Today's Law As Amended


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SB-1290 Commissioner of Business Oversight: California Finance Lenders Law: California Deferred Deposit Transaction Law.(2015-2016)



As Amends the Law Today


SECTION 1.

 Section 22701.5 is added to the Financial Code, to read:

22701.5.
 (a) When conducting an examination of a finance lender or broker that is under common ownership with one or more other persons licensed under this division, the commissioner shall conduct a single consolidated examination that includes all persons licensed under this division that share the same common ownership. For purposes of this section, “common ownership” means two or more licensees that are wholly owned by the same person.
(b) All books, accounts, papers, records, and files required by the commissioner in connection with a consolidated examination may be provided to the commissioner in electronic format.
(c) Notwithstanding subdivisions (a) and (b), the commissioner shall retain the right to conduct periodic onsite investigations and examinations of a licensee’s physical location for business to ensure compliance with this division.
(d) Not later than January 1, 2020, the commissioner shall submit a report to the Legislature regarding the impacts of the consolidated examination procedure on consumers and licensees. This report shall be submitted in compliance with Section 9795 of the Government Code.
(e) This section shall be repealed on January 1, 2021.

SEC. 2.

 Section 23046.5 is added to the Financial Code, to read:

23046.5.
 (a) When conducting an investigation of a licensee that is under common ownership with one or more other persons licensed under this division, the commissioner shall conduct a single consolidated examination that includes all persons licensed under this division that share the same common ownership. For purposes of this section, “common ownership” means two or more licensees that are wholly owned by the same person.
(b) All books, accounts, papers, records, and files required by the commissioner in connection with a consolidated examination may be provided to the commissioner in electronic format.
(c) Notwithstanding subdivisions (a) and (b), the commissioner shall retain the right to conduct periodic onsite investigations and examinations of a licensee’s physical location for business to ensure compliance with this division.
(d) Not later than January 1, 2020, the commissioner shall submit a report to the Legislature regarding the impacts of the consolidated examination procedure on consumers and licensees. This report shall be submitted in compliance with Section 9795 of the Government Code.
(e) This section shall be repealed on January 1, 2021.