Cal. Code Regs. tit. 4 § 10091.12

Current through Register 2024 Notice Reg. No. 49, December 6, 2024

Section 10091.12 - Reporting

(a) PFIs, PFLs, and Successor Servicers will provide a monthly report, in a format approved by the Authority, to the Authority on the status of each Enrolled Loan by the 5th day of the following month.

The report will include the PFI, PFL, and Successor Servicer company name, the year and month the report is representing and the date the report is issued. The report will include all of the following:

(1) CHEEF Loan ID.

(2) PFI, PFL, and Successor Servicer internal ID for the Enrolled Loan.

(3) The Current outstanding Total Loan Principal Amount.

(4) Loan status, including whether a loan is current; 30, 60, 90, or 120 days past due; paid in full; or charged off.

(5) Updated interest rate, if applicable.

(6) Sale or transfer of any loan, portfolio of loans or assignment of repayment streams, in-whole or in-part, of any loan, including the date of sale or transfer, name(s) of the purchaser(s), transferee(s), or assignee(s) and percentage of the loan or portfolio sold, transferred or assigned.

(7) Closed Enrolled Loans shall be reported in the month the Borrower pays or the PFI, PFL, or Successor Servicer charges off the loan. Once the PFI, PFL, or Successor Servicer has reported the Enrolled Loan as paid-off or charged-off, it does not need to be included on future monthly reports.

(b) Upon request from the Authority, but not more than monthly, the PFI or PFL shall make a good faith effort to provide the following marketing and activity information:

(1) Number of loan, retail installment contracts and lease/service applications received during the reporting period.

(2) Number of applications approved during the reporting period.

(3) Description of any promotions or other noteworthy patterns or activities.

(4) Changes in interest rates for the appropriate comparable non-Program products of the PFI or PFL for the purpose of helping the Authority determine ongoing benefits to borrowers that result from the loss reserve.

(c) PFIs, PFLs, and Successor Servicers will provide an annual report to the Authority no later than January 15th with all of the following:

(1) Any material changes to information or certifications provided in the initial application to participate or on any subsequent updated certifications or approved product modifications, or indicate that all statements made remain materially unchanged.

(2) Reaffirm or note any change to licenses and insurance provided in the initial application to participate.

(d) PFIs, PFLs, and Successor Servicers will report to the Authority when the PFI, PFL, or Successor Servicer has any of the following occur:

(1) Becomes subject to a cease-and-desist order or other regulatory sanction with the appropriate federal or state regulatory body. The report must be submitted within thirty (30) calendar days of that action.

(2) Changes the terms of an Enrolled Loan within the allowed term of enrollment in the Program. The report must be submitted in the subsequent monthly report. The Authority will not provide additional Loss Reserve Contributions for an Enrolled Loan whose loan term has changed or extend the time for which a claim may be filed beyond the fifteen (15) years set forth in Section 10091.7(c).

(3) Changes the servicer of an Enrolled Loan without selling the Enrolled Loan. The report must be submitted at least ten (10) business days prior to the new entity assuming the servicing of the Enrolled Loan(s). The notification should include the date on which the change in servicing shall be effective and contact information for the new servicer.

(4) Charges-off an Enrolled Loan. The report must be submitted within sixty (60) calendar days pursuant to Section 10091.10(b).

(5) Recovers any proceeds of a charged-off Enrolled Loan. The report must be submitted within sixty (60) calendar days and include gross amounts recovered through collection activities and the net amount remitted by the Loss Reserve Account.

Cal. Code Regs. Tit. 4, § 10091.12

Note: Authority cited: Section 26009, Public Resources Code. Reference: Sections 26003(a)(3)(A), 26003(a)(6), 26003(a)(8)(A) and 26040, Public Resources Code.

