Section 2044.1 - [Operative 2/15/2025] California Consumer Financial Protection Law Registration Exemption: Notice; Reporting(a) Pursuant to Financial Code section 90009, subdivision (a)(2)(A), and California Code of Regulations, title 10, section 1010, subdivision (b)(5), a licensee under the Student Loan Servicing Act (division 12.5 (commencing with section 28100) of the Financial Code) is exempt from the registration requirement in California Code of Regulations, title 10, section 1010, subdivision (a), to the extent the licensee offers or provides education financing as defined in section 1003 to California residents to be serviced by the licensee after origination, if the licensee complies with all of the following requirements: On or before the effective date of these regulations or before offering or providing education financing to California residents, whichever comes later, the licensee provides the following notice to the Commissioner at CCFPL.Applications@dfpi.ca.gov:
(1) If notice is submitted on or before the effective date of these regulations: "[Licensee name], [License No.], is offering education financing to California residents."(2) If notice is submitted after the effective date of these regulations: "[Licensee name], [License No.], intends to offer education financing to California residents."(b) On or before March 15 of each calendar year, as part of a special report required by Financial Code section 28146, subdivision (b), a licensee who is exempt from registration pursuant to subdivision (a) of this section shall submit a report containing all of the following information: (1) A description of how the licensee funded education financing provided to California residents during the prior calendar year, including the names of any third-party partners that provided funding for the education financing or purchased any interest in the education financing or income streams derived from the education financing;(2) For licensees that originated education financing for California residents for postsecondary education to be provided by a third party, all agreements in effect between the licensee and those third parties;(3) All agreements in effect between the licensee and third-party servicers of the education financing provided to California residents;(4) All investor prospectuses or other marketing materials distributed by the licensee during the prior calendar year to prospective purchasers of any interest in the education financing originated by the licensee or in the income streams arising from education financing originated by the licensee; and(5) The information required for education financing by California Code of Regulations, title 10, sections 1041 and 1044.(c) With respect solely to requests submitted pursuant to the California Public Records Act (division 10 (commencing with section 7920.000) of title 1 of the Government Code), the Commissioner shall treat the reports submitted pursuant to subdivision (b) of this section as not subject to disclosure under Government Code section 7929.000, subdivisions (b) and (d).Cal. Code Regs. Tit. 10, § 2044.1
Note: Authority cited: Sections 28106 and 28146, Financial Code. Reference: Section 28146, Financial Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).