California 2021-2022 Regular Session Status: Enacted 1 D cosponsors

SB 577 — Financial institutions: money transmission: escrow agents: lenders and brokers: banking.

Last action — Chaptered by Secretary of State. Chapter 16, Statutes of 2022.

  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 18, 2021. Enacted.

Prognosis

Likely to advance 72% · 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.

  • Single-party support

    Sponsorship is currently within one party (1 D).

  • Cleared a recorded vote

    Passed 13 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 establishes the Department of Financial Protection and Innovation in the Business, Consumer Services, and Housing Agency, headed by the Commissioner of Financial Protection and Innovation. Under existing law, the commissioner and the department are charged with oversight and enforcement of various laws, including the Money Transmission Act. Existing law, the Money Transmission Act, prohibits a person from engaging in the business of money transmission in this state, or advertising, soliciting, or holding out as providing money transmission in this state, unless the person is licensed or exempt from licensure, as specified. Existing law requires each licensee or agent to prominently post on the premises of each branch office that conducts money transmission a specified notice regarding how to contact the department. This bill would update the department's contact information in that notice requirement. (2) Existing law, the Escrow Law, provides for the licensing and regulation of escrow agents by the Commissioner of Financial Protection and Innovation and authorizes an applicant for an escrow agent's license or a licensee, in lieu of depositing a required bond, to deposit with the commissioner a cash bond that is evidenced, as specified. The Escrow Law prohibits a person who has been convicted of or pleaded nolo contendere to specified crimes within the past 10 years, or who has been held liable in any civil action, as provided, within the past 7 years, from serving in any capacity as an officer, director, stockholder, trustee, agent, or employee of an escrow agent, or in any position involving any duties with an escrow agent, except as specified. This bill would correct obsolete references in those provisions. (3) Existing law, the California Financing Law, provides for the licensing and regulation of finance lenders, brokers, and specified program administrators by the commissioner. Until January 1, 2022, the California Financing Law exempted from its provisions a person who made only one loan, if it was a commercial loan, as defined, in a 12-month period. This bill would reenact the above exemption for a person who makes no more than one loan in a 12-month period, if that loan is a commercial loan, as defined, and would make this provision remain operative indefinitely. (4) Existing law establishes the Bank on California Program within the Department of Financial Protection and Innovation as a voluntary collaborative to assist Californians in opening bank or credit union accounts. Existing law requires the department to report annually to specified committees of the Legislature on the activities of the program. This bill would repeal that annual reporting requirement. This bill would declare that it is to take effect immediately as an urgency statute.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 16, Statutes of 2022.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 10:30 a.m.

  4. Assembly amendments concurred in. (Ayes 39. Noes 0. Page 3473.) Ordered to engrossing and enrolling.

  5. Urgency clause adopted.

  6. In Senate. Concurrence in Assembly amendments pending.

  7. Read third time. Urgency clause adopted. Passed. (Ayes 65. Noes 0. Page 4216.) 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.) (March 30).

  10. Read second time and amended. Re-referred to Com. on APPR.

  11. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (January 10).

  12. From committee: Be re-referred to Com. on B. & F. (Ayes 8. Noes 0.) (January 3). Re-referred to Com. on B. & F.

  13. Re-referred to Com. on RLS. pursuant to Assembly Rule 96.

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

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

  16. Read third time. Passed. (Ayes 38. Noes 0. Page 1093.) Ordered to the Assembly.

  17. Read second time. Ordered to consent calendar.

  18. From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.

  19. Set for hearing May 10.

  20. From committee: Do pass and re-refer to Com. on APPR with recommendation: To consent calendar. (Ayes 9. Noes 0. Page 876.) (April 21). Re-referred to Com. on APPR.

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

  22. Set for hearing April 21.

  23. April 7 hearing postponed by committee.

  24. Set for hearing April 7.

  25. Re-referred to Com. on B. & F.I.

  26. From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  27. Referred to Com. on RLS.

  28. Joint Rule 55 suspended. (Ayes 32. Noes 4. Page 272.)

  29. (Ayes 32. Noes 4.)

  30. Art. IV. Sec. 8(a) of the Constitution dispensed with.

  31. From printer. May be acted upon on or after March 21.

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

Sponsors

Sponsorship breakdown

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

Sponsors (1)

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

Do pass as amended.

