Section 1045 - [Operative 2/15/2025] Annual Reporting - Income-Based AdvancesIf the registrant offers or provides income-based advances under its registration, the registrant's annual report shall include the following information relating to the income-based advances provided to California residents in the prior calendar year. Multiple income-based advances with the same scheduled collection date are separate income-based advances and registrants shall report each one separately for the purposes of reporting the following information:
(a) The total dollar amount of charges paid by obligors.(b) The number of California residents who did not receive at least one income-based advance, but who paid a subscription fee to the registrant, and the total dollar amount of subscription fees paid by those California residents.(c) The number of California residents who received at least one income-based advance in the prior calendar year, and, with respect to all the advances made to those California residents:(1) The total dollar amount and the total number of income-based advances made, and the total dollar amount of subscription fees, gratuities, expedited funds fees, and account transfer fees paid (each reported separately), and all other charges paid.(2) The average length of time between when each income-based advance was made and each advance's collection date.(3) The average length of time between when income-based advances were made and when the amounts due associated with the advances were fully repaid, excluding income-based advances that have not been fully repaid. For the purposes of crediting collections from a resident on a particular collection date where a registrant has made multiple outstanding income-based advances to that consumer, a registrant shall credit collections to the oldest advances first.(4) For all non-obligor-based advances, the number of times that the dollar amount collected on a collection date was less than the total dollar amount due in connection with past unpaid advances made to that resident and, for these advances, the number of times the registrant collected nothing on the collection date, the total dollar amount due and total dollar amount collected on the original collection dates, the number of times the registrant attempted to collect from the resident's bank account on the collection date, the number of times the registrant made additional attempts to collect from the resident's bank account after the collection date, and the total dollar amount collected after the collection date.(5) For all obligor-based advances, the number of times that the dollar amount collected on a collection date from the resident's obligor was less than the total dollar amount due in connection with past unpaid advances made to that resident and, for these advances, the number of times the registrant collected nothing on the collection date, the total dollar amount due and total dollar amount collected on the original collection dates, the number of times the registrant attempted to collect from the resident's bank account on the collection date, the number of times the registrant made additional attempts to collect from the resident's bank account after the collection date, and the total dollar amount collected after the collection date.(6) For reporting of bank account collections under paragraphs (4) and (5) of this subdivision, a registrant may report Automated Clearing House transactions and debit card transactions separately.(d) For each month and each quarter of the prior calendar year: (1) The number of California residents who received no income-based advances but paid a charge to the registrant during that month or quarter and the total dollar amount of charges paid by those residents.(2) The number of California residents who received one income-based advance, and the total dollar amount advanced to and total dollar amount of charges paid by those California residents.(3) The number of California residents who received two income-based advances, and the total dollar amount advanced to and total dollar amount of charges paid by those California residents.(4) The number of California residents who received three advances, and the total dollar amount advanced to and total dollar amount of charges paid by those California residents.(5) The number of California residents who received four advances, and the total dollar amount advanced to and total dollar amount of charges paid by those California residents.(6) The number of California residents who received five advances, and the total dollar amount advanced to and total dollar amount of charges paid by those California residents.(7) The number of California residents who received six or more advances, and the total number of advances made, the total dollar amount advanced to and total dollar amount of charges paid by those California residents.Cal. Code Regs. Tit. 10, § 1045
Note: Authority cited: Sections 90009 and 90010, Financial Code. Reference: Sections 90003, 90005, 90006, 90009, 90009.5, 90010 and 90018, Financial Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).