BILL ANALYSIS Ó
AB 1517
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Date of Hearing: May 6, 2015
ASSEMBLY COMMITTEE ON APPROPRIATIONS
Jimmy Gomez, Chair
AB
1517 (Committee on Banking and Finance) - As Amended April 16,
2015
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|Policy |Banking and Finance |Vote:|12 - 0 |
|Committee: | | | |
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Urgency: No State Mandated Local Program: NoReimbursable: No
SUMMARY:
This bill makes various minor and technical changes to several
codes and sections with respect to the Department of Business
Oversight (DBO), including transferring duties from the
abolished Department of Corporations and the abolished
Department of Financial Institutions to DBO, repealing obsolete
provisions, and making other clarifying and technical changes.
FISCAL EFFECT:
AB 1517
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Negligible cost to DBO.
COMMENTS:
Purpose. This bill makes minor and technical amendments only.
The Governor's Reorganization Plan combined the Department of
Corporations and the Department of Financial Institutions to
create the DBO on July 1, 2013. DBO now regulates and oversees
state chartered banks, credit unions, money transmitters,
finance lenders, residential mortgage lenders, escrow agents,
mortgage loan originators, deferred deposit transaction
licensees, securities broker-dealers, investment advisors, and
other business and financial entities.
Analysis Prepared by:Joel Tashjian / APPR. / (916)
319-2081