New CA Law May Require Schools to Register with the Department of Financial Protection and Innovation
Jessica S. High
February 10, 2025
In 2020, the California State Legislature passed the California Consumer Financial Protection Law (“CCFPL’) as AB 1864. This law provided the Department of Financial Protection and Innovation (“DFPI”) with authority to oversee several areas of the financial marketplace, including private postsecondary education financing.
DFPI recently finalized new regulations requiring providers of postsecondary education financing to register and submit data to DFPI. Providers subject to registration requirements must file an application by February 15, 2025.
The DFPI is requesting all postsecondary institutions to do one of the following:
If you are a postsecondary institution that offers or provides education financing to California residents and required to register, please file an application for CCFPL registration by February 15, 2025, to continue operating legally in the state.
