AB 2251

  • California Assembly Bill
  • 2015-2016 Regular Session
  • Introduced in Assembly
  • Passed Assembly Jun 02, 2016
  • Passed Senate Aug 29, 2016
  • Signed by Governor Sep 29, 2016

Student loan servicers: licensing and regulation: Student Loan Servicing Act.

Abstract

(1) Existing law establishes the Department of Business Oversight as headed by the Commissioner of Business Oversight, who, among other things, generally provides for the licensure and regulation of persons who are engaged in various consumer financial businesses, including, but not limited to, the business of making consumer or commercial loans. This bill would enact the Student Loan Servicing Act providing for the licensure, regulation, and oversight of student loan servicers by the commissioner and would define terms for its purposes. The bill would prohibit a person from engaging in the business of servicing a student loan in this state, directly or indirectly, without a license, unless exempt from the licensing requirement, and would require a licensee to provide specific services to a student loan borrower and comply with reporting, auditing, and other oversight by the commissioner. The bill would require a person applying for a license to, among other things, pay an application fee, sign the application under penalty of perjury, and submit to a criminal background check by the Department of Justice. By expanding the scope of the crime of perjury and increasing who is authorized to receive criminal record information, this bill would impose a state-mandated local program. The bill would require each licensee to, among other things, file reports with the commissioner under oath, pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of these provisions, as estimated by the commissioner, and would authorize the commissioner to enforce these provisions by, among other things, promulgating regulations, performing investigations, suspending a license, and enforcing the provisions in an administrative hearing or in court, as specified. The bill would prohibit the public disclosure of specific information provided by a licensee to the commissioner. The bill would make the act operative on July 1, 2018, except for specific authorizations to the commissioner which may be exercised on and after January 1, 2017. The bill would make legislative findings in support of its provisions. (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. (3) Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest. This bill would make legislative findings to that effect.

Bill Sponsors (4)

Votes


Actions


Sep 29, 2016

California State Legislature

Approved by the Governor.

California State Legislature

Chaptered by Secretary of State - Chapter 824, Statutes of 2016.

Sep 09, 2016

California State Legislature

Enrolled and presented to the Governor at 2:30 p.m.

Aug 31, 2016

Assembly

Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 53. Noes 24. Page 6540.).

Aug 30, 2016

Assembly

In Assembly. Concurrence in Senate amendments pending.

Aug 29, 2016

Senate

Read third time. Passed. Ordered to the Assembly. (Ayes 26. Noes 12. Page 5487.).

Aug 25, 2016

Senate

From committee: Return to Senate floor for consideration. (Ayes 5. Noes 2.) (August 25).

Aug 23, 2016

Senate

Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(b).

  • Referral-Committee
Com. on RLS. pursuant to Senate Rule 29.10(b).

Senate

From committee: Be re-referred to Com. on B. & F.I. pursuant to Senate Rule 29.10(b). (Ayes 5. Noes 0.) Re-referred to Com. on B. & F.I.

  • Referral-Committee
  • Committee-Passage
Com. on B. & F.I. pursuant to Senate Rule 29.10(b). (Ayes 5. Noes 0.) Re-referred to Com. on B. & F.I.

Aug 22, 2016

Senate

Read second time. Ordered to third reading.

Aug 19, 2016

Senate

Read third time and amended. Ordered to second reading.

Aug 15, 2016

Senate

Read second time. Ordered to third reading.

Aug 11, 2016

Senate

From committee: Do pass. (Ayes 5. Noes 2.) (August 11).

Aug 08, 2016

Senate

Referred to APPR. suspense file.

  • Referral-Committee
APPR APPR. suspense file.

Aug 01, 2016

Senate

Withdrawn from committee.

Senate

Re-referred to Com. on APPR.

  • Referral-Committee
Com. on APPR.

Senate

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

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

Jun 30, 2016

Senate

From committee: Amend, and do pass as amended and re-refer to Com. on JUD. (Ayes 5. Noes 2.) (June 29).

Jun 20, 2016

Senate

In committee: Hearing postponed by committee.

Jun 13, 2016

Senate

From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.

  • Referral-Committee
  • Reading-2
  • Amendment-Introduction
  • Amendment-Passage
  • Reading-1
Com. on B. & F.I.

Jun 09, 2016

Senate

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

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

Jun 06, 2016

Senate

In Senate. Read first time. To Com. on RLS. for assignment.

Jun 02, 2016

Assembly

Read third time. Passed. Ordered to the Senate. (Ayes 56. Noes 24. Page 5188.)

Jun 01, 2016

Assembly

Read second time. Ordered to third reading.

May 31, 2016

Assembly

Read second time and amended. Ordered returned to second reading.

May 27, 2016

Assembly

From committee: Amend, and do pass as amended. (Ayes 15. Noes 5.) (May 27).

May 18, 2016

Assembly

In committee: Set, first hearing. Referred to APPR. suspense file.

  • Referral-Committee
APPR APPR. suspense file.

May 11, 2016

Assembly

Re-referred to Com. on APPR.

  • Referral-Committee
Com. on APPR.

May 10, 2016

Assembly

From committee chair, with author's amendments: Amend, and re-refer to Com. on APPR. Read second time and amended.

Apr 21, 2016

Assembly

Re-referred to Com. on APPR.

  • Referral-Committee
Com. on APPR.

Apr 20, 2016

Assembly

Read second time and amended.

Apr 19, 2016

Assembly

From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 2.) (April 18).

Apr 12, 2016

Assembly

In committee: Hearing postponed by committee.

Apr 04, 2016

Assembly

Re-referred to Com. on B. & F. pursuant to Assembly Rule 96.

  • Referral-Committee
Com. on B. & F. pursuant to Assembly Rule 96.

Mar 29, 2016

Assembly

Re-referred to Com. on HIGHER ED.

  • Referral-Committee
Com. on HIGHER ED.

Mar 28, 2016

Assembly

From committee chair, with author's amendments: Amend, and re-refer to Com. on HIGHER ED. Read second time and amended.

Mar 03, 2016

Assembly

Referred to Coms. on HIGHER ED. and B. & F.

  • Referral-Committee
Coms. on HIGHER ED. and B. & F.

Feb 19, 2016

Assembly

From printer. May be heard in committee March 20.

Feb 18, 2016

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB2251 HTML
02/18/16 - Introduced PDF
03/28/16 - Amended Assembly PDF
04/20/16 - Amended Assembly PDF
05/10/16 - Amended Assembly PDF
05/31/16 - Amended Assembly PDF
06/13/16 - Amended Senate PDF
08/01/16 - Amended Senate PDF
08/19/16 - Amended Senate PDF
09/02/16 - Enrolled PDF
09/29/16 - Chaptered PDF

Related Documents

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Sources

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