California department of business oversight license#

California department of business oversight license#

With the addition of new powers including expanded reach of regulation into fintech areas, this year DBO has been renamed DFPI.Ĭases that the Department of Business Oversight has brought as DBO against a licensee before the name change will not be affected by the name change of this license regulator from DBO to DFPI.

In 2013, the State of California combined the California Department of Corporations and the California Department of Financial Institutions into the Department of Business Oversight. Until 2013, it was called the California Department of Corporations. This is the second major name change for this agency. The Department of Financial Protection and Innovation’s primary role will continue to be the licensing and license regulation of California finance lender licensees (CFLs), California Deferred Deposit lender licenses under the CDTTL (also known as payday lenders), mortgage loan originator licenses (MLOs), state securities law regulations, and the regulation of certain state-chartered financial institutions such as credit unions. Along with this name change, effective January 1, 2021, the new California Consumer Financial Protection Law (CCFPL) grants the Department of Financial Protection and Innovation new powers to investigate previously unregulated businesses, such as debt collectors, rent to own contracts and other point of sale financing, consumer credit reporting agencies and credit repair agencies.

The Department of Business Oversight (DBO) changed its name to the Department of Financial Protection and Innovation (DFPI) effective September 29, 2020.