Bill > SB825

This bill amends the California Consumer Financial Protection Law (CCFPL) to clarify the enforcement powers of the Commissioner of Financial Protection and Innovation. Currently, the law provides exemptions from its provisions for various types of financial entities and licensees, such as escrow agents, finance lenders, mortgage loan originators, and others operating under specific licenses issued by the Department of Financial Protection and Innovation. The bill explicitly states that these exemptions do not prevent the commissioner from using the authority granted by the CCFPL to enforce provisions related to deceptive or abusive acts or practices. In other words, while certain financial entities might be exempt from some regulations, the commissioner retains the ability to investigate and take action against potentially harmful financial practices. This amendment ensures that consumer protection remains a priority, even for entities that might otherwise be considered exempt from the broader provisions of the consumer financial protection law.

Budget and Finance, Business and Industry, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB825