Amended
IN
Senate
April 01, 2013 |
Introduced by Senator Jackson (Coauthor: Senator Beall) |
February 21, 2013 |
The Governor’s Reorganization Plan No. 2 of the 2011–12 Regular Session provides that, on and after July 1, 2013, the
responsibilities of the Department of Corporations and the Commissioner of Corporations shall be transferred to the Department of Business Oversight and the Deputy Commissioner of Business Oversight for the Division of Corporations.
This bill instead would require a licensee to file the annual report described above by March 20 of each year. The bill would make additional changes to conform with the Governor’s Reorganization Plan No. 2.
As used in this division, the following terms have the following meanings:
(a)“Deferred deposit transaction” means a transaction whereby a person defers depositing a customer’s personal check until a specific date, pursuant to a written agreement for a fee or other charge, as provided in Section 23035.
(b)“Commissioner” means the Deputy Commissioner of Business Oversight for the Division of Corporations.
(c)“Department” means the Department of
Business Oversight.
(d)“Licensee” means any person who offers, originates, or makes a deferred deposit transaction, who arranges a deferred deposit transaction for a deferred deposit originator, who acts as an agent for a deferred deposit originator, or who assists a deferred deposit originator in the origination of a deferred deposit transaction. However, “licensee” does not include a state or federally chartered bank, thrift, savings association, industrial loan company, or credit union. “Licensee” also does not include a retail seller engaged primarily in the business of selling consumer goods, including consumables, to retail buyers that cashes checks or issues money orders for a minimum fee not exceeding two dollars ($2) as a service to its customers that is incidental to its main purpose or business. “Licensee” also
does not include an employee regularly employed by a licensee at the licensee’s place of business. An employee, when acting under the scope of the employee’s employment, shall be exempt from any other law from which the employee’s employer is exempt.
(e)“Person” means an individual, a corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated organization, a government entity, or a political subdivision of a government entity.
(f)“Deferred deposit originator” means a person who offers, originates, or makes a deferred deposit transaction.
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(b)
(c)
(d)
Amount Provided | Fee | Amount of Check | 90-day APR | ||
$100 | XX | XXX | XXX | XXX | XXX |
$200 | XX | XXX | XXX | XXX | XXX |
$300 | XX | XXX | XXX | XXX | XXX |
(e)
(f)
(g)
(h)
(i)
(b)A licensee may allow an extension of time, or a payment plan, for repayment of an existing deferred deposit transaction but may not charge any additional fee or charge of any kind in conjunction with the extension or payment plan. A licensee that complies with the provisions of this subdivision shall not be deemed to be in violation of
subdivision (g) of Section 23037.