Payday Lenders - DFPI
Payday Lenders
A deferred deposit transaction is commonly known as a payday loan. These lenders of these products are licensed by the DFPI and governed by the California Deferred Deposit Transaction Law (CDDTL). Through licensing, regulation, and oversight of these lenders, DFPI supports a healthy and trusted financial marketplace.
A deferred deposit transaction is commonly known as a payday loan. Here’s how they work under the California Deferred Deposit Transaction Law (CDDTL):
The consumer provides the lender (called an originator under the CDDTL) a personal check for the amount of money desired. The lender provides the consumer the money, minus an agreed-upon fee. The lender then defers depositing the consumer’s check for a specific period of time.
Under the CDDTL, the amount of the consumer’s personal check cannot exceed $300. The lender cannot charge a fee that is higher than 15 percent of the check amount. So, for example, a borrower who gives the lender a check for $300 will take home only $255 if the lender charges the maximum fee of 15 percent. The term of a payday loan cannot last longer than 31 days.
Laws & Regulations
CDDTL Law (Financial Code Division 10)
Regulations & Legislations
Publications & Reports
Publications & Reports
Form Number
Form Title
Format
DFPI-CDDTL 2020 – Long Form
Application Information for a License – Deferred Deposit Transaction Law -Long Form
PDF
DFPI CDDTL 2020 Package
(The package includes Form CDDTL 2020, all exhibits,
Release 2-G
(PDF), Notice of Privacy Policy as Required by Government Code Section 11019.9, and Notice Required under State and Federal Law)
DFPI-250.61 – Statement of Citizenship, Alienage, and Immigration Status For Application of Department of Financial Protection and Innovation License or Certificate
PDF
DFPI CDDTL 2021
Short-Form” Application For a License under the California Deferred Deposit Transaction Law
( Licensee Currently Having One or More Licensed Locations)
PDF
DFPI CDDTL 2022
Application Information for a License – Deferred Deposit Transaction Law
PDF
DFPI CDDTL 2023
Notice of Fingerprint Processing Requirements under the California Deferred Deposit Transaction Law
PDF
DFPI CDDTL 2025
Notice of Application Requirements Under the California Deferred Deposit Transaction Law
PDF
CDDTL BC 8018
Request for Live Scan Service – Applicant Submission
PDF
Licensee information
Questions and Answers Regarding Licensing and Conducting Business (FAQ)
Requirements After a CDDTL License Has Been Issued
Self-Service Portal
Reporting
The Annual Report Form 2030, for Licensees Engaged in Business under the California Deferred Deposit Transaction Law (CDDTL) for Year Ended December 31, 2013, should be submitted electronically. The Department has emailed a link to the Annual Report Form 2030 to each CDDTL licensee’s designated e-mail address on file. If you have not received the link to the Annual Report Form 2030 or if you have questions regarding your Form 2030 please contact:
[email protected]
News & Info Links
Newsroom
Press Releases
Monthly Bulletins
Important Notices
How to reach us:
Department of Financial Protection and Innovation
Financial Services
320 W. 4th Street, Suite 750
Los Angeles, CA 90013
Phone: (866) ASK-CORP (275-2677)
Email:
[email protected]
US