Pursuant to the Governor’s Reorganization Plan No. 2 on July 1, 2013, the Department of Corporations and Department of Financial Institutions became the Department of Business Oversight. Learn more.
The Department of Business Oversight (DBO) provides protection to consumers and services to businesses engaged in financial transactions. The DBO regulates a variety of financial services, products and professionals. The Department oversees the operations of state-licensed financial institutions, including banks, credit unions, money transmitters, issuers of payment instruments and travelers checks, and premium finance companies. Additionally, the Department licenses and regulates a variety of financial businesses, including securities brokers and dealers, investment advisers, deferred deposit transactions(commonly known as payday loans) and certain fiduciaries and lenders. The Department also regulates the offer and sale of securities, franchises and off-exchange commodities. For the complete list, see the Department’s page about Licensees and Regulated Industries.
The Department launched a new Self-Service Portal as a result of the Document Quality Network (DOCQNET) project implementation. Securities permit applications and exemption notices filed pursuant to the Corporate Securities Law of 1968 and franchise applications and exemption notices filed under the Franchise Investment Law may be filed and paid online using the Portal. Companies licensed under the California Finance Lenders Law, California Deferred Deposit Transaction Law, and Escrow Law, may access the Portal to submit applications for licensure, view the status of applications, submit annual report information, and update contact information. LOEN and Cal-EASI databases are accessible and searchable from the Portal. For more information on the project, including helpful tutorials and FAQs, please visit www.dbo.ca.gov/docqnet.
- August 26 - The next Escrow Law Advisory Committee meeting will be on Tuesday September 16, 2014 at 10 a.m. The meeting will be held at the Department of Business Oversight’s Los Angeles office located at 320 West Fourth Street, Seventh Floor Conference Room. Please contact Special Administrator Richard Malme in the Los Angeles office at (213)-576-7595 if you have any questions. Agenda. The minutes from the June 23, 2014 meeting are now available.
- 08/25/14 - Commissioner Jan Lynn Owen urges Department of Business Oversight licensees to grant appropriate latitude to customers affected by the severe damage resulting from the Napa earthquake. Because of the earthquake damage and the widespread effect it will have on the economy in these counties, the Commissioner encourages the Department's licensees to work with customers in dealing with the economic hardships of this disaster. More...
- 08/06/2014 - The Commissioner of Business Oversight adopted amendments to Sections 10.190500 and 10.190501 in Title 10 of the California Code of Regulations pursuant to Financial Code section 332(d). These regulations provide state chartered banks and savings associations with a way to measure the credit exposure of derivatives transactions so that they may lawfully engage in them. These amendments were filed with the Secretary of State on July 23, 2014, and become effective on October 1, 2014. (Adopted Rules PRO 19/13)
- 07/17/2014 - The Commissioner of Business Oversight adopted amendments to implement the Pilot Program for Increased Access to Responsible Small Dollar Loans as enacted by Senate Bill 318 (Chapter 467, Statutes of 2013) under the California Finance Lenders Law. Specifically, this regulatory action amended Section 1550 of Article 10, repealed Sections 1580 through 1596 of Article 13, and adopted Sections 1600 through 1618 to Article 14, of Subchapter 6 of Title 10 of the California Code of Regulations. These amendments are effective upon filing with the Secretary of State on July 17, 2014. (Adopted Rules PRO 15/13)
- 07/15/2014 - The California Department of Business Oversight Commissioner proposes to adopt, amend, and repeal various sections of Title 10 of the California Code of Regulations under the Money Transmission Act. This proposed rulemaking action implements the Money Transmission Act and updates existing regulations, which are based on a now repealed law. Specifically, with regard to (1) exemptions from the Money Transmission Act and (2) the determination of tangible shareholders’ equity, the law, as amended by Assembly Bill 786 (Chapter 533, Statutes of 2013), requires the Department to adopt regulations for those subject matters. The period within which to comment on this proposed regulatory action ends on September 8, 2014. (Notice of Proposed Rulemaking PRO 03/14)
- 07/14/2014 – The Department of Business Oversight (Department) received an application for a Fairness Hearing with respect to the proposed acquisition of Oculus VR, Inc. by Facebook, Inc. A hearing has been set for Tuesday, July 15, 2014 at 10 a.m. and will be held in the Department’s hearing room located at One Sansome St., San Francisco. The hearing is a requirement for Facebook to obtain an exemption under Section 3(a)(10) of the Federal Securities Act of 1933. A copy of the official “Notice of Hearing” is posted here. It includes a call-in telephone number to attend the hearing via teleconference.
Press ReleasesMore Press Releases »
- DBO Self-Service Portal - The Portal will significantly improve how we communicate with applicants and licensees and enhance consumer support. For more information, visit DBO’s Self-Service Portal.
- DBO Order - Electronic Communications (Designated E-Mail) - To register or update the designated email for your business, visit DBO’s Secure Designated Email Portal.
- Information on Central Locations for Service of Legal Process - In accordance with Code of Civil Procedure Section 684.115 (AB 2364).
More Licensee Resources »
- 4/29/14 - **Fraudulent Payday Loan Debt Collection **
The California Department of Business Oversight has been notified that consumers in California and other states have received telephone calls from debt collector(s) falsely claiming to be collecting a payday loan debt on behalf of CMG Financial. Read More…
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