CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 363Introduced by Committee on Banking and Financial Institutions (Senators Dodd (Chair), Galgiani, Hueso, Lara, Morrell, Portantino, and Vidak)February 14, 2017 An act to amend Section 22050.5 of the Financial Code, relating to finance lenders. LEGISLATIVE COUNSEL'S DIGESTSB 363, as introduced, Committee on Banking and Financial Institutions. California Finance Lenders Law. 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, until January 1, 2022, provides that the law does not apply to any person who makes one loan in a specified period if that loan is a commercial loan, as defined. This bill would instead apply that exemption to a person who does not make more than one such loan in that specified period.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 22050.5 of the Financial Code is amended to read:22050.5. (a) This division does not apply to any person who makes no more than one loan in a 12-month period if that loan is a commercial loan as defined in Section 22502.(b) This section shall remain in effect only until January 1, 2022, and as of that date is repealed.
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 363Introduced by Committee on Banking and Financial Institutions (Senators Dodd (Chair), Galgiani, Hueso, Lara, Morrell, Portantino, and Vidak)February 14, 2017 An act to amend Section 22050.5 of the Financial Code, relating to finance lenders. LEGISLATIVE COUNSEL'S DIGESTSB 363, as introduced, Committee on Banking and Financial Institutions. California Finance Lenders Law. 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, until January 1, 2022, provides that the law does not apply to any person who makes one loan in a specified period if that loan is a commercial loan, as defined. This bill would instead apply that exemption to a person who does not make more than one such loan in that specified period.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Senate Bill No. 363
Introduced by Committee on Banking and Financial Institutions (Senators Dodd (Chair), Galgiani, Hueso, Lara, Morrell, Portantino, and Vidak)February 14, 2017
Introduced by Committee on Banking and Financial Institutions (Senators Dodd (Chair), Galgiani, Hueso, Lara, Morrell, Portantino, and Vidak)
February 14, 2017
An act to amend Section 22050.5 of the Financial Code, relating to finance lenders.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
SB 363, as introduced, Committee on Banking and Financial Institutions. California Finance Lenders Law.
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, until January 1, 2022, provides that the law does not apply to any person who makes one loan in a specified period if that loan is a commercial loan, as defined. This bill would instead apply that exemption to a person who does not make more than one such loan in that specified period.
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, until January 1, 2022, provides that the law does not apply to any person who makes one loan in a specified period if that loan is a commercial loan, as defined.
This bill would instead apply that exemption to a person who does not make more than one such loan in that specified period.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 22050.5 of the Financial Code is amended to read:22050.5. (a) This division does not apply to any person who makes no more than one loan in a 12-month period if that loan is a commercial loan as defined in Section 22502.(b) This section shall remain in effect only until January 1, 2022, and as of that date is repealed.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 22050.5 of the Financial Code is amended to read:22050.5. (a) This division does not apply to any person who makes no more than one loan in a 12-month period if that loan is a commercial loan as defined in Section 22502.(b) This section shall remain in effect only until January 1, 2022, and as of that date is repealed.
SECTION 1. Section 22050.5 of the Financial Code is amended to read:
### SECTION 1.
22050.5. (a) This division does not apply to any person who makes no more than one loan in a 12-month period if that loan is a commercial loan as defined in Section 22502.(b) This section shall remain in effect only until January 1, 2022, and as of that date is repealed.
22050.5. (a) This division does not apply to any person who makes no more than one loan in a 12-month period if that loan is a commercial loan as defined in Section 22502.(b) This section shall remain in effect only until January 1, 2022, and as of that date is repealed.
22050.5. (a) This division does not apply to any person who makes no more than one loan in a 12-month period if that loan is a commercial loan as defined in Section 22502.(b) This section shall remain in effect only until January 1, 2022, and as of that date is repealed.
22050.5. (a) This division does not apply to any person who makes no more than one loan in a 12-month period if that loan is a commercial loan as defined in Section 22502.
(b) This section shall remain in effect only until January 1, 2022, and as of that date is repealed.