Section 2030.5 - [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)(4), a licensee under the California Deferred Deposit Transaction Law (division 10 (commencing with section 23000) 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 income-based advances as defined in section 1004 to California residents within the scope of its license. "Within the scope of its license" means: (1) Offered and provided in a manner that complies with the requirements for deferred deposit transactions under the California Deferred Deposit Transaction Law;(2) Offered and provided pursuant to the authority to engage in the business of a deferred deposit originator under a California Deferred Deposit Transaction Law license; and(3) Reported in the licensee's annual report as deferred deposit transactions made under the California Deferred Deposit Transaction Law pursuant to Financial Code section 23026.(b) By March 15 of each calendar year, as part of the annual report required by Financial Code section 23026, a licensee who is exempt from registration pursuant to subdivision (a) of this section shall submit a report containing the information required for income-based advances by California Code of Regulations, title 10, sections 1041 and 1045.Cal. Code Regs. Tit. 10, § 2030.5
Note: Authority cited: Sections 23015, 23026 and 90009, Financial Code. Reference: Sections 23026 and 90009, Financial Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).