SB 984

  • California Senate Bill
  • 2015-2016 Regular Session
  • Introduced in Senate Feb 10, 2016
  • Passed Senate Jun 01, 2016
  • Passed Assembly Aug 18, 2016
  • Signed by Governor Sep 22, 2016

Pilot Program for Increased Access to Responsible Small Dollar Loans: extension.

Abstract

(1) Existing law, the California Finance Lenders Law, generally provides for the licensure and regulation of finance lenders and brokers by the Commissioner of Business Oversight and makes a willful violation of its provisions a crime. That law, until January 1, 2018, establishes the Pilot Program for Increased Access to Responsible Small Dollar Loans, which requires licensees and other entities to file an application and pay a specified fee to the commissioner to participate in the program. The program authorizes a licensee approved by the commissioner to participate in the program to impose specified alternative interest rates and charges, including an administrative fee and delinquency fees, on unsecured loans of at least $300 and less than $2,500, subject to certain requirements. The program requires the commissioner, on or before January 1, 2017, to post a report on his or her Internet Web site summarizing utilization of the program, a recommendation whether the pilot program should be continued after January 1, 2018, and the results of a random sample survey of borrowers. This bill would extend the Pilot Program for Increased Access to Responsible Small Dollar Loans until January 1, 2023, make a conforming change to the requirement for the commissioner to report a recommendation for further continuation of the program, and require additional annual reporting, as specified. The bill would remove the requirement for the commissioner to conduct and report the results of a random sample survey of borrowers. The bill would also make a technical change to a cross-reference within the program provisions. Because a willful violation of these extended provisions would be a crime, this bill would impose a state-mandated local program. (2) 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 Sponsors (12)

Votes


Actions


Sep 22, 2016

California State Legislature

Approved by the Governor.

California State Legislature

Chaptered by Secretary of State. Chapter 480, Statutes of 2016.

Aug 30, 2016

California State Legislature

Enrolled and presented to the Governor at 1:30 p.m.

Aug 25, 2016

Senate

Assembly amendments concurred in. (Ayes 39. Noes 0. Page 5429.) Ordered to engrossing and enrolling.

Aug 23, 2016

Senate

Ordered to special consent calendar.

Aug 19, 2016

Senate

In Senate. Concurrence in Assembly amendments pending.

Aug 18, 2016

Assembly

Read third time. Passed. (Ayes 77. Noes 0. Page 5919.) Ordered to the Senate.

Aug 16, 2016

Assembly

Read second time. Ordered to third reading.

Aug 15, 2016

Assembly

Read second time and amended. Ordered to second reading.

Aug 12, 2016

Assembly

From committee: Do pass as amended. (Ayes 20. Noes 0.) (August 11).

Aug 03, 2016

Assembly

August 3 set for first hearing. Placed on APPR. suspense file.

Jun 30, 2016

Assembly

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

  • Referral-Committee
  • Reading-2
  • Amendment-Passage
  • Reading-1
Com. on APPR.

Jun 29, 2016

Assembly

From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (June 27).

Jun 09, 2016

Assembly

Referred to Com. on B. & F.

  • Referral-Committee
Com. on B. & F.

Jun 02, 2016

Assembly

In Assembly. Read first time. Held at Desk.

Jun 01, 2016

Senate

Read third time. Passed. (Ayes 39. Noes 0. Page 4096.) Ordered to the Assembly.

May 31, 2016

Senate

Read second time and amended. Ordered to third reading.

May 27, 2016

Senate

From committee: Do pass as amended. (Ayes 7. Noes 0. Page 4001.) (May 27).

May 20, 2016

Senate

Set for hearing May 27.

May 02, 2016

Senate

May 2 hearing: Placed on APPR. suspense file.

Apr 22, 2016

Senate

Set for hearing May 2.

Apr 20, 2016

Senate

From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 3610.) (April 19). Re-referred to Com. on APPR.

  • Referral-Committee
  • Committee-Passage-Favorable
  • Committee-Passage
Com. on APPR.

Apr 08, 2016

Senate

Set for hearing April 19.

Apr 06, 2016

Senate

From committee: Do pass and re-refer to Com. on JUD. (Ayes 6. Noes 1. Page 3417.) (April 6). Re-referred to Com. on JUD.

  • Referral-Committee
  • Committee-Passage-Favorable
  • Committee-Passage
Com. on JUD.

Mar 04, 2016

Senate

Set for hearing April 6.

Feb 18, 2016

Senate

Referred to Coms. on B. & F.I. and JUD.

  • Referral-Committee
Coms. on B. & F.I. and JUD.

Feb 11, 2016

Senate

From printer. May be acted upon on or after March 12.

Feb 10, 2016

Senate

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

Bill Text

Bill Text Versions Format
SB984 HTML
02/10/16 - Introduced PDF
05/31/16 - Amended Senate PDF
06/30/16 - Amended Assembly PDF
08/15/16 - Amended Assembly PDF
08/26/16 - Enrolled PDF
09/22/16 - Chaptered PDF

Related Documents

Document Format
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Sources

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