CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 2637Introduced by Assembly Member LimnFebruary 20, 2020 An act to amend Section 4000 of the Financial Code, relating to credit. LEGISLATIVE COUNSEL'S DIGESTAB 2637, as introduced, Limn. Consumer credit.Existing state and federal law regulate financial institutions and the provision of consumer credit. Existing state law limits the fees a supervised financial institution, as defined, may charge in relation to late payments on credit cards and prescribes various definitions in this regard.This bill would make a nonsubstantive change in the definitional provisions described above. 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 4000 of the Financial Code is amended to read:4000. (a) For purposes of this division, the following terms have the following meanings: division:(1) Charge cardholder and charge card issuer have the meaning defined in Section 1748.21 of the Civil Code and charge card means those cards defined in subdivision (a) of Section 1748.21 of the Civil Code and upon which the full balance is due and payable in each billing cycle.(2) Consumer means a natural person.(3) Consumer credit agreement means any written instrument providing for an extension of unsecured open-end credit for personal, family, or household purposes, that governs the relationship between a supervised financial organization and one or more consumers.(4) Charge card agreement means the written instrument that creates and governs the relationship between a charge card issuer and one or more consumers.(5) Minimum payment means that amount of money recited on a billing statement for an open-end credit account that must be received by the supervised financial institution by a specified due date.(6) Open-end credit has the meaning set forth in Section 1026.2(a)(20) of Regulation Z.(7) Regulation Z means any rule, regulation, or interpretation promulgated by the Consumer Financial Protection Bureau under the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), and any interpretation or approval issued by an official or employee of the Federal Reserve System duly authorized by the director of the bureau under the Truth in Lending Act, as amended, to issue interpretations or approvals.(8) Security interest has the meaning set forth in Section 1026.2(a)(25) of Regulation Z.(9) Supervised financial organization means a state or federally regulated bank, savings association, savings bank, or credit union, or a subsidiary of any of the above.(10) Unsecured means that the supervised financial organization is not granted a security interest in personal or real property under the consumer credit agreement.(b) Notwithstanding any other provisions of law, the definitions contained in this section shall control transactions governed by this division.
CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 2637Introduced by Assembly Member LimnFebruary 20, 2020 An act to amend Section 4000 of the Financial Code, relating to credit. LEGISLATIVE COUNSEL'S DIGESTAB 2637, as introduced, Limn. Consumer credit.Existing state and federal law regulate financial institutions and the provision of consumer credit. Existing state law limits the fees a supervised financial institution, as defined, may charge in relation to late payments on credit cards and prescribes various definitions in this regard.This bill would make a nonsubstantive change in the definitional provisions described above. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION
Assembly Bill
No. 2637
Introduced by Assembly Member LimnFebruary 20, 2020
Introduced by Assembly Member Limn
February 20, 2020
An act to amend Section 4000 of the Financial Code, relating to credit.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 2637, as introduced, Limn. Consumer credit.
Existing state and federal law regulate financial institutions and the provision of consumer credit. Existing state law limits the fees a supervised financial institution, as defined, may charge in relation to late payments on credit cards and prescribes various definitions in this regard.This bill would make a nonsubstantive change in the definitional provisions described above.
Existing state and federal law regulate financial institutions and the provision of consumer credit. Existing state law limits the fees a supervised financial institution, as defined, may charge in relation to late payments on credit cards and prescribes various definitions in this regard.
This bill would make a nonsubstantive change in the definitional provisions described above.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 4000 of the Financial Code is amended to read:4000. (a) For purposes of this division, the following terms have the following meanings: division:(1) Charge cardholder and charge card issuer have the meaning defined in Section 1748.21 of the Civil Code and charge card means those cards defined in subdivision (a) of Section 1748.21 of the Civil Code and upon which the full balance is due and payable in each billing cycle.(2) Consumer means a natural person.(3) Consumer credit agreement means any written instrument providing for an extension of unsecured open-end credit for personal, family, or household purposes, that governs the relationship between a supervised financial organization and one or more consumers.(4) Charge card agreement means the written instrument that creates and governs the relationship between a charge card issuer and one or more consumers.(5) Minimum payment means that amount of money recited on a billing statement for an open-end credit account that must be received by the supervised financial institution by a specified due date.(6) Open-end credit has the meaning set forth in Section 1026.2(a)(20) of Regulation Z.(7) Regulation Z means any rule, regulation, or interpretation promulgated by the Consumer Financial Protection Bureau under the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), and any interpretation or approval issued by an official or employee of the Federal Reserve System duly authorized by the director of the bureau under the Truth in Lending Act, as amended, to issue interpretations or approvals.(8) Security interest has the meaning set forth in Section 1026.2(a)(25) of Regulation Z.(9) Supervised financial organization means a state or federally regulated bank, savings association, savings bank, or credit union, or a subsidiary of any of the above.(10) Unsecured means that the supervised financial organization is not granted a security interest in personal or real property under the consumer credit agreement.(b) Notwithstanding any other provisions of law, the definitions contained in this section shall control transactions governed by this division.
