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- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:DFPI vs Trust Bail Bonds
This Settlement Agreement is entered into between the Commissioner of Financial Protection and Innovation (Complainant or Commissioner) and Respondent Trust Bail Bonds, Inc. (Respondent) and is made with respect to the following facts:
On September 11, 2023, the Commissioner notified all DCLA licensees via the email listed under Primary Company Contact on the Nationwide Multistate Licensing System and Registry (NMLS)1 that they must establish an email for communications from the Commissioner (Designated Email Address) pursuant to the Commissioner’s Order on Electronic Communications, dated November 22, 2013.
On November 8, 2023, the Commissioner notified all DCLA licensees via email listed under Primary Company Contact on NMLS that all debt collectors licensed prior to January 1, 2024 must file the Annual Report by March 15, 2024 through the DFPI Self-Service Portal, and instructions for accessing the DFPI Self-Service Portal would be sent to the Designated Email Address in December 2023.
On December 4, 2023, the Commissioner notified all DCLA licensees via the Designated Email Address or email listed under Primary Company Contact on NMLS if a Designated Email Address was not yet provided, that this was the last opportunity to provide a Designated Email Address to receive the draft of the Annual Report. The DCLA licensee had one week to complete the process for providing a Designated Email Address.
On December 18, 2023, the Commissioner notified all DCLA licensees via the Designated Email Address or email listed under Primary Company Contact on NMLS if they had still not provided a Designated Email Address with a sample of the Annual Report stating that detailed filing instructions and access to the Annual Report will be provided on January 2, 2024. The email reminded DCLA licensees that if they were licensed as of December 31, 2023, they must file the Annual Report via the DFPI Self-Service Portal by March 15, 2024.
On January 2, 2024, the Commissioner notified all DCLA licensees via the Designated Email Address or email listed under Primary Company Contact on NMLS if they had still not provided a Designated Email Address that the Annual Report was accessible via the DFPI Self-Service Portal and provided instructions for filing the Annual Report.
On March 1, 2024, the Commissioner again reminded all DCLA licensees via the Designated Email Address or email listed under Primary Company Contact on NMLS if they had still not provided a Designated Email Address that all DCLA licensees who were licensed as of December 31, 2023, must file the Annual Report by the deadline of March 15, 2024, stating that failure to file the Annual Report may subject the DCLA licensee to suspension, revocation, penalties, or other enforcement action.
As of March 26, 2024, Respondent, who was licensed as of September 5. 2023, had not filed its Annual Report with the Commissioner, in violation of California Financial Code section 100021(a). As a result, on April 4, 2024, the Commissioner issued a Notice of Failure to File Annual Report by March 15, 2024 (Failure Notice) to Respondent via certified mail, U.S. mail, and Designated Email Address or the email listed under a Company Contact on NMLS notifying Respondent that the Department will issue a Desist and Refrain Order and Order Assessing Penalties under California Financial Code section 90015(c) and (d)(1) and will also move to revoke Respondent’s DCLA license under California Financial Code sections 100003(b)(3) and 100003.3(b)(1) if the Annual Report is not filed before April 14, 2024.
On or around April 12, 2024, or eight calendar days after the Failure Notice, Respondent filed its Annual Report with the Commissioner, in violation of California Financial Code section 100021(a).
Therefore, on April 15, 2024, the Commissioner issued a Desist and Refrain Order and Order Assessing Penalties pursuant to California Financial Code section 90015(c) and (d)(1) (Desist and Refrain Order). Pursuant to California Financial Code section 90012(b)(8), a penalty may be imposed for any unlawful act or practice with respect to consumer financial products or services in violation of California Financial Code sections 90003(a)(1), (a)(2), and 100021(a).
On April 22, 2024, Respondent notified the Commissioner that Respondent wished to resolve the Desist and Refrain Order.
The Commissioner finds that entering into this Settlement Agreement is in the public interest and consistent with the purposes fairly intended by the policies and provisions of the CCFPL and DCLA.
Business Details
- Local BBB:
- BBB of Los Angeles & Silicon Valley
- BBB File Opened:
- 4/30/2020
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