California Department of Business Oversight issued a Desist and Refrain Order against three companies, World Capital Market, Inc., WCM777, Inc. and WCM777 Limited, which collectively ran an investment scam marketed under the name “WCM777.”   The order was also issued against the principals of WCM777, Ming Xu and Zhi Liu, and salesperson, Harold Zapata. The order directs WCM777 to cease all operations in California. Read More...
  • 01/22/14– PayDayOne LLC
    The California Department of Business Oversight has been notified that PayDayOne LLC is sending unsolicited emails to consumers offering payday loans.  This company lists its telephone number as (916) 288-8008, and its address as 1515 K Street, Suite 200, Sacramento, California 95814, which is the Sacramento address for the Department of Business Oversight.
  • 01/22/14 – Aftermarket Escrow/Agreed Escrow
    The California Department of Business Oversight has been notified that a company illegally offering escrow services to consumers in connection with the sale of their timeshares in Mexico is falsely claiming to be the company “Aftermarket Escrow” or “Agreed Escrow," with a San Francisco phone number of (415) 613-6013.
  • 01/22/14 – Real Pro Escrow, Inc., Real ProEscrow, Inc., and Realproescrowinc.com
    The California Department of Business Oversight has been notified that Real Pro Escrow, Inc., and Real ProEscrow, Inc., with a website address of www.realproescrowinc.com, is offering illegal escrow services to consumers. This company lists its telephone number as (805) 755-6591, and its address as 600 Hampshire Road, Westlake Village, California 91361.
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  • Toll-Free 1-866-275-2677 (English)
    or 916-327-7585