California 2019-2020 Regular Session Status: Enacted

SB 251 — Financial institutions.

Last action — Chaptered by Secretary of State. Chapter 143, Statutes of 2019.

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

This bill has been enacted into law. Introduced February 11, 2019. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 5 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

(1) Existing law abolishes the office of the Commissioner of Financial Institutions and the Department of Financial Institutions and transfers the powers, duties, responsibilities, and functions thereof to the Commissioner of Business Oversight and the Department of Business Oversight, respectively. Existing law also abolishes the office of the Commissioner of Corporations and the Department of Corporations and transfers the powers, duties, responsibilities, and functions thereof to the Commissioner of Business Oversight and the Department of Business Oversight, respectively. This bill would make conforming changes in multiple code sections. (2) Existing federal law abolishes the position of Director of the Office of Thrift Supervision and the Office of Thrift Supervision and transfers all functions and rulemaking authority of those entities relating to the supervision of savings associations to the Office of the Comptroller of the Currency and the Comptroller of the Currency, respectively. This bill would make conforming changes to California law. (3) Existing law, the Corporate Securities Law of 1968, prescribes qualification and filing requirements for the sale of securities. The law defines "security" for these purposes to include a "viatical settlement contract" and incorporates the definition of the term "viatical settlement contract" as specified in an obsolete provision of law of the Insurance Code. This bill would, instead, define "viatical settlement contract" for these purposes, similar to the prior definition in the Insurance Code, to mean an agreement between parties regarding a life insurance policy on the life of a third party that meets specified requirements. (4) Existing federal law, the ICC Termination Act of 1995, abolishes the Interstate Commerce Commission and transfers federal oversight powers regarding railroads to the Surface Transportation Board. This bill would make conforming changes to California law. (5) Existing law requires the State Water Resources Control Board to succeed to and be vested with all of the authority, duties, powers, purposes, functions, responsibilities, and jurisdiction of the State Department of Public Health for specified purposes. This bill would make conforming changes. (6) Existing law, the Corporate Securities Law of 1968, generally regulates the offer and sale of corporate securities within the state. The law references federal laws, the Securities Exchange Act of 1934 and the Securities Act of 1933. This bill would provide that those references are to the respective federal laws as amended. (7) This bill would make other conforming and nonsubstantive changes to provisions relating to financial institutions and securities.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 143, Statutes of 2019.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 2 p.m.

  4. Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2055.) Ordered to engrossing and enrolling.

  5. Ordered to special consent calendar.

  6. In Senate. Concurrence in Assembly amendments pending.

  7. Read third time. Passed. (Ayes 77. Noes 0. Page 2492.) Ordered to the Senate.

  8. Read second time. Ordered to consent calendar.

  9. From committee: Do pass. Ordered to consent calendar. (Ayes 12. Noes 0.) (June 24).

  10. June 10 hearing postponed by committee.

  11. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.

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

  13. In Assembly. Read first time. Held at Desk.

  14. Read third time. Passed. (Ayes 37. Noes 0. Page 823.) Ordered to the Assembly.

  15. Read second time. Ordered to consent calendar.

  16. From committee: Do pass. Ordered to consent calendar. (Ayes 7. Noes 0. Page 712.) (April 10).

  17. Set for hearing April 10.

  18. Referred to Com. on B. & F.I.

  19. From printer. May be acted upon on or after March 14.

  20. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Committee on Banking and Financial Institutions · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Committee on Banking and Financial Institutions

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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

Special Consent SB251 B. & F.I.

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 26001
Democratic 10000
Republican 3000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Rubio — Yea
Monning — Yea
Wieckowski — Yea
Mitchell — Yea
Bradford — Yea
Wilk — Yea
Beall — Yea
Atkins — Yea
Hill — Yea
Roth — Yea
Morrell — Yea
Hueso — Yea
Leyva — Yea
Dodd — Yea
Moorlach — Yea
Skinner — Yea
Allen — Yea
Galgiani — Yea
Hertzberg — Yea
Portantino — Yea
Bates — Yea
Glazer — Yea
Nielsen — Yea
Chang — Yea
Pan — Yea
Borgeas — Not Voting
Mark Stone — Yea
Archuleta, Bob Democratic Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Gonzalez, Lena A. Democratic Yea
Hurtado, Melissa Democratic Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

