Bill Text: CA AB2984 | 2017-2018 | Regular Session | Amended
Bill Title: California Financing Law.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-05-25 - In committee: Held under submission. [AB2984 Detail]
Download: California-2017-AB2984-Amended.html
Amended
IN
Assembly
May 01, 2018 |
Amended
IN
Assembly
March 22, 2018 |
Assembly Bill | No. 2984 |
Introduced by Assembly Member Limón |
February 16, 2018 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YESBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 22001 of the Financial Code, as added by Section 6 of Chapter 475 of the Statutes of 2017, is amended to read:22001.
(a) This division shall be liberally construed and applied to promote its underlying purposes and policies, which are:SEC. 2.
Section 22050 of the Financial Code is amended to read:22050.
(a) This division does not apply to any person doing business under any law of any state or of the United States relating to banks, trust companies, savings and loan associations, insurance premium finance agencies, credit unions, small business investment companies, community advantage lenders, California business and industrial development corporations when acting under federal law or other state authority, or licensed pawnbrokers when acting under the authority of that license.SEC. 3.
Section 22050.5 of the Financial Code is amended to read:22050.5.
(a) This division does not apply to any person who makes no more than one loan in a calendar year if that loan is a commercial loan as defined in Section 22502.SEC. 4.
Section 22159 of the Financial Code, as added by Section 56 of Chapter 475 of the Statutes of 2017, is amended to read:22159.
(a) Each finance lender, broker, and program administrator licensee shall file an annual report with the commissioner, on or before March 15th. The report shall include the relevant information that the commissioner reasonably requires concerning the business and operations conducted by the licensee or authorized by the program administrator licensee within the state during the preceding calendar year for each licensed place of business, including, but not limited to, all loans made through aSEC. 5.
Section 22701 of the Financial Code, as added by Section 75 of Chapter 475 of the Statutes of 2017, is amended to read:22701.
(a) (1) The commissioner shall, at least once every 48 months, and as often as the commissioner deems necessary and appropriate, examine the affairs of each finance lender, broker, or program administrator licensee for compliance with this division. The commission may, as often as the commissioner deems necessary and appropriate, examine the books, accounts, records, and files used in the business of every person engaged in the business of a finance lender, broker, or program administrator, whether the person acts or claims to act as principal or agent, or under or without the authority of this division in order to discover violations of this division or to secure information required in order to enforce the division. The commissioner shall appoint suitable persons to perform the examination. For the purpose of examination, the commissioner and his or her representatives shall have free access to the offices and places of business, books, accounts, papers, records, documents, files, safes, and vaults of all these persons, and may examine the officers, directors, and employees of the person being examined, under oath, regarding the person’s operations.(d)The finance lender and broker licensee shall pay, and the commissioner shall assess, the reasonable expenses of any examination of the licensee and affiliates.
(e)The statement of the findings of an examination shall belong to the commissioner and shall not be disclosed to anyone other than the licensee, law enforcement officials, or other state or federal regulatory agencies for further investigation and enforcement. Reports required of licensees by the commissioner under this division and results of examinations performed by the commissioner under this division are the property of the commissioner. The commissioner may decline to disclose records described in this paragraph in response to a request made under the California Public Records Act (Chapter 3.5 (commencing with Section 6250) of Division 7 of Title 1 of the Government Code), pursuant to
paragraph (2) of subdivision (b) of Section 6254 of the Government Code.
(f)