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DFPI: providers of education financing, including unpaid tuition plans and income-sharing agreements, must register under new state rule
Summary
The California Department of Financial Protection and Innovation told the BPPE advisory committee that its registration rules under the California Consumer Financial Protection Law require providers of education financing—including tuition-payment plans and income-sharing agreements—to register unless exempt.
Representatives of the California Department of Financial Protection and Innovation (DFPI) told the advisory committee that a registration program for certain consumer-finance products took effect in February 2025 and that providers of education financing must register unless exempt.
Markel Kelly, Deputy Commissioner for Supervision and Registration at DFPI, summarized the California Consumer Financial Protection Law (CCFPL) and the DFPI's registration authority. Kelly said the DFPI's first registration rulemaking package required registration for four product categories including education financing. The DFPI's…
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