In 2020, California enacted the California Consumer Financial Protection Law, Cal. Fin. Code § 90000 et seq. The CCFPL authorizes the Department of Financial Protection & Innovation to define unfair, deceptive, and abusive acts and practices in connection with the offering or provision of commercial financing or other financial products and services to small businesses, nonprofits, and family farms. Cal. Fin. Code § 90009(e). The DFPI is now proposing to exercise this authority by adopting rules defining various terms used in the statute. The texts of the DFPI's Notice of Proposed Rulemaking, Initial Statement of Reasons, and Proposed Rules are available here, here, and here.
The comment period ends August 8, 2022. Comments may be submitted electronically to: regulations@dfpi.ca.gov with a copy to Samuel Park, Senior Counsel, at Samuel.Park@dfpi.ca.gov. Commenters should include “PRO 02-21” in the subject line. Those wishing to mail comments should address them to:
Department of Financial Protection and Innovation
Attn: Sandra Navarro
2101 Arena Boulevard
Sacramento, California 95834
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.
