Bill Text: CA AB1296 | 2023-2024 | Regular Session | Amended
Bill Title: California Consumer Financial Protection Law: annual report.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed) 2023-05-31 - Referred to Com. on B. & F.I. [AB1296 Detail]
Download: California-2023-AB1296-Amended.html
|
Amended
IN
Assembly
April 11, 2023 |
CALIFORNIA LEGISLATURE—
2023–2024 REGULAR SESSION
Assembly Bill
No. 1296
| Introduced by Assembly Member Grayson |
February 16, 2023 |
An act to amend amend, repeal, and add Section 90018 of the Financial Code, relating to financial protection.
LEGISLATIVE COUNSEL'S DIGEST
AB 1296, as amended, Grayson.
California Consumer Financial Protection Law: annual report.
Existing law, the California Consumer Financial Protection Law, generally regulates the provision of consumer financial products and services by covered persons. The law requires the Commissioner of Financial Protection and Innovation to, among other things, prepare and publish on the Department of Financial Protection and Innovation’s internet website an annual report detailing actions taken during the prior year under the law. The law requires the report to include information on actions taken with respect to rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.
This bill would, on and after January 1, 2024, would, until January 1,
2028, require the report described above to separate information described above with respect to crypto assets and associated consumer financial products and services services, as specified, from information described above with respect to other consumer financial products and services.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 90018 of the Financial Code is amended to read:90018.
(a) The commissioner shall prepare and publish on the department’s internet website an annual report detailing actions taken during the prior year under this division.(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to both of the following:
(1) (A) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.
(B) On and after January 1, 2024, the The
report required by this subdivision shall separate information described by subparagraph (A) with respect to crypto assets and associated consumer financial products and services services, pursuant to Executive Order No. N-09-22, from information described by subparagraph (A) with respect to other consumer financial products and services.
(2) The activities of the Financial Technology Innovation Office. Office of Financial Technology Innovation.
(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
(d) This section shall remain in effect only until January 1, 2028, and as of that date is repealed.
SEC. 2.
Section 90018 is added to the Financial Code, to read:90018.
(a) The commissioner shall prepare and publish on the department’s internet website an annual report detailing actions taken during the prior year under this division.(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to both of the following:
(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.
(2) The activities of the Office of Financial Technology Innovation.
(c) The report may include recommendations, including those intended
to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
(d) This section shall become operative on January 1, 2028.
