Bill > SB825

This bill amends the California Consumer Financial Protection Law (CCFPL) to clarify the regulatory authority of the Commissioner of Financial Protection and Innovation. Specifically, the bill provides that even though certain financial professionals (such as licensed escrow agents, finance lenders, mortgage loan originators, and others) are generally exempt from the CCFPL's provisions, the commissioner retains the authority to enforce regulations against deceptive or abusive acts or practices. Additionally, the bill modifies existing requirements for finance lenders making loans between $2,500 and $10,000, specifically emphasizing that any credit education program or seminar offered to borrowers must be pre-approved by the commissioner, regardless of whether the program is provided directly by the lender or through an independent third party. This change ensures consistent oversight and quality of consumer financial education programs across different types of financial service providers. The bill aims to enhance consumer protections by maintaining regulatory flexibility and ensuring standardized financial education for borrowers.

Budget and Finance, Business and Industry, Justice

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