DFPI Proposes Rules For Commercial Financial Products And Services

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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.

The comment period ends August 8, 2022.  Comments may be submitted electronically to: regulations@dfpi.ca.gov with a copy to Samuel Park, Senior Counsel, at Samuel.Park@dfpi.ca.gov.   Commenters should include “PRO 02-21” in the subject line.  Those wishing to mail comments should address them to:

Department of Financial Protection and Innovation
Attn: Sandra Navarro
2101 Arena Boulevard
Sacramento, California 95834

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of…