Bill Text: CA SB363 | 2017-2018 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Financial transactions: corporate entities, securities, loans, and deposits.

Spectrum: Committee Bill

Status: (Passed) 2017-10-05 - Chaptered by Secretary of State. Chapter 516, Statutes of 2017. [SB363 Detail]

Download: California-2017-SB363-Introduced.html

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CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Senate Bill

No. 363

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Introduced by Committee on Banking and Financial Institutions (Senators Dodd (Chair), Galgiani, Hueso, Lara, Morrell, Portantino, and Vidak)

February 14, 2017

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An act to amend Section 22050.5 of the Financial Code, relating to finance lenders.

LEGISLATIVE COUNSEL'S DIGEST

SB 363, as introduced, Committee on Banking and Financial Institutions. California Finance Lenders Law.

Existing law, the California Finance Lenders Law, provides for the licensure and regulation of finance lenders and brokers by the Commissioner of Business Oversight. Existing law, until January 1, 2022, provides that the law does not apply to any person who makes one loan in a specified period if that loan is a commercial loan, as defined.

This bill would instead apply that exemption to a person who does not make more than one such loan in that specified period.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 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 12-month period if that loan is a commercial loan as defined in Section 22502.

(b) This section shall remain in effect only until January 1, 2022, and as of that date is repealed.