1. (a) The annual report required by Financial Code section 100021 shall be submitted by each licensee with an attestation to its accuracy and completeness signed by a principal officer or sole proprietor of the licensee. The report must be submitted electronically.
2. (b) “Preceding year” means calendar year, January 1 through December 31.
3. (c) For purposes of Financial Code section 100021, subdivision (a)(1), if a California debtor has multiple accounts, each account shall be counted separately.

4. (d) The total number of California debtor accounts collected on in the preceding year shall be the sum of paragraphs (1), (2) and (3) of this subdivision. Individual numbers for paragraphs (1), (2) and (3) are not required to be reported.

   1. (1) The total number of California debtor accounts collected in full.
   2. (2) The total number of California debtor accounts for which collection was attempted that were resolved for less than the full amount of the debt.
   3. (3) The total number of California debtor accounts for which collection was attempted where payments were made but a balance remains due.
5. (e) The report shall also include the total number of California debtor accounts for which collection was attempted, but no payments were collected, during the preceding calendar year. This number shall not include the California debtor accounts reported in subdivision (d), paragraphs (1) through (3).
6. (f) The “total dollar amount of California debtor accounts purchased in the preceding year” means the total amount owed by all California debtors on all California accounts purchased by a licensee in the preceding year before any fees or other charges are added by the licensee.
7. (g) The “face value dollar amount of California debtor accounts in the licensee's portfolio in the preceding year” means the total amount owed by all California debtors on all California accounts, as of December 31 of the preceding year, before any fees or other charges are added by the licensee, regardless of when the accounts entered the portfolio.
8. (h) In addition to the requirements of Financial Code section 100021, the report shall include the number of California debtor accounts in the licensee's portfolio as of December 31 of the preceding year. If an account has more than one obligor, the account shall be counted as one California debtor account.

Note: Authority cited: Section 100003, Financial Code. Reference: Section 100021, Financial Code.

History

1. New article 6 (section 1850.70) and section filed 3-4-2025; operative 7-1-2025 (Register 2025, No. 10).