Ladies and Gentlemen, Start Gathering Your Data!
If you are a licensee under the California Financing Law, you are required to submit an annual report to the Department of Financial Protection & Innovation no later than March 15, 2022. Cal. Fin. Code § 22159(a). A report is required even if you engaged in no lending activity last year. If you fail to file the report, your license may be revoked. Cal. Fin. Code § 22715(a). The DFPI may assess a penalty of up to $25,000 on dilatory filers. The amount of the penalty depends upon the lateness of the submission according to this schedule.
The CFL annual report must be submitted electronically. The form and instructions are available here. Those with questions about the annual report instructions or content, mail email CFL.Inquiries@dfpi.ca.gov or call (866) 275-2677.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.