California 2017-2018 Regular Session Status: In Committee 1 D cosponsors

AB 2984 — California Financing Law.

Last action — In committee: Held under submission.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2017-2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

(1) Existing law, the California Financing Law (CFL) , provides for the licensure and regulation of finance lenders and brokers, and, beginning on January 1, 2019, program administrators, by the Commissioner of Business Oversight. A willful violation of the CFL is a crime, except as specified. The CFL provides that it be liberally construed to promote specified purposes and policies. This bill would revise the purposes and policies of the CFL. (2) The CFL requires a finance lender, broker, and, beginning on January 1, 2019, program administrator licensee to file an annual report with the commissioner, on or before March 15, containing relevant information that the commissioner may specify. This bill would require a licensee to include in the report information on all loans made with the participation of a 3rd-party financial institution in connection with a contractual agreement with the licensee. (3) The CFL authorizes the commissioner to examine specified records of every person engaged in the business of a finance lender, broker, or, beginning on January 1, 2019, program administrator, for the purpose of discovering violations of the CFL or securing information otherwise required in the administration and enforcement of this division. This bill would require the commissioner to examine the affairs of each finance lender licensee for compliance at least once every 48 months. The bill would authorize the commissioner to conduct the examination under oath. By expanding the crime of perjury, this bill would impose a state-mandated local program. The bill would require the commissioner to provide a written statement of the findings of the examination, to issue a copy of that statement to the licensee's principals, officers, or directors, and to take appropriate steps to ensure correction of any violations. (4) The CFL authorizes the commissioner to bring an action to enjoin, as specified, against a person who, in the commissioner's estimation, has violated or is about to violate the CFL. Under the CFL, a person who willfully violates its provisions, rules, or regulations adopted pursuant to them, is liable for a civil fine not to exceed $2,500. This bill would authorize, upon a proper showing, the appointment of a receiver, monitor, conservator, or other designated fiduciary or officer of the court for the defendant, in an action as described above, or for the defendant's assets. The bill would specify the potential powers of these parties and prohibit any action in law or equity from being maintained against them for exercising the powers or performing their duties. The bill would eliminate the requirement that the penalty provisions, as described above, be willful. The bill would increase the maximum amount of the penalty provisions to $25,000. This bill would also grant various powers to the commissioner in connection with any violation of the CFL, including imposing an administrative penalty of up to $25,000 for each violation, ordering ancillary relief including restitution, disgorgement, or damages, as specified, and entitling the commissioner in administrative actions to recover attorney's fees and costs, to be deposited in the State Corporation Fund for use by the department. The bill would prescribe certain requirements and procedures in connection with hearings and court actions in this regard. (5) By expanding the scope of an existing crime with respect to willful violations of the CFL, this bill would impose a state-mandated local program. This bill would also make clarifying changes in the CFL. (6) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.

Bill Text

Action History

  1. In committee: Held under submission.

  2. In committee: Set, first hearing. Referred to APPR. suspense file.

  3. Re-referred to Com. on APPR.

  4. From committee chair, with author's amendments: Amend, and re-refer to Com. on APPR. Read second time and amended.

  5. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 2.) (April 16). Re-referred to Com. on APPR.

  6. Re-referred to Com. on B. & F.

  7. From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.

  8. Referred to Com. on B. & F.

  9. From printer. May be heard in committee March 19.

  10. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on · 2 voted No

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Do pass and be re-referred to the Committee on [Appropriations]

Passed 7 Yea · 2 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 3002
Democratic 4000
Republican 0200
Total 7202
% of votes cast 64%18%0%18%
How each member voted (11)
Member Party Vote
Acosta — Not Voting
Weber — Yea
Burke — Not Voting
Gonzalez Fletcher — Yea
Mark Stone — Yea
Berman, Marc Democratic Yea
Calderon, Lisa Democratic Yea
Grayson, Timothy S. Democratic Yea
Limón, Monique Democratic Yea
Chen, Phillip Republican Nay
Choi, Steven S. Republican Nay

Official roll call →

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 2984 do?
(1) Existing law, the California Financing Law (CFL) , provides for the licensure and regulation of finance lenders and brokers, and, beginning on January 1, 2019, program administrators, by the Commissioner of Business Oversight. A willful violation of the CFL is a crime, except as specified. The CFL provides that it be liberally construed to promote specified purposes and policies. This bill would revise the purposes and policies of the CFL. (2) The CFL requires a finance lender, broker, and, beginning on January 1, 2019, program administrator licensee to file an annual report with the commissioner, on or before March 15, containing relevant information that the commissioner may specify. This bill would require a licensee to include in the report information on all loans made with the participation of a 3rd-party financial institution in connection with a contractual agreement with the licensee. (3) The CFL authorizes the commissioner to examine specified records of every person engaged in the business of a finance lender, broker, or, beginning on January 1, 2019, program administrator, for the purpose of discovering violations of the CFL or securing information otherwise required in the administration and enforcement of this division. This bill would require the commissioner to examine the affairs of each finance lender licensee for compliance at least once every 48 months. The bill would authorize the commissioner to conduct the examination under oath. By expanding the crime of perjury, this bill would impose a state-mandated local program. The bill would require the commissioner to provide a written statement of the findings of the examination, to issue a copy of that statement to the licensee's principals, officers, or directors, and to take appropriate steps to ensure correction of any violations. (4) The CFL authorizes the commissioner to bring an action to enjoin, as specified, against a person who, in the commissioner's estimation, has violated or is about to violate the CFL. Under the CFL, a person who willfully violates its provisions, rules, or regulations adopted pursuant to them, is liable for a civil fine not to exceed $2,500. This bill would authorize, upon a proper showing, the appointment of a receiver, monitor, conservator, or other designated fiduciary or officer of the court for the defendant, in an action as described above, or for the defendant's assets. The bill would specify the potential powers of these parties and prohibit any action in law or equity from being maintained against them for exercising the powers or performing their duties. The bill would eliminate the requirement that the penalty provisions, as described above, be willful. The bill would increase the maximum amount of the penalty provisions to $25,000. This bill would also grant various powers to the commissioner in connection with any violation of the CFL, including imposing an administrative penalty of up to $25,000 for each violation, ordering ancillary relief including restitution, disgorgement, or damages, as specified, and entitling the commissioner in administrative actions to recover attorney's fees and costs, to be deposited in the State Corporation Fund for use by the department. The bill would prescribe certain requirements and procedures in connection with hearings and court actions in this regard. (5) By expanding the scope of an existing crime with respect to willful violations of the CFL, this bill would impose a state-mandated local program. This bill would also make clarifying changes in the CFL. (6) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors AB 2984?
AB 2984 is sponsored by Limón, Monique (Democratic).
What is the current status of AB 2984?
This bill died with 2017-2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2984?
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