New California CFLL and CRMLA Regulations

DBO has adopted final regulations under the California Finance Lenders Law (CFLL) and the California Residential Mortgage Lending Act (CRMLA). These regulations provide that certain nondepository lenders, brokers and servicers who are subsidiaries and affiliates of depository institutions are not exempt from licensure when engaged in the business of making, brokering or servicing consumer loans. Lenders, brokers and servicers affected by the new rules are encouraged to begin the licensing process immediately to ensure they are appropriately licensed when the rules become operative on Sept. 28, 2016.