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The department operates under the California Business, Consumer Services and Housing Agency. The DFPI protects California consumers and oversees the operations of state-licensed financial institutions, including banks, credit unions, debt collectors, nonbank mortgage lenders, student loan servicers, money transmitters, and others. Additionally ...
Certain consumer debt has a “shelf life” in which a creditor or debt collector can legally sue you for the debt. This is called the debt’s statute of limitations, which varies by state and ...
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
The safest way to pay a debt collector is with a method that provides proof of payment, such as mailing a check with a return receipt or using a secure online payment portal provided by the collector.
The amount of time that a debt collector can legally pursue old debt varies by state and type of debt but can range between three and 20 years. Each state has its own statute of limitations on ...
Pursuant to the Governor's Reorganization Plan No. 2 of 2012, the Department of Financial Institutions and Department of Corporations became divisions of the California Department of Business Oversight (DBO) on July 1, 2013.