Residential Mortgage Loan Report under the Holden Act due by Mar. 31

Licensees are reminded the state Residential Mortgage Loan Report is due by Mar. 31 for all residential mortgage lenders who do not report to a federal or state regulatory agency as provided by the Home Mortgage Disclosure Act of 1975. Licensees making residential mortgages should consult with their internal compliance officers regarding whether they are required to file the state report.

California Deferred Deposit Transaction Law (CDDTL) Annual Report and Survey Coming Soon

The DBO is preparing to provide payday loan licensees notifications for their annual report and the third Annual California Deferred Deposit Transaction Law (CDDTL) Survey. Every lender licensed as of Dec. 31, 2014 shall file the Annual Report and complete the CDDTL Survey even if they conducted no business in 2014. Both reports will be due on March 15, 2015. These reports are required by Financial Code Section 23026 and 23015. The purpose of the Annual Report and Survey is for the DBO to gather data on transaction activities of licensees to assess the fiscal health and compliance practices of California’s payday lender industry. Responses by the licensees to the Annual Report and Survey will be consolidated into Summary Reports and will be available sometime after June 2015.

2014 Annual Report Form for the California Finance Lenders Law

The 2014 CFL Annual Report Instructions and Forms will be available on the DBO’s website in Feb. 2015. The report no longer will be available in a paper format, only in a downloadable format from the DBO’s website. Completed reports must be uploaded back onto the website. While the format for submitting the report is changing, the data collected will remain the same. The deadline to file the report is Mar. 15.