Tony Mendoza
- Democratic
Author
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, the California Deferred Deposit Transaction Law, provides for the licensure and regulation by the commissioner of persons engaged in the business of making or arranging deferred deposit transactions. For the purpose of discovering violations of the law or for enforcement purposes, the commissioner is authorized to investigate the business of these licensees, and examine the books, accounts, records, and files used in the business, of every person engaged in those business activities, whether the person acts or claims to act as principal or agent, or under or without the authority of those laws. For the purpose of examination, the commissioner is required to have free access to the offices and places of business, books, accounts, papers, records, files, safes, and vaults of all these persons. When conducting an examination or investigation of a licensee that is under common ownership with one or more other persons licensed under the law, this bill would require the commissioner to conduct a single consolidated examination that includes all licensees that share the same common ownership, as defined. The bill would authorize all books, accounts, papers, records, and files required by the commissioner in connection with a consolidated examination to be provided in electronic format. Not later than January 1, 2020, the bill would require the commissioner to submit a report to the Legislature regarding the impacts of the consolidated examination procedure on consumers and licensees. The bill would repeal these provisions on January 1, 2021.
May 27 hearing: Held in committee and under submission.
Set for hearing May 27.
April 25 hearing: Placed on APPR. suspense file.
Set for hearing April 25.
Withdrawn from committee.
Read second time and amended. Re-referred to Com. on RLS.
From committee: Do pass as amended and re-refer to Com. on RLS. (Ayes 7. Noes 0. Page 3417.) (April 6).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
Set for hearing April 6.
Read first time.
From printer. May be acted upon on or after March 23.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1290 | HTML |
| 02/19/16 - Introduced | |
| 03/28/16 - Amended Senate | |
| 04/11/16 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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