Are familiars subject to the drop penalty?

You answered your own question. If you can get a level 7 Jr. Boogie familiar card on a level 200 char, they are not subject to drop penalty.
(And a good thing too, or collecting them would be impossible).

I suppose. I just wanted to be sure that there isn't some kind of reduced drop rate without removing it entirely, like you would get if you were 8 or 9 levels above the monster.