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 4000 of the Financial Code is amended to read:4000. (a) For purposes of this division, the following terms have the following meanings: division:(1) Charge cardholder and charge card issuer have the meaning defined in Section 1748.21 of the Civil Code and charge card means those cards defined in subdivision (a) of Section 1748.21 of the Civil Code and upon which the full balance is due and payable in each billing cycle.(2) Consumer means a natural person.(3) Consumer credit agreement means any written instrument providing for an extension of unsecured open-end credit for personal, family, or household purposes, that governs the relationship between a supervised financial organization and one or more consumers.(4) Charge card agreement means the written instrument that creates and governs the relationship between a charge card issuer and one or more consumers.(5) Minimum payment means that amount of money recited on a billing statement for an open-end credit account that must be received by the supervised financial institution by a specified due date.(6) Open-end credit has the meaning set forth in Section 1026.2(a)(20) of Regulation Z.(7) Regulation Z means any rule, regulation, or interpretation promulgated by the Consumer Financial Protection Bureau under the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), and any interpretation or approval issued by an official or employee of the Federal Reserve System duly authorized by the director of the bureau under the Truth in Lending Act, as amended, to issue interpretations or approvals.(8) Security interest has the meaning set forth in Section 1026.2(a)(25) of Regulation Z.(9) Supervised financial organization means a state or federally regulated bank, savings association, savings bank, or credit union, or a subsidiary of any of the above.(10) Unsecured means that the supervised financial organization is not granted a security interest in personal or real property under the consumer credit agreement.(b) Notwithstanding any other provisions of law, the definitions contained in this section shall control transactions governed by this division.
SECTION 1. Section 4000 of the Financial Code is amended to read:
### SECTION 1.
4000. (a) For purposes of this division, the following terms have the following meanings: division:(1) Charge cardholder and charge card issuer have the meaning defined in Section 1748.21 of the Civil Code and charge card means those cards defined in subdivision (a) of Section 1748.21 of the Civil Code and upon which the full balance is due and payable in each billing cycle.(2) Consumer means a natural person.(3) Consumer credit agreement means any written instrument providing for an extension of unsecured open-end credit for personal, family, or household purposes, that governs the relationship between a supervised financial organization and one or more consumers.(4) Charge card agreement means the written instrument that creates and governs the relationship between a charge card issuer and one or more consumers.(5) Minimum payment means that amount of money recited on a billing statement for an open-end credit account that must be received by the supervised financial institution by a specified due date.(6) Open-end credit has the meaning set forth in Section 1026.2(a)(20) of Regulation Z.(7) Regulation Z means any rule, regulation, or interpretation promulgated by the Consumer Financial Protection Bureau under the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), and any interpretation or approval issued by an official or employee of the Federal Reserve System duly authorized by the director of the bureau under the Truth in Lending Act, as amended, to issue interpretations or approvals.(8) Security interest has the meaning set forth in Section 1026.2(a)(25) of Regulation Z.(9) Supervised financial organization means a state or federally regulated bank, savings association, savings bank, or credit union, or a subsidiary of any of the above.(10) Unsecured means that the supervised financial organization is not granted a security interest in personal or real property under the consumer credit agreement.(b) Notwithstanding any other provisions of law, the definitions contained in this section shall control transactions governed by this division.
