BILL ANALYSIS Ó
SENATE COMMITTEE ON
BANKING AND FINANCIAL INSTITUTIONS
Senator Steven Glazer, Chair
2015 - 2016 Regular
Bill No: AB 2907 Hearing Date: June 29,
2016
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|Author: |Committee on Banking and Finance |
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|Version: |June 22, 2016 Amended |
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|Urgency: |No |Fiscal: |No |
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|Consultant:|Eileen Newhall |
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Subject: Financial institutions and services: regulation
SUMMARY Makes technical changes to provisions of law administered
by the Department of Business Oversight (DBO).
DESCRIPTION
1. Corrects and updates cross-references, updates terminology,
corrects unintended errors contained in prior legislation,
and re-adds a provision that was mistakenly allowed to
sunset.
EXISTING LAW
2. Contains outdated and incorrect cross-references and
out-of-date terminology.
COMMENTS
1. Purpose: This bill is author-sponsored and contains
provisions intended to be nonsubstantive and corrective in
nature.
2. Background and Discussion: The provisions of this bill:
a. Replace references to the Commissioner of Financial
Institutions with references to the Commissioner of
Business Oversight (commissioner) to reflect the
AB 2907 (Committee on Banking and Finance) Page 2
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elimination of the Department of Financial Institutions
through Government Reorganization Plan #2 in July 2013.
b. Replace references to the Office of Thrift
Supervision with references to the Office of the
Comptroller of the Currency to reflect the elimination of
the Office of Thrift Supervision through enactment of the
federal Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010.
c. Reinsert a provision that was mistakenly allowed to
sunset, which clarifies what information is sufficient on
a statement of account sent or made available by a bank
to a customer to reasonably identify items paid. The
language being re-inserted clarifies that a statement of
account provides sufficient information if the item is
described by item number, amount, and date of payment.
d. Strike references to an issuer or subsidiary of an
issuer that has a security designated as a national
market system security on an interdealer quotation system
by the National Association of Securities Dealers, Inc.
This change reflects the fact that the National
Association of Securities Dealers Automated Quotations
(NASDAQ) became independent from the National Association
of Securities Dealers in 2000 and became a national
securities exchange in 2006.
e. Correct code section references.
f. Strike a reference to a certificate of approval of
the articles of incorporation of a social purpose
corporation issued by the commissioner. This change
reflects the fact that social purpose corporations do not
receive such certificates, but instead receive
commissioner endorsements.
3. Summary of Arguments in Support: None received.
4. Summary of Arguments in Opposition: None received.
LIST OF REGISTERED SUPPORT/OPPOSITION
AB 2907 (Committee on Banking and Finance) Page 3
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Support
None received
Opposition
None received
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