Electronic filings through NMLS may be delayed if all required items on the appropriate checklist below are not submitted to the regulator.
Check state agency website for further information: California Department of Financial Protection and Innovation
Multistate Money Services Businesses Licensing Agreement Program: California Department of Financial Protection and Innovation participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program page of the NMLS Resource Center for more information.
Debt Collection License
The following persons are required to obtain a license to engage in the business of debt collection in California pursuant to the Debt Collection Licensing Act (California Financial Code section 100000, et seq.): • Any person who, in the ordinary course of business, regularly, on the person’s own behalf or on behalf of others, engages in debt collection. • Any person who composes and sells, or offers to compose and sell, forms, letters and other collection media used or intended to be used for debt collection. • Any person who engages in the business of a debt buyer. A debt buyer is any person or entity who regularly engages in the business of purchasing charged-off consumer debt for collection purposes, whether it collects the debt itself, hires a third party for collection, or hires an attorney-at-law for collection litigation (California Civil Code section 1788.50.) NOTE: For affiliates seeking to be licensed under a single license, each affiliate must complete and file a Company Form (MU1) through NMLS. The application fee is a single $350 fee for the Form MU1 filings. CA-DFPI will invoice the applicant for the $350 application fee after the application is filed through NMLS. CA-DFPI will issue a single license listing the names of the affiliates. An affiliate may be licensed under only one CA-DFPI debt collection license.
Exempt Company Registration
This registration is available for a company that seeks to sponsor a state-licensed mortgage loan originator but who is not on NMLS and does not otherwise have a way to sponsor the mortgage loan originator in California through NMLS. This registration is discretionary. Consult the California Department of Financial Protection and Innovation (DFPI) before applying for this registration
Financing Law (CFL) License
This license is required for any company engaging in the business of making or brokering consumer or commercial loans, whether secured by real or personal property, or unsecured. A license may be issued as a lender, a broker, or both. A CFL broker license only authorizes a company to act as a broker in connection with loans made by a CFL lender. Licensees under the Residential Mortgage Lending Act and the Real Estate Law (Department of Real Estate licensees) are exempt from the CFL when engaged in activity under the authority of those licenses.
Money Transmitter License
The Money Transmitter Division of the California Department of Financial Protection and Innovation (DFPI) licenses and regulates money transmitters, which includes issuers of payment instruments (money orders) and travelers’ checks and non-bank issuers of stored value. The California money transmission laws are found in the California Financial Code, Division 1.2, commencing with section 2000.
Property Assessed Clean Energy (PACE) Program Administrator License
This license is required for any person administering a PACE program on behalf of, and with the written consent of, a public agency (California Financial Code sections 22018 and 22100.5).
Residential Mortgage Lending Act (CRMLA) license
This license is required for any company or person who makes or services residential mortgage loans in California. A CRMLA license is an alternative to the licenses under the California Finance Lenders Law or the California Real Estate Law. A licensed CRMLA lender is authorized to provide brokerage services to its borrowers.
Student Loan Servicing License
Pursuant to the “Student Loan Servicing Act” (California Financial Code Division 12.5, section 28100, et seq.), all persons engaged in the business of servicing student loans in California must be licensed, unless expressly excluded from coverage.
Debt Collection Branch Registration
The following persons are required to obtain a license to engage in the business of debt collection in California pursuant to the Debt Collection Licensing Act (California Financial Code section 100000, et seq.): • Any person who, in the ordinary course of business, regularly, on the person’s own behalf or on behalf of others, engages in debt collection. • Any person who composes and sells, or offers to compose and sell, forms, letters and other collection media used or intended to be used for debt collection. • Any person who engages in the business of a debt buyer. A debt buyer is any person or entity who regularly engages in the business of purchasing charged-off consumer debt for collection purposes, whether it collects the debt itself, hires a third party for collection, or hires an attorney-at-law for collection litigation (California Civil Code section 1788.50.)
Financing Law (CFL) License (Branch)
This license is required for all locations, other than the main office identified on the CFL license, that conducts business with California borrowers.
Property Assessed Clean Energy (PACE) Program Administrator Branch License
This license is required for a PACE Program Administrator seeking to engage in business at a new location. A branch license application must be submitted to the Commissioner at least 10 days before engaging in business at a new location (California Financial Code section 22102). A company may only apply for this branch license if it currently holds a PACE Program Administrator license or has already submitted a new company application for a PACE Program Administrator license.
Residential Mortgage Lending Act (CRMLA) license (Branch)
Each branch location desiring to conduct business under this license authority must be separately authorized and will require a filing of Form MU3 through the NMLS. All locations in California must be authorized.
Student Loan Servicing Branch License
Pursuant to the “Student Loan Servicing Act” (California Financial Code Division 12.5, section 28100, et seq.), all persons engaged in the business of servicing student loans in California must be licensed, unless expressly excluded from coverage.
Mortgage Loan Originator License
Any person who originates residential mortgage loans must apply for and receive a mortgage loan originator license by July 31, 2010.
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