4000. (a) For purposes of this division, the following terms have the following meanings: division:(1) Charge cardholder and charge card issuer have the meaning defined in Section 1748.21 of the Civil Code and charge card means those cards defined in subdivision (a) of Section 1748.21 of the Civil Code and upon which the full balance is due and payable in each billing cycle.(2) Consumer means a natural person.(3) Consumer credit agreement means any written instrument providing for an extension of unsecured open-end credit for personal, family, or household purposes, that governs the relationship between a supervised financial organization and one or more consumers.(4) Charge card agreement means the written instrument that creates and governs the relationship between a charge card issuer and one or more consumers.(5) Minimum payment means that amount of money recited on a billing statement for an open-end credit account that must be received by the supervised financial institution by a specified due date.(6) Open-end credit has the meaning set forth in Section 1026.2(a)(20) of Regulation Z.(7) Regulation Z means any rule, regulation, or interpretation promulgated by the Consumer Financial Protection Bureau under the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), and any interpretation or approval issued by an official or employee of the Federal Reserve System duly authorized by the director of the bureau under the Truth in Lending Act, as amended, to issue interpretations or approvals.(8) Security interest has the meaning set forth in Section 1026.2(a)(25) of Regulation Z.(9) Supervised financial organization means a state or federally regulated bank, savings association, savings bank, or credit union, or a subsidiary of any of the above.(10) Unsecured means that the supervised financial organization is not granted a security interest in personal or real property under the consumer credit agreement.(b) Notwithstanding any other provisions of law, the definitions contained in this section shall control transactions governed by this division.
4000. (a) For purposes of this division, the following terms have the following meanings: division:(1) Charge cardholder and charge card issuer have the meaning defined in Section 1748.21 of the Civil Code and charge card means those cards defined in subdivision (a) of Section 1748.21 of the Civil Code and upon which the full balance is due and payable in each billing cycle.(2) Consumer means a natural person.(3) Consumer credit agreement means any written instrument providing for an extension of unsecured open-end credit for personal, family, or household purposes, that governs the relationship between a supervised financial organization and one or more consumers.(4) Charge card agreement means the written instrument that creates and governs the relationship between a charge card issuer and one or more consumers.(5) Minimum payment means that amount of money recited on a billing statement for an open-end credit account that must be received by the supervised financial institution by a specified due date.(6) Open-end credit has the meaning set forth in Section 1026.2(a)(20) of Regulation Z.(7) Regulation Z means any rule, regulation, or interpretation promulgated by the Consumer Financial Protection Bureau under the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), and any interpretation or approval issued by an official or employee of the Federal Reserve System duly authorized by the director of the bureau under the Truth in Lending Act, as amended, to issue interpretations or approvals.(8) Security interest has the meaning set forth in Section 1026.2(a)(25) of Regulation Z.(9) Supervised financial organization means a state or federally regulated bank, savings association, savings bank, or credit union, or a subsidiary of any of the above.(10) Unsecured means that the supervised financial organization is not granted a security interest in personal or real property under the consumer credit agreement.(b) Notwithstanding any other provisions of law, the definitions contained in this section shall control transactions governed by this division.
4000. (a) For purposes of this division, the following terms have the following meanings: division:
(1) Charge cardholder and charge card issuer have the meaning defined in Section 1748.21 of the Civil Code and charge card means those cards defined in subdivision (a) of Section 1748.21 of the Civil Code and upon which the full balance is due and payable in each billing cycle.
(2) Consumer means a natural person.
(3) Consumer credit agreement means any written instrument providing for an extension of unsecured open-end credit for personal, family, or household purposes, that governs the relationship between a supervised financial organization and one or more consumers.
(4) Charge card agreement means the written instrument that creates and governs the relationship between a charge card issuer and one or more consumers.
(5) Minimum payment means that amount of money recited on a billing statement for an open-end credit account that must be received by the supervised financial institution by a specified due date.
(6) Open-end credit has the meaning set forth in Section 1026.2(a)(20) of Regulation Z.
(7) Regulation Z means any rule, regulation, or interpretation promulgated by the Consumer Financial Protection Bureau under the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), and any interpretation or approval issued by an official or employee of the Federal Reserve System duly authorized by the director of the bureau under the Truth in Lending Act, as amended, to issue interpretations or approvals.
(8) Security interest has the meaning set forth in Section 1026.2(a)(25) of Regulation Z.
(9) Supervised financial organization means a state or federally regulated bank, savings association, savings bank, or credit union, or a subsidiary of any of the above.
(10) Unsecured means that the supervised financial organization is not granted a security interest in personal or real property under the consumer credit agreement.
(b) Notwithstanding any other provisions of law, the definitions contained in this section shall control transactions governed by this division.