(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.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 480, Statutes of 2016.
Enrolled and presented to the Governor at 1:30 p.m.
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 5429.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
In Senate. Concurrence in Assembly amendments pending.
Read third time. Passed. (Ayes 77. Noes 0. Page 5919.) Ordered to the Senate.
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 20. Noes 0.) (August 11).
August 3 set for first hearing. Placed on APPR. suspense file.
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 12. Noes 0.) (June 27).
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 39. Noes 0. Page 4096.) Ordered to the Assembly.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 7. Noes 0. Page 4001.) (May 27).
Set for hearing May 27.
May 2 hearing: Placed on APPR. suspense file.
Set for hearing May 2.
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.
Set for hearing April 19.
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.
Set for hearing April 6.
From printer. May be acted upon on or after March 12.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
|Bill Text Versions||Format|
|02/10/16 - Introduced|
|05/31/16 - Amended Senate|
|06/30/16 - Amended Assembly|
|08/15/16 - Amended Assembly|
|08/26/16 - Enrolled|
|09/22/16 - Chaptered|
|No related documents.|
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