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ARTICLE · 27 JULY 2021

California Licensing Update

Mayer Brown
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The California Department of Financial Protection and Innovation ("DFPI" or the "Department") will have no shortage of applications to process before year end.

United StatesFinance and Banking
Krista Cooley
Krista Cooley
Stacey Riggin
Stacey Riggin
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The California Department of Financial Protection and Innovation ("DFPI" or the "Department") will have no shortage of applications to process before year end. Last week, the DFPI reminded industry participants that, beginning on September 1, 2021, it will make available through the Nationwide Multistate Licensing System ("NMLS") the application needed to apply for a license under the Debt Collection Licensing Act ("DCLA"). Passed in September of 2020, the DCLA (SB 908) requires any person engaged in the business of debt collection, which includes debt buyers, to apply for a license on or before Friday, December 31, 2021, in order to continue to operate as a debt collector in California when the DCLA goes into effect on January 1, 2022. Failure to submit an application by the December 31st application deadline will preclude a debt collector from lawfully operating as a debt collector until the issuance of a license (Fin. Code §§ 100000.5, 100001(a)). For

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