SB 251 B. & F.I. Consent Calendar Second Day

Passed 77 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 51001
Democratic 21001
Republican 5000
Total 77002
% of votes cast 97%0%0%3%
How each member voted (79)
Member Party Vote
Mathis — Yea
Cooley — Yea
Diep — Yea
Chau — Yea
Quirk — Yea
Low — Yea
Cooper — Yea
Rendon — Yea
Smith — Yea
Cunningham — Yea
Gonzalez — Yea
Bloom — Yea
Voepel — Yea
Rodriguez — Yea
Chiu — Yea
Gray — Yea
Maienschein — Yea
Mullin — Yea
Kamlager-Dove — Yea
Medina — Yea
Chu — Yea
Ting — Yea
McCarty — Yea
O'Donnell — Yea
Waldron — Yea
Salas — Yea
Brough — Yea
Gloria — Yea
Obernolte — Yea
Holden — Yea
Daly — Yea
Jones-Sawyer — Yea
Friedman — Yea
Nazarian — Yea
Weber — Yea
Fong — Yea
Kiley — Yea
Mayes — Yea
Frazier — Yea
Bigelow — Yea
Santiago — Yea
Eggman — Yea
Levine — Yea
Wood — Yea
Melendez — Yea
Burke — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Luz Rivas — Yea
Mark Stone — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Wicks, Buffy Democratic Not Voting
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4000
Democratic 6000
Republican 2000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Burke — Yea
Melendez — Yea
Weber — Yea
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Limón, Monique Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea

Official roll call →

Consent Calendar SB251 B. & F.I.

Passed 37 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 27000
Democratic 8001
Republican 2000
Total 37001
% of votes cast 97%0%0%3%
How each member voted (38)
Member Party Vote
Monning — Yea
Wieckowski — Yea
Mitchell — Yea
Bradford — Yea
Wilk — Yea
Beall — Yea
Atkins — Yea
Roth — Yea
Hill — Yea
Morrell — Yea
Hueso — Yea
Leyva — Yea
Dodd — Yea
Moorlach — Yea
Skinner — Yea
Allen — Yea
Borgeas — Yea
Galgiani — Yea
Hertzberg — Yea
Portantino — Yea
Bates — Yea
Glazer — Yea
Nielsen — Yea
Chang — Yea
Pan — Yea
Rubio — Yea
Mark Stone — Yea
Archuleta, Bob Democratic Not Voting
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does SB 251 do?
(1) Existing law abolishes the office of the Commissioner of Financial Institutions and the Department of Financial Institutions and transfers the powers, duties, responsibilities, and functions thereof to the Commissioner of Business Oversight and the Department of Business Oversight, respectively. Existing law also abolishes the office of the Commissioner of Corporations and the Department of Corporations and transfers the powers, duties, responsibilities, and functions thereof to the Commissioner of Business Oversight and the Department of Business Oversight, respectively. This bill would make conforming changes in multiple code sections. (2) Existing federal law abolishes the position of Director of the Office of Thrift Supervision and the Office of Thrift Supervision and transfers all functions and rulemaking authority of those entities relating to the supervision of savings associations to the Office of the Comptroller of the Currency and the Comptroller of the Currency, respectively. This bill would make conforming changes to California law. (3) Existing law, the Corporate Securities Law of 1968, prescribes qualification and filing requirements for the sale of securities. The law defines "security" for these purposes to include a "viatical settlement contract" and incorporates the definition of the term "viatical settlement contract" as specified in an obsolete provision of law of the Insurance Code. This bill would, instead, define "viatical settlement contract" for these purposes, similar to the prior definition in the Insurance Code, to mean an agreement between parties regarding a life insurance policy on the life of a third party that meets specified requirements. (4) Existing federal law, the ICC Termination Act of 1995, abolishes the Interstate Commerce Commission and transfers federal oversight powers regarding railroads to the Surface Transportation Board. This bill would make conforming changes to California law. (5) Existing law requires the State Water Resources Control Board to succeed to and be vested with all of the authority, duties, powers, purposes, functions, responsibilities, and jurisdiction of the State Department of Public Health for specified purposes. This bill would make conforming changes. (6) Existing law, the Corporate Securities Law of 1968, generally regulates the offer and sale of corporate securities within the state. The law references federal laws, the Securities Exchange Act of 1934 and the Securities Act of 1933. This bill would provide that those references are to the respective federal laws as amended. (7) This bill would make other conforming and nonsubstantive changes to provisions relating to financial institutions and securities.
Who sponsors SB 251?
SB 251 is sponsored by Committee on Banking and Financial Institutions.
What is the current status of SB 251?
This bill has been enacted into law. Introduced February 11, 2019. Enacted.
Where can I track SB 251?
Track SB 251 free on One Click Politics — get push/email alerts when it moves.

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