1. New section filed 3-9-2015 as an emergency; operative 3-9-2015 (Register 2015, No. 11). A Certificate of Compliance must be transmitted to OAL by 9-8-2015 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 9-8-2015 as a deemed emergency pursuant to Public Resources Code section 26009, including amendment of subsections (b)(1)-(2), new subsection (c)(12) and subsection renumbering; operative 9-8-2015 (Register 2015, No. 37). A Certificate of Compliance must be transmitted to OAL by 12-7-2015 or emergency language will be repealed by operation of law on the following day.
3. New section, including 9-8-2015 amendments, refiled 12-3-2015 as a deemed emergency pursuant to Public Resources Code section 26009; operative 12-7-2015 (Register 2015, No. 49). A Certificate of Compliance must be transmitted to OAL by 3-7-2016 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 12-3-2015 order, including further amendment of section, transmitted to OAL 3-1-2016 and filed 4-13-2016; amendments operative 4-13-2016 pursuant to Government Code section 11343.4(b)(3) (Register 2016, No. 16).
5. Amendment of subsections (c)(2) and (c)(10)(D) filed 9-5-2017 as an emergency; operative 9-5-2017 (Register 2017, No. 36). A Certificate of Compliance must be transmitted to OAL by 6-4-2018 or emergency language will be repealed by operation of law on the following day.
6. Amendment of subsections (c)(2) and (c)(10)(D) refiled 3-5-2018 as an emergency; operative 3-5-2018 (Register 2018, No. 10). A Certificate of Compliance must be transmitted to OAL by 6/4/2018 or emergency language will be repealed by operation of law on the following day.
7. Amendment of subsections (c)(2) and (c)(10)(D) refiled 5-30-2018 as an emergency; operative 6-5-2018 (Register 2018, No. 22). A Certificate of Compliance must be transmitted to OAL by 9-4-2018 or emergency language will be repealed by operation of law on the following day.
8. Certificate of Compliance as to 5-30-2018 order, including amendment of first paragraph and subsections (a), (a)(3) and (b)(3), transmitted to OAL 8-3-2018 and filed 9-17-2018; amendments effective 9/17/2018 pursuant to Government Code section 11343.4(b)(3) (Register 2018, No. 38).
9. Amendment filed 5-24-2021 as an emergency; operative 5/24/2021 (Register 2021, No. 22). Emergency expiration extended 60 days pursuant to Executive Order N-40-20 plus an additional 60 days pursuant to Executive Order N-71-20. A Certificate of Compliance must be transmitted to OAL by 3-22-2022 or emergency language will be repealed by operation of law on the following day.
10. Amendment refiled 3-17-2022 as an emergency, including further amendment of subsection (c)(12); operative 3/23/2022 (Register 2022, No. 11). A Certificate of Compliance must be transmitted to OAL by 6-21-2022 or emergency language will be repealed by operation of law on the following day.
11. Refiling of 3-17-2022 order on 6-20-2022 as an emergency; operative 6/22/2022 (Register 2022, No. 25). A Certificate of Compliance must be transmitted to OAL by 9-20-2022 or emergency language will be repealed by operation of law on the following day.
12. Certificate of Compliance as to 6-20-2022 order transmitted to OAL 8-19-2022 and filed 9/29/2022 (Register 2022, No. 39).
13. Renumbering of section 10091.12 to section 10091.13 and former section 10091.11 to 10091.12, including amendment of subsection (d)(4), filed 4-15-2024 as an emergency; operative 4/15/2024 (Register 2024, No. 16). A Certificate of Compliance must be transmitted to OAL by 10-14-2024 or emergency language will be repealed by operation of law on the following day.
14. Renumbering of section 10091.12 to section 10091.13 and former section 10091.11 to 10091.12, including amendment of subsection (d)(4), refiled 6-14-2024 as an emergency; operative 6/20/2024 (Register 2024, No. 24). A Certificate of Compliance must be transmitted to OAL by 9-18-2024 or emergency language will be repealed by operation of law on the following day.
15. Certificate of Compliance as to 6-14-2024 order transmitted to OAL 7-19-2024 and filed 8/30/2024 (Register 2024, No. 35).