Effective today, the Department of Corporations and the Department of Financial Institutions have “merged” to form the Department of Business Oversight in accordance with the Governor’s reorganization of state departments. The new website is www.dbo.ca.gov.
This was an extremely ill-considered change that was opposed by many, including myself. It is unlikely to save the state much money and will likely weaken regulation. It will also impose unnecessary costs on business. For example, Finance Lenders and other licensees are required to disclose the license under which they make their loans in print, television and radio advertisements. See Fin. Code § 22162. The new Department of Business Oversight wants all of these licenses reworked by August 15, 2013. Truly, this will be a waste of money for all concerned.
I also expect that many consumers will be confused by the new name for these two departments.