Deadline Set For Debt Collector Annual Report In California

January 14, 2024 11:59 pm
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Licensees have until March 15 to file a report on their accounts and collections, among other topics, with California’s regulator.

Debt collectors who were licensed in California before Jan. 1, 2024, are required to file an annual report on their collection activity under the state’s licensing law by March 15, 2024.

The Debt Collection Licensing Act took effect Jan. 1, 2022, and requires any person engaging in the business of debt collection in California to be licensed by the Department of Financial Protection and Innovation (DFPI).

The requirements for the annual report can be found in California Financial Code section 100021(a) (1) – (4), (6) and (7). The annual report must be filed through the DFPI portal, according to the DFPI’s latest bulletin.

Requirements for the report include, at a minimum, disclosure of the following information:

  • The total number of California debtor accounts purchased or collected on in the preceding year.
  • The total dollar amount of California debtor accounts purchased in the preceding year.
  • The face value dollar amount of California debtor accounts in the licensee’s portfolio in the preceding year.
  • The total dollar amount of California debtor accounts collected in the preceding year, and the total dollar amount of outstanding debt that remains uncollected.
  • The total dollar amount of net proceeds generated by California debtor accounts in the preceding year.
  • Whether or not the licensee is acting as a debt collector, debt buyer, or both.
  • The case number of any action in which the licensee was held liable by final judgment under Title 1.6C (commencing with Section 1788) or Title 1.6C.5 (commencing with Section 1788.50) of Part 4 of Division 3 of the Civil Code.

A draft of the report was sent mid-December to the designated email set up in the licensee’s portal account. Licensees will be able to input the reports through midnight on March 15, 2024, ACA International previously reported.

Licensees were asked to provide their email contact information by Monday, Dec. 18, to receive the important licensing information.

The DFPI will also use the designated email for complaints that may require a response. Adding your designated email is important to avoid repercussions for not responding to complaints.

For more information on how to set up your designated email, visit the DFPI website here: https://docqnet.dfpi.ca.gov/.

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