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.

What's New
Licensee Information
Consumer Information