BILL ANALYSIS Ó
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remove an outdated reference.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