Passed 11 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Democratic 9001
Unaffiliated 2001
Republican 0003
Total 11005
% of votes cast 69%0%0%31%
How each member voted (16)
Member Party Vote
Holden — Yea
Mathis — Not Voting
Wendy Carrillo — Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Hart, Gregg Democratic Yea
Lowenthal, Josh Democratic Yea
Papan, Diane Democratic Yea
Pellerin, Gail Democratic Yea
Soria, Esmeralda Democratic Not Voting
Weber Pierson, M.D., Akilah Democratic Yea
Wilson, Lori D. Democratic Yea
Dahle, Megan Republican Not Voting
Dixon, Diane Republican Not Voting
Sanchez, Kate Republican Not Voting

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

Passed 6 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 2000
Democratic 3001
Republican 1000
Total 6001
% of votes cast 86%0%0%14%
How each member voted (7)
Member Party Vote
Rodriguez — Yea
Waldron — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Alvarez, David Democratic Not Voting
Calderon, Lisa Democratic Yea
Schiavo, Pilar Democratic Yea
Dahle, Megan Republican Yea

Official roll call →

Special Consent

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 11000
Democratic 22000
Republican 7000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Roth — Yea
Atkins — Yea
Portantino — Yea
Newman — Yea
Min — Yea
Wilk — Yea
Eggman — Yea
Glazer — Yea
Dodd — Yea
Bradford — Yea
Skinner — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Ashby, Angelique V. Democratic Yea
Becker, Josh Democratic Yea
Blakespear, Catherine S. Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Gonzalez, Lena A. Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Menjivar, Caroline Democratic Yea
Nguyen, Stephanie Democratic Yea
Padilla, Stephen C. Democratic Yea
Rubio, Susan Democratic Yea
Smallwood-Cuevas, Lola Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wahab, Aisha Democratic Yea
Wiener, Scott D. Democratic Yea
Alvarado-Gil, Marie Republican Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea
Seyarto, Kelly Republican Yea

Official roll call →

Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar

Passed 14 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Republican 4000
Democratic 4001
Unaffiliated 6000
Total 14001
% of votes cast 93%0%0%7%
How each member voted (15)
Member Party Vote
Glazer — Yea
Dodd — Yea
Bradford — Yea
Wilk — Yea
Roth — Yea
Portantino — Yea
Archuleta, Bob Democratic Not Voting
Ashby, Angelique V. Democratic Yea
Nguyen, Stephanie Democratic Yea
Padilla, Stephen C. Democratic Yea
Rubio, Susan Democratic Yea
Alvarado-Gil, Marie Republican Yea
Jones, Brian W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea
Seyarto, Kelly Republican Yea

Official roll call →

Unfinished Business SB577 Limón Urgency Clause Concurrence

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 13000
Unaffiliated 22001
Republican 4000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Borgeas — Yea
Dodd — Yea
Skinner — Yea
Min — Yea
Eggman — Yea
Atkins — Yea
Newman — Yea
Hertzberg — Yea
Leyva — Yea
Gonzalez — Yea
Kamlager — Yea
Wieckowski — Yea
Roth — Yea
Melendez — Yea
Portantino — Yea
Hueso — Yea
Pan — Yea
Rubio — Yea
Bradford — Yea
Glazer — Yea
Bates — Yea
Nielsen — Yea
Wilk — Not Voting
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique 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
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

SB 577 Limón Consent Calendar Second Day

Passed 65 Yea · 0 Nay · 12 Other
Party YeaNayPresentNot Voting
Unaffiliated 34005
Democratic 23006
Republican 8001
Total 650012
% of votes cast 84%0%0%16%
How each member voted (77)
Member Party Vote
Voepel — Yea
Bloom — Yea
Friedman — Yea
Cunningham — Yea
Cooper — Yea
Jones-Sawyer — Not Voting
Quirk — Not Voting
Wood — Not Voting
Mayes — Not Voting
Bigelow — Not Voting
Cooley — Yea
Mathis — Yea
Rendon — Yea
Mullin — Yea
Holden — Yea
Villapudua — Yea
Salas — Yea
Santiago — Yea
Maienschein — Yea
Rodriguez — Yea
Kiley — Yea
Nazarian — Yea
Ting — Yea
Low — Yea
Levine — Yea
O'Donnell — Yea
Waldron — Yea
Daly — Yea
McCarty — Yea
Medina — Yea
Gray — Yea
Smith — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Luz Rivas — Yea
Mark Stone — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Not Voting
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Not Voting
Bennett, Steve Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Not Voting
Bonta, Mia Democratic Not Voting
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Lee, Alex Democratic Yea
Muratsuchi, Al Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Not Voting
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Ward, Christopher M. Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Not Voting
Wilson, Lori D. Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Not Voting
Seyarto, Kelly Republican Yea
Valladares, Suzette Martinez Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 12 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 6002
Democratic 5000
Republican 1001
Total 12003
% of votes cast 80%0%0%20%
How each member voted (15)
Member Party Vote
Levine — Not Voting
Holden — Yea
Quirk — Yea
Nazarian — Yea
Bigelow — Yea
Eduardo Garcia — Not Voting
Vince Fong — Yea
Wendy Carrillo — Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Not Voting

