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DFPI tells BPPE advisory committee that tuition payment plans, income-sharing agreements and other education credit products must register
Summary
Department of Financial Protection and Innovation (DFPI) officials told BPPE’s advisory committee that the California Consumer Financial Protection Law requires registration for persons offering education financing, including tuition-only payment plans and income-sharing agreements, unless an exemption applies.
Representatives from the California Department of Financial Protection and Innovation told the BPPE advisory committee that providers of education financing — defined to include credit for tuition, fees, books, room and board, and other costs of attendance — must register under California’s new consumer financial law unless an exemption applies.
DFPI Deputy Commissioner Markel Kelly and senior counsel Sam Park summarized the department’s first registration rulemaking under the California Consumer Financial Protection Law (CCFPL), which added registration for several product categories including education financing. The DFPI’s rules took…
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