Following our announcement earlier today, we received confirmation from a California Office of Administrative Law (OAL) reference attorney that DFPI’s proposed regulations for the registration of debt settlement companies and other providers have been approved by the OAL and filed with California’s Office of the Secretary of State.

The newly approved regulations are scheduled to take effect on February 15, 2025. 

In our earlier announcement, we provided details regarding the California Department of Financial Protection and Innovation’s (DFPI) proposed regulations to establish registration and other reporting requirements for persons engaged in the business of offering to provide or providing consumer financial products or services covered under the California Consumer Financial Protection Law (CCFPL), including debt settlement, student debt relief, education financing, and income-based advances. As these regulations have now been approved, all debt settlement companies operating in California should be prepared and mindful of the upcoming registration and reporting requirements taking effect early next year.  

We will continue to monitor developments regarding these regulations and update you as more information is released on California’s registration and reporting process.