BCCP Publishes Revised Supervised Lender Rule for Comment

December 18, 2024

The Bureau has published Rule Ch. 711 (Rev.) for comment. This rule amends Chapter 711 pertaining to the financial documentation required for Supervised Lenders to obtain or renew a license. The current rule requires the submission of audited financial statements. While only roughly 9% of supervised lenders do not have audited reports (43 out of 496 companies), those companies are small businesses which may find procuring audited financial statements overwhelming. For this reason, we are clarifying the rule to ensure that while audited financial statements are preferred, there are alternative ways to provide sufficient indicia of financial responsibility for purposes of licensing.

The comment deadline for this rule is January 31, 2025. For more information, visit the Bureau's Proposed Rules page HERE.

Attachments

Proposed Bureau Rule Ch. 711 (Rev.) (DOCX)

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