BILL ANALYSIS                                                                                                                                                                                                    



                                                                        AB 2907


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         Date of Hearing:  April 25, 2016


                       ASSEMBLY COMMITTEE ON BANKING AND FINANCE


                                Matthew Dababneh, Chair


         AB 2907  
         (Committee on Banking and Finance) - As Introduced March 8, 2016


         SUBJECT:  State government:  omnibus technical changes


         SUMMARY:  Makes technical and non-substantive changes to provisions  
         of the Financial Code.  Specifically,  this bill:

          1)Updates cross-references that changed due to prior re-organization  
           of the Financial Code.


         2)Modifies the definition of "telephonic seller" or "seller" to  
           remove an outdated reference.


         3)Makes a technical, nonsubstantive change to include a  
           cross-reference to a specific type of order issued by the  
           Commissioner the Department of Business Oversight (DBO) within a  
           procedure for a person to request a hearing regarding that order  
           and updates a reference to the commissioner seeking  
           "administrative" relief to instead refer to seeking "ancillary"  
           relief.

         4)Makes technical, nonsubstantive changes to update references to the  
           Office of Thrift Supervision (OTS) to instead refer to the Office  
           of the Comptroller of the Currency (OCC).

         EXISTING LAW:  







                                                                        AB 2907


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         1)Existing law abolished the Department of Corporations, the  
           Commissioner of Corporations, the Department of Financial  
           Institutions, and the Commissioner of Financial Institutions and  
           transferred the powers, duties, responsibilities, and functions of  
           those entities and officers to the DBO and the Commissioner of  
           Business Oversight.



         2)Existing law regulates telephonic sellers, as defined, and  
           requires, among other things, a telephonic seller to, not less than  
           10 days prior to doing business in this state, register specific  
           information with the Department of Justice.



         3)The Corporate Securities Law of 1968 authorizes the Commissioner of  
           Business Oversight to enforce its provisions, including the power  
           to issue an order for a violation of that law, and, under certain  
           conditions, make claim for ancillary relief.



         4)Under federal law, the OTS merged with the OCC.

         FISCAL EFFECT:  None

         COMMENTS:   AB 2907 is an omnibus committee bill that makes technical  
         and clarifying changes to statutes under the jurisdiction of the  
         Banking & Finance Committee.

         REGISTERED SUPPORT / OPPOSITION:



         Support

         None on file.









                                                                        AB 2907


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         Opposition

         None on file.



         Analysis Prepared by:Mark Farouk / B. & F. / (916) 319-3081