California Deferred Deposit Transaction Law (CDDTL)
A deferred deposit transaction is a transaction whereby a person defers depositing a customer's personal check until a specific date, pursuant to a written agreement, as provided by California Financial Code Sections 23035. Personal check includes the electronic equivalent of a personal check.
A deferred deposit originator is any person that offers, originates or makes a deferred deposit transaction, arranges a deferred deposit for a deferred deposit originator, acts as an agent for a deferred deposit originator, or assists a deferred deposit originator in the origination of a deferred deposit is required to obtain a License from the Department of Corporations.
Licensee can only engage in deferred deposit transaction business at the place of business (address) named in the license. Therefore, a license is required for the place of business where a licensee conducts deferred deposit transaction business over the Internet.
This law is also known as the Payday Lenders Law.
- 12/13/12 - The Annual Report for Licensees Engaged in Business under the California Deferred Deposit Transaction Law for the Year Eneded December 31, 2012 [pdf] | [Word] is now available on our website.
- The 2011 Annual Report of Operation of Deferred Deposit Originators is now available on our website.
- About the Law
- Who is required to Obtain a License under the California Deferred Deposit Transaction Law?
- How do I apply for a CDDTL License
- Requirements After a CDDTL License has been issued.
- Frequently Asked Questions
- Regulations, Legislation, Opinions, Releases
- What You Need to Know About Payday Loans [English PDF | Text Only] | [Español PDF / solo texto]
- Payday Lending Alerts
- Complaint Form
- Search the Licensee Listing