California Department of Business Oversight issues guidance to finance lenders, PACE administrators, deferred deposit originators, and premium finance companies

State Issues Covid-19 California DBO Deposits Licensing Insurance

On April 3, the California Department of Business Oversight (DBO) issued guidance to finance lenders, Property Assessed Clean Energy (PACE) administrators, deferred deposit originators, and premium finance companies requesting such licensees work with their customers by offering payment plans and extensions at no additional cost to the customer. The DBO also requests that premium finance companies grant a grace period similar to the grace periods being granted by many insurance companies in order to prevent insureds from experiencing an interruption in insurance coverage.