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AB-447 California Consumer Financial Protection Law: annual report.(2021-2022)

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Date Published: 02/08/2021 09:00 PM
AB447:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 447


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


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 department’s 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.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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 department’s 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.