DFPI Proposes Rules For Commercial Financial Products And Services

• Published date: 28 June 2022
• Subject Matter: Finance and Banking, Consumer Protection, Financial Services, Consumer Law
• Law Firm: Allen Matkins Leck Gamble Mallory & Natsis LLP
• Author: Mr Keith P. Bishop

In 2020, California enacted the California Consumer Financial Protection Law, Cal. Fin. Code ' 90000 et seq. The CCFPL authorizes the Department of Financial Protection & Innovation to define unfair, deceptive, and abusive acts and practices in connection with the offering or provision of commercial financing or other financial products and services to small businesses, nonprofits, and family farms. Cal. Fin. Code ' 90009(e). The DFPI is now proposing to exercise this authority by adopting rules defining various terms used in the statute. The texts of the DFPI's Notice of Proposed Rulemaking, Initial Statement of Reasons, and Proposed Rules are available here, here, and here.

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