Official roll call →

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

Passed 11 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 3000
Democratic 7000
Republican 1001
Total 11001
% of votes cast 92%0%0%8%
How each member voted (12)
Member Party Vote
Burke — Yea
Cristina Garcia — Yea
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Not Voting
Choi, Steven S. Republican Yea

Official roll call →

Be re-referred to the Committee on [Banking and Finance]

Passed 8 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Democratic 3003
Unaffiliated 4001
Republican 1000
Total 8004
% of votes cast 67%0%0%33%
How each member voted (12)
Member Party Vote
Mathis — Yea
Cooley — Yea
Maienschein — Yea
Cunningham — Yea
Villapudua — Not Voting
Bennett, Steve Democratic Yea
Bonta, Mia Democratic Not Voting
Gipson, Mike A. Democratic Yea
Lee, Alex Democratic Not Voting
Ramos, James C. Democratic Not Voting
Rubio, Blanca E. Democratic Yea
Flora, Heath Republican Yea

Official roll call →

Consent Calendar SB577

Passed 38 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Democratic 11002
Unaffiliated 23000
Republican 4000
Total 38002
% of votes cast 95%0%0%5%
How each member voted (40)
Member Party Vote
Eggman — Yea
Leyva — Yea
Melendez — Yea
Portantino — Yea
Newman — Yea
Min — Yea
Dodd — Yea
Bradford — Yea
Wilk — Yea
Rubio — Yea
Glazer — Yea
Pan — Yea
Gonzalez — Yea
Skinner — Yea
Bates — Yea
Hueso — Yea
Wieckowski — Yea
Hertzberg — Yea
Atkins — Yea
Kamlager — Yea
Roth — Yea
Nielsen — Yea
Borgeas — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Not Voting
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Not Voting
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar

Passed 9 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 3000
Republican 2000
Unaffiliated 4000
Total 9000
% of votes cast 100%0%0%0%
How each member voted (9)
Member Party Vote
Min — Yea
Hueso — Yea
Eggman — Yea
Portantino — Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Limón, Monique Democratic Yea
Dahle, Megan Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does SB 577 do?
(1) Existing law establishes the Department of Financial Protection and Innovation in the Business, Consumer Services, and Housing Agency, headed by the Commissioner of Financial Protection and Innovation. Under existing law, the commissioner and the department are charged with oversight and enforcement of various laws, including the Money Transmission Act. Existing law, the Money Transmission Act, prohibits a person from engaging in the business of money transmission in this state, or advertising, soliciting, or holding out as providing money transmission in this state, unless the person is licensed or exempt from licensure, as specified. Existing law requires each licensee or agent to prominently post on the premises of each branch office that conducts money transmission a specified notice regarding how to contact the department. This bill would update the department's contact information in that notice requirement. (2) Existing law, the Escrow Law, provides for the licensing and regulation of escrow agents by the Commissioner of Financial Protection and Innovation and authorizes an applicant for an escrow agent's license or a licensee, in lieu of depositing a required bond, to deposit with the commissioner a cash bond that is evidenced, as specified. The Escrow Law prohibits a person who has been convicted of or pleaded nolo contendere to specified crimes within the past 10 years, or who has been held liable in any civil action, as provided, within the past 7 years, from serving in any capacity as an officer, director, stockholder, trustee, agent, or employee of an escrow agent, or in any position involving any duties with an escrow agent, except as specified. This bill would correct obsolete references in those provisions. (3) Existing law, the California Financing Law, provides for the licensing and regulation of finance lenders, brokers, and specified program administrators by the commissioner. Until January 1, 2022, the California Financing Law exempted from its provisions a person who made only one loan, if it was a commercial loan, as defined, in a 12-month period. This bill would reenact the above exemption for a person who makes no more than one loan in a 12-month period, if that loan is a commercial loan, as defined, and would make this provision remain operative indefinitely. (4) Existing law establishes the Bank on California Program within the Department of Financial Protection and Innovation as a voluntary collaborative to assist Californians in opening bank or credit union accounts. Existing law requires the department to report annually to specified committees of the Legislature on the activities of the program. This bill would repeal that annual reporting requirement. This bill would declare that it is to take effect immediately as an urgency statute.
Who sponsors SB 577?
SB 577 is sponsored by Limón, Monique (Democratic).
What is the current status of SB 577?
This bill has been enacted into law. Introduced February 18, 2021. Enacted.
Where can I track SB 577?
Track SB 577 free on One Click Politics — get push/email alerts when it moves.

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