Amended IN Senate June 10, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 3148Introduced by Assembly Member ChenFebruary 16, 2024An act to amend Section 90018 23016 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 3148, as amended, Chen. Commissioner of Financial Protection and Innovation: report: Office of the Ombuds. Deferred deposit transactions: assessments.The California Deferred Deposit Transaction Law (CDDTL) generally provides for the licensure and regulation by the Commissioner of Financial Protection and Innovation of a person who engages in the business of making deferred deposit transactions whereby a person defers depositing a customers personal check until a specific date pursuant to a written agreement for a fee or other charge. Existing law requires each licensee to pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of the CDDTL, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. Existing law requires this assessment to be based on the number of locations.This bill, instead of requiring the assessment to be based on the number of locations, would require the pro rata share to be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by specified annual reports to the commissioner, except that the bill would prohibit a licensee from being assessed or paying less than $250 per licensed location per year.The California Consumer Financial Protection Law requires the Commissioner of Financial Protection and Innovation to prepare and publish on the Department of Financial Protection and Innovations internet website an annual report detailing actions taken during the prior year under the law and requires the report to include information on actions taken with respect to, among other things, the activities of the Financial Technology Innovation Office.This bill would additionally require the report to include information on actions taken with respect to the Office of the Ombuds.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 23016 of the Financial Code is amended to read:23016. (a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. The assessment will be based on the number of locations.(2) The pro rata share shall be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by the annual reports to the commissioner pursuant to Section 23026.(3) Notwithstanding paragraph (2), a licensee shall neither be assessed for nor be permitted to pay less than two hundred fifty dollars ($250) per licensed location per year.(b) On or before the 20th day of May in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 30 days thereafter. If payment is not made within 30 days, the commissioner may assess and collect a penalty, in addition to the assessment, of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.(c) If a licensee fails to pay the assessment on or before the 30th day of June following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the certificate issued to the licensee. If, after an order is made, a request for hearing is filed in writing within 30 days, and a hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date. During any period when its certificate is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by order of the commissioner. However, the revocation, suspension, or surrender of a certificate shall not affect the powers of the commissioner as provided in this division.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)The activities of the Office of the Ombuds.(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.
Amended IN Senate June 10, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 3148Introduced by Assembly Member ChenFebruary 16, 2024An act to amend Section 90018 23016 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 3148, as amended, Chen. Commissioner of Financial Protection and Innovation: report: Office of the Ombuds. Deferred deposit transactions: assessments.The California Deferred Deposit Transaction Law (CDDTL) generally provides for the licensure and regulation by the Commissioner of Financial Protection and Innovation of a person who engages in the business of making deferred deposit transactions whereby a person defers depositing a customers personal check until a specific date pursuant to a written agreement for a fee or other charge. Existing law requires each licensee to pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of the CDDTL, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. Existing law requires this assessment to be based on the number of locations.This bill, instead of requiring the assessment to be based on the number of locations, would require the pro rata share to be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by specified annual reports to the commissioner, except that the bill would prohibit a licensee from being assessed or paying less than $250 per licensed location per year.The California Consumer Financial Protection Law requires the Commissioner of Financial Protection and Innovation to prepare and publish on the Department of Financial Protection and Innovations internet website an annual report detailing actions taken during the prior year under the law and requires the report to include information on actions taken with respect to, among other things, the activities of the Financial Technology Innovation Office.This bill would additionally require the report to include information on actions taken with respect to the Office of the Ombuds.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
Amended IN Senate June 10, 2024
Amended IN Senate June 10, 2024
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
Assembly Bill
No. 3148
Introduced by Assembly Member ChenFebruary 16, 2024
Introduced by Assembly Member Chen
February 16, 2024
An act to amend Section 90018 23016 of the Financial Code, relating to financial institutions.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 3148, as amended, Chen. Commissioner of Financial Protection and Innovation: report: Office of the Ombuds. Deferred deposit transactions: assessments.
The California Deferred Deposit Transaction Law (CDDTL) generally provides for the licensure and regulation by the Commissioner of Financial Protection and Innovation of a person who engages in the business of making deferred deposit transactions whereby a person defers depositing a customers personal check until a specific date pursuant to a written agreement for a fee or other charge. Existing law requires each licensee to pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of the CDDTL, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. Existing law requires this assessment to be based on the number of locations.This bill, instead of requiring the assessment to be based on the number of locations, would require the pro rata share to be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by specified annual reports to the commissioner, except that the bill would prohibit a licensee from being assessed or paying less than $250 per licensed location per year.The California Consumer Financial Protection Law requires the Commissioner of Financial Protection and Innovation to prepare and publish on the Department of Financial Protection and Innovations internet website an annual report detailing actions taken during the prior year under the law and requires the report to include information on actions taken with respect to, among other things, the activities of the Financial Technology Innovation Office.This bill would additionally require the report to include information on actions taken with respect to the Office of the Ombuds.
The California Deferred Deposit Transaction Law (CDDTL) generally provides for the licensure and regulation by the Commissioner of Financial Protection and Innovation of a person who engages in the business of making deferred deposit transactions whereby a person defers depositing a customers personal check until a specific date pursuant to a written agreement for a fee or other charge. Existing law requires each licensee to pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of the CDDTL, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. Existing law requires this assessment to be based on the number of locations.
This bill, instead of requiring the assessment to be based on the number of locations, would require the pro rata share to be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by specified annual reports to the commissioner, except that the bill would prohibit a licensee from being assessed or paying less than $250 per licensed location per year.
