Section 1430.1 - [Operative 2/15/2025] California Consumer Financial Protection Law Registration Exemption: Reporting(a) Pursuant to Financial Code section 90009, subdivision (a)(2)(A), and California Code of Regulations, title 10, section 1010, subdivision (b)(3), a licensee under the California Financing Law (division 9 (commencing with section 22000) of the Financial Code) is exempt from the registration requirement in California Code of Regulations, title 10, section 1010, subdivision (a), to the extent the licensee offers or provides education financing or income-based advances as defined in sections 1003 or 1004, respectively, to California residents within the scope of its license. "Within the scope of its license" means: (1) Offered or provided in a manner that complies with the requirements for consumer loans in the California Financing Law;(2) Offered or provided pursuant to the authority to engage in the business of a finance lender under a California Financing Law lender license; and(3) Reported as loans made under the California Financing Law in the licensee's annual report pursuant to Financial Code section 22159.(b) By March 15 of each calendar year, as part of a special report required by Financial Code section 22159, subdivision (b), a licensee who is exempt from registration pursuant to subdivision (a) of this section shall submit a report containing the information required by California Code of Regulations, title 10, section 1041, and, as applicable, sections 1044 and 1045.(c) With respect solely to requests submitted pursuant to the California Public Records Act (division 10 (commencing with section 7920.000) of title 1 of the Government Code), the Commissioner shall treat the reports submitted pursuant to subdivision (b) of this section as not subject to disclosure under Government Code section 7929.000, subdivisions (b) and (d).Cal. Code Regs. Tit. 10, § 1430.1
Note: Authority cited: Sections 22150, 22159 and 90009, Financial Code. Reference: Sections 22159 and 90009, Financial Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).