summary
Introduced
02/21/2025
02/21/2025
In Committee
04/23/2025
04/23/2025
Crossed Over
06/03/2025
06/03/2025
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
An act to amend Section 90002 of the Financial Code, relating to finance.
AI Summary
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.
Committee Categories
Budget and Finance, Business and Industry, Justice
Sponsors (2)
Last Action
In Assembly. Read first time. Held at Desk. (on 06/04/2025)
bill text
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bill summary
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bill summary
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