| License Description |
The CDDTL defines a "deferred deposit originator" as any person who offers, originates or makes a deferred deposit transaction. Deferred deposit transaction means a transaction whereby a person defers depositing a customer's personal check until a specific date, pursuant to a written agreement, as provided in Financial Code Section 23035. Although deferred deposit originators must obtain a license from the Department of Corporations to engage in the business of deferred deposit transactions, the following persons or entities are excluded from the definition of licensee and are therefore not subject to the CDDTL:
· A state or federally chartered bank, thrift, savings association, or industrial loan company.
· A retail seller engaged primarily in the business of selling consumer goods, including consumables, to retail buyers that cashes checks or issues money orders for a minimum fee not exceeding $2 as a service to its customers that is incidental to its main purpose or business.
Persons licensed under the CDDTL may be an individual, corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated organization, a government entity, or a political subdivision of a government entity. An application must be submitted for each location that the applicant intends to engage in the business of deferred deposit transactions. A licensee with one or more licensed locations may file a short form license application established by the Commissioner. Applications are processed in the order they are received.
1. Fees: For each location, submit an application with the appropriate exhibits, an application fee of $200, an investigation fee of $100. All fees and the assessment are non-refundable.
2. Regulatory Examination Frequency: The Commissioner may examine the business and books.
Authority: California Financial Code, Division 10, commencing with Section 23000. California Code of Regulations, |