This division shall be known, and may be cited, as the Debt Collection Licensing Act.
General ProvisionsShort Title
Section § 100000
This section identifies the official name of the law as the Debt Collection Licensing Act.
Debt Collection Licensing official name legal citation
Section § 100000.5
This law section outlines the process for debt collectors applying for a license. If they apply before January 1, 2023, they can operate while their application is processed. The commissioner can provide a conditional license, which will end when the specified conditions are met, an unconditional license is given, or the application is denied.
Moreover, the commissioner can deny an application any time before the unconditional license is issued. Certain requirements, like fingerprint submissions, must be met within 90 days; otherwise, the conditional license expires.
(a)CA Financial Code § 100000.5(a) The commissioner shall allow any debt collector that submits an application before January 1, 2023, to operate pending the approval or denial of the application.
(b)Copy CA Financial Code § 100000.5(b)
(1)Copy CA Financial Code § 100000.5(b)(1) Notwithstanding Section 100011, the commissioner may issue a conditional license to an applicant pending compliance with the requirements of subdivisions (a) to (c), inclusive, of Section 100008.
(2)CA Financial Code § 100000.5(b)(2) A conditional license issued pursuant to this subdivision shall expire at the earliest of the following:
(A)CA Financial Code § 100000.5(b)(2)(A) Ninety days after the requirements of Sections 100007, 100008, and 100009 have been satisfied.
(B)CA Financial Code § 100000.5(b)(2)(B) Upon the issuance of an unconditional license.
(C)CA Financial Code § 100000.5(b)(2)(C) Ninety days after the commissioner directs the licensee in writing to submit fingerprints for submission to the Department of Justice pursuant to Section 100008, if the licensee fails to submit a set of fingerprints for each individual described in Section 100009.
(D)CA Financial Code § 100000.5(b)(2)(D) Upon the denial,
pursuant to Section 100012, of a license application.
(c)CA Financial Code § 100000.5(c) The commissioner may deny an application under Section 100012 at any time before the issuance of an unconditional license.
debt collector licensing conditional license application process
Section § 100000.7
This law states that in California, local governments like counties or cities cannot require debt collectors to get a license or register specifically as debt collectors.
No county, city, or other political subdivision within this state shall require a debt collector to be licensed or to register as a debt collector.
debt collector licensing local government restrictions registration requirements
