Department of Business Oversight: document charges.
The implementation of AB 2304 is expected to have a significant impact on state laws related to financial oversight and document access. By lowering the fee, the bill aims to make it more affordable for consumers and small businesses to obtain necessary financial documents, thereby promoting transparency and accountability within financial institutions. As such, it aligns with broader efforts to improve consumer rights and streamline operations within the financial regulatory framework.
Assembly Bill 2304, introduced by Assembly Member Chen, proposes amendments to Section 374 of the Financial Code concerning the fees charged by the Department of Business Oversight for document copies. Currently, the law permits the Commissioner to charge a fee of 25 cents per page for copies of filed documents. AB 2304 seeks to reduce this maximum fee to 10 cents per page, aiming to alleviate the financial burden on individuals and businesses who require these documents. This legislative change is seen as a step to enhance accessibility and reduce administrative costs related to document acquisition.
Despite the apparent benefits, there may be points of contention surrounding the bill. Some stakeholders, including financial agencies, might express concerns about the impacts on their revenue and the potential challenges in adjusting to the reduced fee structure. Additionally, there could be debates regarding the balance between regulatory oversight and reducing fees, particularly in terms of maintaining adequate funding for oversight functions without compromising quality or service standards.