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SB-250 Department of Business Oversight.(2019-2020)

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Date Published: 02/11/2019 09:00 PM


Senate Bill
No. 250

Introduced by Senator Nielsen

February 11, 2019

An act to amend Section 300 of the Financial Code, relating to financial institutions.


SB 250, as introduced, Nielsen. Department of Business Oversight.
Existing law, the Financial Institutions Law, regulates the activities of various financial entities, including commercial banks, industrial banks, trust companies, credit unions, and savings associations. Existing law establishes the Department of Business Oversight, which is under the direction of the Commissioner of Business Oversight, and is responsible for the administration and enforcement of the Financial Institutions Law.
This bill would make nonsubstantive changes to that provision.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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


 Section 300 of the Financial Code is amended to read:

 (a) In this section:
(1) “Business and industrial development corporation” means a corporation licensed under Division 15 (commencing with Section 31000).
(2) “Payment instrument” has the same meaning as set forth in subdivision (s) of Section 2003.
(3) “Stored Value” value has the same meaning as set forth in subdivision (v) (x) of Section 2003.
(b) There is in the state government, in the Business, Consumer Services, and Housing Agency, a Department of Business Oversight, which has charge of the execution of, among other laws, the laws of this state relating to any of the following: (1) banks or trust companies or the banking or trust business; (2) savings associations or the savings association business; (3) credit unions or the credit union business; (4) persons who engage in the business of receiving money for transmission or such business; (5) issuers of stored value or such business; (6) issuers of payment instruments or the payment instrument business; (7) business and industrial development corporations or the business and industrial development corporation business; (8) insurance premium finance agencies or the insurance premium finance business; (9) persons offering or making any contract constituting bucketing; (10) persons offering or selling off-exchange commodities; (11) deferred deposit originators; (12) finance lenders and brokers; (13) residential mortgage lenders and servicers; (14) capital access companies; (15) check sellers, bill payers, and proraters; (16) securities issuers, broker-dealers, agents, investment advisers, and investment adviser representatives; (17) mortgage loan originators employed or supervised by finance lenders or residential mortgage lenders; (18) escrow agents; (19) franchisors; or (20) persons holding securities as custodians on behalf of securities owners.