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AB-1636 California Deferred Deposit Transaction Law: licensee annual reports.(2017-2018)

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Date Published: 02/17/2017 09:00 PM
AB1636:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 1636


Introduced by Assembly Member Aguiar-Curry

February 17, 2017


An act to amend Section 23026 of the Financial Code, relating to deferred deposit transactions.


LEGISLATIVE COUNSEL'S DIGEST


AB 1636, as introduced, Aguiar-Curry. California Deferred Deposit Transaction Law: licensee annual reports.
Existing law, the California Deferred Deposit Transaction Law, requires each licensee to file a specified annual report with the Commissioner of Business Oversight and requires the report to be kept confidential. Existing law requires the annual consolidated report to be prepared by the commissioner and made available to the public.
This bill would instead require those annual reports to be made available to the public for inspection and would also require the reports to include any other information reasonably required by the commissioner.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 23026 of the Financial Code is amended to read:

23026.
 On or before March 15 of each year, beginning March 2006, each licensee shall file an annual report with the commissioner pursuant to procedures that the commissioner shall establish. The licensee’s annual report shall be kept confidential pursuant to Chapter 3.5 (commencing with Section 6250) of Division 7 of Title 1 of the Government Code and any regulations adopted thereunder. The licensee’s annual reports filed pursuant to this section shall be made available to the public for inspection. The annual consolidated report shall be prepared by the commissioner and made available to the public. For the previous calendar year, these reports shall include the following: and any other information the commissioner reasonably requires:
(a) The total number and dollar amount of deferred deposit transactions made by the licensee.
(b) The total number of individual customers who entered into deferred deposit transactions.
(c) The minimum, maximum, and average amount of deferred deposit transactions.
(d) The average annual percentage rate of deferred deposits.
(e) The average number of days of deferred deposit transactions.
(f) The total number and dollar amount of returned checks.
(g) The total number and dollar amount of checks recovered.
(h) The total number and dollar amount of checks charged off.