Bill > SB1131

This bill, titled the Debt Collector Licensing Act, makes several changes to the regulation of debt collection businesses in California. It will rename the existing Debt Collection Licensing Act and consolidate licensing requirements so that a single license covers an entire business, including all its branches, affiliates, and subsidiaries, rather than requiring separate licenses for each. The bill also expands the list of entities and activities exempt from licensing requirements. The application fee for a debt collector license will increase to $1,000, and annual fees will now range from $1,000 to $7,000, depending on the number of California debtor accounts a business has in active collection. The Commissioner of Financial Protection and Innovation will now be required to conduct examinations remotely using technology unless an in-person examination is deemed necessary for public protection, and the Debt Collection Advisory Committee will be renamed the Debt Collection Advisory Board and will be exempt from the Bagley-Keene Open Meeting Act, which governs public access to meetings of state bodies. Additionally, the bill limits the Commissioner's power to suspend a license for violations of certain debt collection laws if those violations have already been decided by a court.

Budget and Finance, Business and Industry

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB1131