Section 1000 - [Operative 2/15/2025] General DefinitionsIn articles 1, 2, and 3 of this subchapter:
(a) "Applicant" means any person who applies for registration under the California Consumer Financial Protection Law.(b) "Branch office" means a location of the applicant other than the applicant's principal place of business identified in a registration application or an amended application where the applicant offers or provides financial products or services to California residents.(c) "California resident" shall have the same meaning as "resident" as that term is defined in Revenue and Taxation Code section 17014, subdivision (a). However, for any application or reporting requirement imposed under this subchapter, a provider of an income-based advance to a consumer may assume that the consumer is a resident of the state where they work if the provider knows the consumer's work location but not the consumer's residence.(d) "Commissioner" means the Commissioner of Financial Protection and Innovation.(e) "Control" as used in subdivision (h) of this section and in section 1021, subdivision (a)(13)(A), means possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person with respect to the offering or provision of subject products, whether through the ownership of voting securities, by contract, or otherwise.(f) "Credit" as defined in Financial Code section 90005, subdivision (g), includes, without limitation, any credit obligation where the related debt involves an obligation to pay money, regardless of whether the obligation is absolute, contingent, fixed, or variable.(g) "Form MU1" means the uniform licensing form, entitled "NMLS Company Form," developed by the Nationwide Multistate Licensing System & Registry and used to provide information on a company or sole proprietor registration applicant. NMLS Company Form, Version 13.0, dated 2/1/2024, is hereby incorporated by reference in its entirety.(h) "Form MU2" means the uniform licensing form, entitled "NMLS Individual Form," developed by the Nationwide Multistate Licensing System & Registry and used to provide information on an individual who directly or indirectly owns or controls the activities of the applicant, including principal officers, directors, and other individuals specified on Form MU1. NMLS Individual Form, Version 9, dated 9/12/2016, is hereby incorporated by reference in its entirety.(i) "Individual" means a natural person.(j) "Registrant" means any person who is registered under the California Consumer Financial Protection Law.(k) "Subject product" means any product or service listed below: (1) Debt settlement services as defined in section 1001.(2) Student debt relief services as defined in section 1002.(3) Education financing as defined in section 1003.(4) Income-based advances as defined in section 1004.(l) "NMLS" means the Nationwide Multistate Licensing System & Registry.(m) "Principal officers" means the individuals performing the functions of the president, chief executive officer, treasurer, chief financial officer, and the chief operating officer, and the officer primarily responsible for the conduct of the applicant's activities with respect to subject products in California.Cal. Code Regs. Tit. 10, § 1000
Note: Authority cited: Section 90009, Financial Code. Reference: Sections 90003, 90005 and 90009, Financial Code.
1. New article 1 (sections 1000-1034) and section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).