California Payday Loan Proposed Rule
Published: Thu, 03/13/14
developments? If not, delete this email now.
California Payday Loan Proposed Rulemaking by DOB
[Prefer to read online? Click here:
http://paydayloanindustryblog.com/california-payday-loan-proposed-rulemaking-by-dob/
The STATE OF CALIFORNIA - DEPARTMENT OF BUSINESS OVERSIGHT is
seeking consumer and industry comments on proposed rulemaking
relevant to the California payday loan industry. The California DOB
is accepting comments until May 6th. It's critical that our
industry provide insight regarding the impact and acceptance of
these proposed rule changes. Our "haters" have been very
active!
INVITATION FOR COMMENTS ON PROPOSED RULEMAKING UNDER THE CALIFORNIA
DEFERRED DEPOSIT TRANSACTION LAW
[NOTE: This was brought to my attention by the law offices of San
Francisco based Paul Soter. Paul specializes in providing legal
counsel for lenders in Calif.] psoter@sonic.net Tel: (415) 333-3193
BACKGROUND
The Department licenses and regulates deferred deposit originators,
more commonly known as payday lenders, under the California
Deferred Deposit Transaction Law (Financial Code section 23000 et
seq.). The Department is considering various changes to the
regulations under the California Deferred Deposit Transaction Law
and prior to initiating formal rulemaking, recently sought comments
on these changes from interested parties [see Invitation for
Comments on Proposed Rulemaking Under the California Deferred
Deposit Transaction Law (PRO 04-08), dated May 29, 2013].
Among other things, the potential changes would authorize a
licensee to use electronic fund transfers and prepaid debit cards
offered by licensees to provide the funds from transactions to
customers and to collect payments from them, but would not permit a
licensee to use a customer's debit card, prepaid debit card or
credit card in conjunction with a deferred deposit transaction.
QUESTIONS UNDER CONSIDERATION
The Department received a number of written comments...
Click this link to access the entire piece and submit your feedback and
comments to the Calif. DOB.
http://paydayloanindustryblog.com/california-payday-loan-proposed-rulemaking-by-dob/
DO NOT DELAY! Protect your business. Forward this to your employees,
your peers... even your competitors :-)
Jer@TrihouseConsulting.com