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Finance Lenders Annual Report Due Soon

Licensees under the California Financing Law (CFL), the Property Assessed Clean Energy (PACE) Financing Program, and the Responsible Small Dollar Loan (RSDL) pilot program must submit their annual to the Department of Business Oversight no later than March 15, as required under Financial Code section 22159(a).  Finance lenders must submit the annual report electronically using the Department of Business Oversight's self-service portal.  Responsible Small Dollar Loan  and PACE program administrators should complete the annual report data on electronic spreadsheets provided by the Department.  The completed spreadsheet are to be emailed to the Department.

The Department does not grant extensions.  A finance lender who fails to file the annual report may have its license summarily revoked pursuant to Financial Code section 22715(a).  To make matters even worse, the Department takes the position (with which I disagree) that a licensee whose license has been revoked or suspended must wait one year from the date of revocation to petition for a new license.  See Cal. Gov't Code § 11522.

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