California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 4 - California Consumer Financial Protection Law
Article 4 - Commercial Financial Products and Services
Section 1062 - Annual Report

Universal Citation: 10 CA Code of Regs 1062

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) This section does not apply to any covered provider who makes no more than one commercial financing transaction to covered entities in a 12-month period or any covered provider who makes five or fewer commercial financing transactions to covered entities in a 12-month period that are incidental to the business of the covered provider relying on this exemption.

(b) In this section, "type of commercial financing" refers to one of the types of commercial financing listed in California Code of Regulations, title 10, section 917, subdivision (a), or, if the commercial financing does not the meet the definition of any of the listed types, an "Other" type.

(c) On or before March 15 of each year, beginning in 2025, any covered provider who offers commercial financing shall file electronically through the department's website a report verified by an authorized officer and containing the following information for activity during the preceding calendar year:

(1) The covered provider's identifying and contact information, including name, any fictitious business names, entity type, mailing address, phone number, email address, website address, and designated contact person.

(2) By type of commercial financing, the total number and total dollar amount of commercial financing transactions with covered entities. The dollar amount of a commercial financing transaction is the "amount financed" as defined in California Code of Regulations, title 10, section 900, subdivision (a)(1).

(3) By type of commercial financing, the number of commercial financing transactions with covered entities for the following amounts financed: $10,000 or less, over $10,000 but not over $25,000, over $25,000 but not over $50,000, over $50,000 but not over $100,000, over $100,000 but not over $250,000, and over $250,000 but not over $500,000. The covered provider shall determine the amount financed in a transaction according to the definition of "amount financed" in California Code of Regulations, title 10, section 900, subdivision (a)(1).

(4) By type of commercial financing and for each interval described in paragraph (3), the minimum, maximum, average, and median annual percentage rate disclosed in disclosures required to comply with California Code of Regulations, title 10, section 920, subdivision (a). For a given type of commercial financing and interval, if the covered provider did not provide any disclosures required to comply with section 920, subdivision (a), the covered provider is not required to calculate or report the information described in this paragraph and shall so indicate.

(d) A covered provider who is licensed under division 9 (commencing with section 22000) of the Financial Code shall not include in the report required under this section information for activity conducted under the authority of that license.

1. New section filed 8-2-2023; operative 10-1-2023 (Register 2023, No. 31).

Note: Authority cited: Section 90009, Financial Code. Reference: Sections 22159, 22800, 22804 and 90009, Financial Code.

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