CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 447Introduced by Assembly Member GraysonFebruary 08, 2021 An act to amend Section 90018 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 447, as introduced, Grayson. California Consumer Financial Protection Law: annual report.Existing law, the California Consumer Financial Protection Law, provides oversight of covered persons by the Department of Financial Protection and Innovation and requires the Commissioner of Financial Protection and Innovation to publish on the departments internet website an annual report detailing actions taken during the prior year under the law, as specified. The law authorizes the department to prescribe rules regarding registration requirements applicable to a covered person, as specified. The law defines covered person to mean a person that engages in offering or providing a consumer financial product or service to a resident of this state.This bill would require the commissioner to additionally include in that annual report information on actions taken with respect to activity related to the registration of newly covered persons, including the number of persons registered by year.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 90018 of the Financial Code is amended to read:90018. (a) The commissioner shall prepare and publish on the departments internet website an annual report detailing actions taken during the prior year under this law.(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to all of the following:(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.(2) The activities of the Financial Technology Innovation Office.(3) Activity related to the registration of newly covered persons, including the number of persons registered by year.(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 447Introduced by Assembly Member GraysonFebruary 08, 2021 An act to amend Section 90018 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 447, as introduced, Grayson. California Consumer Financial Protection Law: annual report.Existing law, the California Consumer Financial Protection Law, provides oversight of covered persons by the Department of Financial Protection and Innovation and requires the Commissioner of Financial Protection and Innovation to publish on the departments internet website an annual report detailing actions taken during the prior year under the law, as specified. The law authorizes the department to prescribe rules regarding registration requirements applicable to a covered person, as specified. The law defines covered person to mean a person that engages in offering or providing a consumer financial product or service to a resident of this state.This bill would require the commissioner to additionally include in that annual report information on actions taken with respect to activity related to the registration of newly covered persons, including the number of persons registered by year.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
Assembly Bill
No. 447
Introduced by Assembly Member GraysonFebruary 08, 2021
Introduced by Assembly Member Grayson
February 08, 2021
An act to amend Section 90018 of the Financial Code, relating to financial institutions.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 447, as introduced, Grayson. California Consumer Financial Protection Law: annual report.
Existing law, the California Consumer Financial Protection Law, provides oversight of covered persons by the Department of Financial Protection and Innovation and requires the Commissioner of Financial Protection and Innovation to publish on the departments internet website an annual report detailing actions taken during the prior year under the law, as specified. The law authorizes the department to prescribe rules regarding registration requirements applicable to a covered person, as specified. The law defines covered person to mean a person that engages in offering or providing a consumer financial product or service to a resident of this state.This bill would require the commissioner to additionally include in that annual report information on actions taken with respect to activity related to the registration of newly covered persons, including the number of persons registered by year.
Existing law, the California Consumer Financial Protection Law, provides oversight of covered persons by the Department of Financial Protection and Innovation and requires the Commissioner of Financial Protection and Innovation to publish on the departments internet website an annual report detailing actions taken during the prior year under the law, as specified. The law authorizes the department to prescribe rules regarding registration requirements applicable to a covered person, as specified. The law defines covered person to mean a person that engages in offering or providing a consumer financial product or service to a resident of this state.
This bill would require the commissioner to additionally include in that annual report information on actions taken with respect to activity related to the registration of newly covered persons, including the number of persons registered by year.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 90018 of the Financial Code is amended to read:90018. (a) The commissioner shall prepare and publish on the departments internet website an annual report detailing actions taken during the prior year under this law.(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to all of the following:(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.(2) The activities of the Financial Technology Innovation Office.(3) Activity related to the registration of newly covered persons, including the number of persons registered by year.(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
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 90018 of the Financial Code is amended to read:90018. (a) The commissioner shall prepare and publish on the departments internet website an annual report detailing actions taken during the prior year under this law.(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to all of the following:(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.(2) The activities of the Financial Technology Innovation Office.(3) Activity related to the registration of newly covered persons, including the number of persons registered by year.(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
SECTION 1. Section 90018 of the Financial Code is amended to read:
### SECTION 1.
90018. (a) The commissioner shall prepare and publish on the departments internet website an annual report detailing actions taken during the prior year under this law.(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to all of the following:(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.(2) The activities of the Financial Technology Innovation Office.(3) Activity related to the registration of newly covered persons, including the number of persons registered by year.(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
90018. (a) The commissioner shall prepare and publish on the departments internet website an annual report detailing actions taken during the prior year under this law.(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to all of the following:(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.(2) The activities of the Financial Technology Innovation Office.(3) Activity related to the registration of newly covered persons, including the number of persons registered by year.(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
90018. (a) The commissioner shall prepare and publish on the departments internet website an annual report detailing actions taken during the prior year under this law.(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to all of the following:(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.(2) The activities of the Financial Technology Innovation Office.(3) Activity related to the registration of newly covered persons, including the number of persons registered by year.(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
90018. (a) The commissioner shall prepare and publish on the departments internet website an annual report detailing actions taken during the prior year under this law.
(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to all of the following:
(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.
(2) The activities of the Financial Technology Innovation Office.
(3) Activity related to the registration of newly covered persons, including the number of persons registered by year.
(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.