The California Consumer Financial Protection Law requires the Commissioner of Financial Protection and Innovation to prepare and publish on the Department of Financial Protection and Innovations internet website an annual report detailing actions taken during the prior year under the law and requires the report to include information on actions taken with respect to, among other things, the activities of the Financial Technology Innovation Office.
This bill would additionally require the report to include information on actions taken with respect to the Office of the Ombuds.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 23016 of the Financial Code is amended to read:23016. (a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. The assessment will be based on the number of locations.(2) The pro rata share shall be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by the annual reports to the commissioner pursuant to Section 23026.(3) Notwithstanding paragraph (2), a licensee shall neither be assessed for nor be permitted to pay less than two hundred fifty dollars ($250) per licensed location per year.(b) On or before the 20th day of May in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 30 days thereafter. If payment is not made within 30 days, the commissioner may assess and collect a penalty, in addition to the assessment, of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.(c) If a licensee fails to pay the assessment on or before the 30th day of June following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the certificate issued to the licensee. If, after an order is made, a request for hearing is filed in writing within 30 days, and a hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date. During any period when its certificate is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by order of the commissioner. However, the revocation, suspension, or surrender of a certificate shall not affect the powers of the commissioner as provided in this division.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)The activities of the Office of the Ombuds.(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 23016 of the Financial Code is amended to read:23016. (a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. The assessment will be based on the number of locations.(2) The pro rata share shall be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by the annual reports to the commissioner pursuant to Section 23026.(3) Notwithstanding paragraph (2), a licensee shall neither be assessed for nor be permitted to pay less than two hundred fifty dollars ($250) per licensed location per year.(b) On or before the 20th day of May in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 30 days thereafter. If payment is not made within 30 days, the commissioner may assess and collect a penalty, in addition to the assessment, of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.(c) If a licensee fails to pay the assessment on or before the 30th day of June following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the certificate issued to the licensee. If, after an order is made, a request for hearing is filed in writing within 30 days, and a hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date. During any period when its certificate is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by order of the commissioner. However, the revocation, suspension, or surrender of a certificate shall not affect the powers of the commissioner as provided in this division.
SECTION 1. Section 23016 of the Financial Code is amended to read:
### SECTION 1.
23016. (a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. The assessment will be based on the number of locations.(2) The pro rata share shall be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by the annual reports to the commissioner pursuant to Section 23026.(3) Notwithstanding paragraph (2), a licensee shall neither be assessed for nor be permitted to pay less than two hundred fifty dollars ($250) per licensed location per year.(b) On or before the 20th day of May in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 30 days thereafter. If payment is not made within 30 days, the commissioner may assess and collect a penalty, in addition to the assessment, of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.(c) If a licensee fails to pay the assessment on or before the 30th day of June following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the certificate issued to the licensee. If, after an order is made, a request for hearing is filed in writing within 30 days, and a hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date. During any period when its certificate is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by order of the commissioner. However, the revocation, suspension, or surrender of a certificate shall not affect the powers of the commissioner as provided in this division.
23016. (a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. The assessment will be based on the number of locations.(2) The pro rata share shall be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by the annual reports to the commissioner pursuant to Section 23026.(3) Notwithstanding paragraph (2), a licensee shall neither be assessed for nor be permitted to pay less than two hundred fifty dollars ($250) per licensed location per year.(b) On or before the 20th day of May in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 30 days thereafter. If payment is not made within 30 days, the commissioner may assess and collect a penalty, in addition to the assessment, of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.(c) If a licensee fails to pay the assessment on or before the 30th day of June following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the certificate issued to the licensee. If, after an order is made, a request for hearing is filed in writing within 30 days, and a hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date. During any period when its certificate is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by order of the commissioner. However, the revocation, suspension, or surrender of a certificate shall not affect the powers of the commissioner as provided in this division.
23016. (a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. The assessment will be based on the number of locations.(2) The pro rata share shall be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by the annual reports to the commissioner pursuant to Section 23026.(3) Notwithstanding paragraph (2), a licensee shall neither be assessed for nor be permitted to pay less than two hundred fifty dollars ($250) per licensed location per year.(b) On or before the 20th day of May in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 30 days thereafter. If payment is not made within 30 days, the commissioner may assess and collect a penalty, in addition to the assessment, of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.(c) If a licensee fails to pay the assessment on or before the 30th day of June following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the certificate issued to the licensee. If, after an order is made, a request for hearing is filed in writing within 30 days, and a hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date. During any period when its certificate is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by order of the commissioner. However, the revocation, suspension, or surrender of a certificate shall not affect the powers of the commissioner as provided in this division.
23016. (a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. The assessment will be based on the number of locations.
(2) The pro rata share shall be the proportion that a licensees total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by the annual reports to the commissioner pursuant to Section 23026.
(3) Notwithstanding paragraph (2), a licensee shall neither be assessed for nor be permitted to pay less than two hundred fifty dollars ($250) per licensed location per year.
(b) On or before the 20th day of May in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 30 days thereafter. If payment is not made within 30 days, the commissioner may assess and collect a penalty, in addition to the assessment, of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.
(c) If a licensee fails to pay the assessment on or before the 30th day of June following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the certificate issued to the licensee. If, after an order is made, a request for hearing is filed in writing within 30 days, and a hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date. During any period when its certificate is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by order of the commissioner. However, the revocation, suspension, or surrender of a certificate shall not affect the powers of the commissioner as provided in this division.
(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)The activities of the Office of the Ombuds.
(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.