Section 1041 - [Operative 2/15/2025] Annual Reporting - General(a) Every registrant who is registered as of December 31 shall file with the Commissioner by March 15 of each year, beginning on March 15, 2025, an annual report containing the information set forth in this section and sections 1042 through 1045, as applicable, except that before March 15, 2025, registrants shall report only the information required under subdivision (b) of this section. An annual report is required each year even if the registrant did not provide any subject products or did not engage in any activities under the registration in the calendar year.(b) Each registrant shall provide its gross income for the prior calendar year from subject products provided to California residents. For income-based advances that were provided as part of a bundle of services for which a periodic subscription fee was charged, gross income must include the subscription fees paid to the provider for all periods in which the provider provided an income-based advance to a California resident.(c) The Commissioner shall by order summarily revoke the registration of any registrant and notify the registrant of the reinstatement procedure described in section 1048 if the registrant fails to file the report required by this section within ten (10) days after the Commissioner transmits through NMLS a notice that the report is due and not filed. No later than March 1, a registrant may request in writing an extension of time to file the report. 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 and that the NMLS renewal fee under section 1021, subdivision (b)(2), has been paid. If, after a summary revocation order is issued, a request for hearing is filed in writing within thirty (30) days of the date of the order and the hearing is not held within sixty (60) days of the date of the order, the order is deemed rescinded as of its effective date.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.(d) 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 (a) of this section as not subject to disclosure under Government Code section 7929.000, subdivisions (b) and (d).Cal. Code Regs. Tit. 10, § 1041
Note: Authority cited: Sections 90009 and 90010, Financial Code; and Section 7929.000, Government Code. Reference: Sections 90003, 90005, 90006, 90009, 90009.5, 90010 and 90018, Financial Code; and Section 7929.000, Government Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).