Monique Limón
- Democratic
- Senator
- District 19
Author
(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.
Chaptered by Secretary of State. Chapter 16, Statutes of 2022.
Approved by the Governor.
Enrolled and presented to the Governor at 10:30 a.m.
Urgency clause adopted.
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 3473.) Ordered to engrossing and enrolling.
Read third time. Urgency clause adopted. Passed. (Ayes 65. Noes 0. Page 4216.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 12. Noes 0.) (March 30).
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (January 10).
From committee: Be re-referred to Com. on B. & F. (Ayes 8. Noes 0.) (January 3). Re-referred to Com. on B. & F.
Re-referred to Com. on RLS. pursuant to Assembly Rule 96.
Read third time. Passed. (Ayes 38. Noes 0. Page 1093.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to consent calendar.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.
Set for hearing May 10.
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.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
April 7 hearing postponed by committee.
Set for hearing April 21.
Set for hearing April 7.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
Art. IV. Sec. 8(a) of the Constitution dispensed with.
Joint Rule 55 suspended. (Ayes 32. Noes 4. Page 272.)
(Ayes 32. Noes 4.)
From printer. May be acted upon on or after March 21.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB577 | HTML |
| 02/18/21 - Introduced | |
| 03/07/21 - Amended Senate | |
| 04/07/21 - Amended Senate | |
| 01/12/22 - Amended Assembly | |
| 04/21/22 - Enrolled | |
| 04/28/22 - Chaptered |
| Document | Format |
|---|---|
| 04/19/21- Senate Banking and Financial Institutions | |
| 05/12/21- Sen. Floor Analyses | |
| 01/06/22- Assembly Banking and Finance | |
| 03/28/22- Assembly Appropriations | |
| 04/08/22- Sen. Floor Analyses |
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