Thank you for the referralIf you have been harmed by debt collectors or other illicit business practices you now have a government agency to fight for your battle!

Just as the Vikings used rivers to gain access and raid Paris in the middle Ages, the internet is the favorite access point for fraudsters in California fraud.


Get the Lowest Interest Rate, Fees, and Fastest ServiceYouTube – Straight Talk Lending – Daniel Dobbs

So, to stave off marauding bands of internet gangs, fraudsters, and bunko artists, the state of California has rolled out its statewide version of the federal CFPB.

 

The Department of Business Oversight (DBO) has been transformed into the Department of Financial Protection and Innovation, and this January, its mission will expand significantly.

Editors’ Note: Before anyone starts typing up a rebuttal with words like: “overregulation (there is some), government overreach (there’s some of that also), etc.; let’s remember who and what brought on the Great Recession.

For those needing further persuasion, click on the individual industries links below, or click here Why All of These Industries Are Prone to Corruption

BTW: It’s been so easy to commit fraud in California that even the “cons” and “jailbirds” have gotten into the act.

California’s prisoner unemployment fraud 

now estimated at $400 million, officials say.

So, bolstered by the California Consumer Financial Protection Law, the DBO departments will be authorized to regulate previously unregulated services.

The new law also gives the agency the capacity to enforce federal law, prohibiting unlawful, unfair, and abusive practices.

The law also creates an Office of Financial Technology Innovation that will engage with new industries and consumer advocates to encourage consumer-friendly innovation and job creation.

The most important thing to know about the new law is that people can call the department and file a complaint if they encounter unfair financial practices.

The department can be reached by visiting https://dfpi.ca.gov/file-a-complaint/ or calling toll free at (866) 275-2677 or (916) 327-7585.

Specifically, the industries will now be regulated by the California Consumer Financial Protection Law:

PACE program administrators, banks or trust companies or the banking or trust business; savings associations or the savings association business;

credit unions or the credit union business; finance lenders, brokers; residential mortgage lenders and servicers,

debt collectors; private school student lending, ·persons who engage in the business of receiving money for transmission or such business; issuers of stored value cards or such business; issuers of payment instruments or the payment instrument business;

business and industrial development corporations or the business and industrial development corporation business; insurance premium finance agencies or the insurance premium finance business;

persons offering or making any contract constituting bucketing;· persons offering or selling off-exchange commodities; deferred deposit originators; capital access companies;

check sellers, bill payers, and proraters; securities issuers, broker-dealers, agents, investment advisers, and investment adviser representatives;

escrow agents; franchisors; persons holding securities as custodians on behalf of securities owners; persons offering or providing consumer financial products or services in this state;