On October 6, the governor of California signed into law SB 825, amending the California Consumer Financial Protection Law (CCFPL) to clarify that while certain financial service providers, such as licensed escrow agents, finance lenders, and broker-dealers are exempt from the CCFPL when acting under specific licenses, the commissioner of the DFPI has the power to enforce prohibitions on deceptive or abusive acts or practices. The new law ensures covered entities remain subject to consumer protection oversight despite their licensing status.
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California amends its financial protection laws for license holders – JD Supra
