On September 14, the Governor of California approved AB 3148 (the “Act”), amending the California Deferred Deposit Transaction Law (CDDTL) to change the formula for determining annual fee licenses as required to pay to the Commissioner of the DFPI to cover all costs and expenses reasonably incurred in the administration of the CDDTL and any deficit incurred in the program’s administration. Previously, the amount of this pro rata fee was based on the number of locations a licensee operated. Going forward, this fee will be determined by the proportion of a licensee’s total dollar amount of deferred deposit transactions relative to the aggregate total amount made by all licensees as shown by specified annual reports to the commissioner. The bill also sets a minimum assessment fee, ensuring licensees do not pay less than $500 per licensed location per year. The commissioner must notify each licensee of the assessed amount by May 20 each year, with payments due within 30 days. Failure to pay on time may result in penalties or the suspension or revocation of the licensee’s certificate. The Act will apply to the calculation of next year’s annual fee.
