California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.3 - Debt Collection Licensing Act › Article 1 - Definitions › Section 1850 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The following terms used in subchapter 11.3 of title 10
					 shall have (unless the context indicates otherwise) the following
					 meanings:
(a) "Affiliate" means any
				  person controlling, controlled by, or under common control with, the specified
				  person, directly or indirectly, through one or more intermediaries. "Affiliate"
				  includes an affiliated company.
(b)
				  "Applicant" means any person. including any of its affiliates, who applies for
				  a license under the Debt Collection Licensing Act. An affiliate who is not
				  applying for a license is not an applicant for purposes of licensure under the
				  Debt Collection Licensing Act.
(c)
				  "Branch office" means a location other than the applicant's or licensee's
				  principal place of business identified in a license application or an amended
				  application if activity related to debt collection occurs at the location and
				  the location is held out to the public as a business location or money is
				  received at the location or held at the location. For purposes of filing a Form
				  MU3, holding a location out to the public includes receiving postal
				  correspondence from the public at the location, meeting with the public at the
				  location, including the location on business cards, letterhead, or any other
				  correspondence, including signage at the location, or any other representation
				  to the public that the location is a business location of the applicant or
				  licensee.
(d) "Commissioner" means
				  the Commissioner of Financial Protection and innovation.
(e) "Control" means possession, direct or
				  indirect, of the power to direct or cause the direction of the management and
				  policies of a person, whether through the ownership of voting securities, by
				  contract, or otherwise. A person who, directly or indirectly, owns, controls,
				  holds with the power to vote, or holds proxies representing, ten percent (10%)
				  or more of the then outstanding voting securities issued by another person is
				  presumed to control such other person. For purposes of this subchapter, the
				  Commissioner may determine whether a person in fact controls another
				  person.
(f) "Debt buyer" means a
				  person or entity that is regularly engaged in the business of purchasing
				  charged-off consumer debt for collection purposes, whether it collects the debt
				  itself, hires a third party for collection, or hires an attorney-at-law for
				  collection litigation. "Debt buyer" does not mean a person or entity that
				  acquires a charged-off consumer debt incidental to the purchase of a portfolio
				  predominantly consisting of consumer debt that has not been charged
				  off.
(g) "Debt Collection Licensing
				  Act" means California Financial Code section 100000 et seq.
(h) "Debt collector" has the same meaning as
				  set forth in subdivision (j) of Section 100002 of the Financial Code.
(i) "Form MU1" means the uniform licensing
				  form. entitled "NMLS Company Form," developed by the Nationwide Multistate
				  Licensing System & Registry and used to provide information on a company or
				  sole proprietor license applicant. Version 11.0, dated 09/12/15, is hereby
				  incorporated by reference in its entirety.
(j) "Form MU2" means the uniform licensing
				  form, entitled "NMLS Individual Form," developed by the Nationwide Multistate
				  Licensing System & Registry and used to provide information on an
				  individual who directly or indirectly owns or controls the activities of the
				  applicant, branch office, including principal officers, directors, and other
				  individuals specified on Form MU1 or Form MU3. Version 9, dated 9/12/2016, is
				  hereby incorporated by reference in its entirety.
(k) "Form MU3" means the uniform licensing
				  form, entitled "NMLS Branch Form," developed by the Nationwide Multistate
				  Licensing System & Registry and used to provide information on branch
				  offices. Version 10, dated 03/31/2014, is hereby incorporated by reference in
				  its entirety.
(l) "Individual"
				  means a natural person.
(m)
				  "Licensee" means any person who is licensed under the Debt Collection Licensing
				  Act. "Licensee" includes the person named on the license and any person listed
				  on the license.
(n) "NMLS" means
				  the Nationwide Multistate Licensing System & Registry.
(o) "Principal officers" means the president,
				  chief executive officer, treasurer and chief financial officer and any other
				  officer with direct responsibility for the conduct of the applicant's debt
				  collection activities in this state.
Note: Authority cited: Section 100003, Financial Code.
						Reference: Section
						1788.50, Civil
						Code; and Sections 100002, 100003, 100006.3 and 100009, Financial Code.