Section 1040 - [Operative 2/15/2025] Annual Registration Fee(a) Each registrant shall pay to the Commissioner an annual registration fee under Financial Code section 90007, subdivision (b), equal to its pro rata share of all costs and expenses, including the costs and expenses associated with registration, reasonably incurred in the administration of the California Consumer Financial Protection Law as it relates to registrants, as estimated by the Commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year the fee is assessed. The pro rata share shall be the proportion that a registrant's gross income for the year immediately preceding the year of the assessment from subject products provided to California residents bears to the aggregate gross income from subject products provided to California residents by all registrants as shown by the most recent information provided to the Commissioner under section 1022, subdivision (f), or 1041, subdivision (b).(b) Any registrant who reports in its annual report no gross income from subject products during the year or whose reported gross income from subject products results in a registration fee of less than five hundred dollars ($500) as calculated under subdivision (a) of this section shall pay a registration fee of five hundred dollars ($500) for that year.(c) On or before November 30 of each year, beginning on November 30, 2024, the Commissioner shall notify each registrant of the amount assessed and levied against it and that amount shall be paid by December 31. A registrant shall pay the amount assessed to the Commissioner through NMLS.(d) If a registrant fails to pay the registration fee on or before December 31, the Commissioner shall by order summarily revoke the registration and notify the registrant of the reinstatement procedure described in section 1048. No later than December 10, a registrant may request in writing an extension of time to pay the registration fee. The Commissioner shall respond to any such request within 7 days of receiving it. A request shall be granted only upon a showing that an act or event that was unforeseeable and outside the registrant's control precludes compliance. For purposes of this subdivision, an inability to pay a registration fee does not constitute an event that was unforeseeable or outside the registrant's control. If, after a summary revocation order is made, a request for a hearing is filed in writing within thirty (30) days of the date of the order and a hearing is not held within sixty (60) days of the date of the order, the order is deemed rescinded as of its effective date. The proceedings under this section shall be conducted in accordance with chapter 5 (commencing with section 11500) of part 1 of division 3 of title 2 of the Government Code, and in all cases the Commissioner has all powers granted therein. During any period when its registration is revoked, a former registrant shall not offer or provide a subject product to California residents.Cal. Code Regs. Tit. 10, § 1040
Note: Authority cited: Sections 90007 and 90009, Financial Code. Reference: Sections 90007 and 90009, Financial Code.
1. New article 2 (sections 1040-1045) and section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).