BILL ANALYSIS                                                                                                                                                                                                    Ó




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          |SENATE RULES COMMITTEE            |                       AB 2907|
          |Office of Senate Floor Analyses   |                              |
          |(916) 651-1520    Fax: (916)      |                              |
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                                      CONSENT 


          Bill No:  AB 2907
          Author:   Committee on Banking and Finance   
          Amended:  6/22/16 in Senate
          Vote:     21 

           SENATE BANKING & F.I. COMMITTEE:  7-0, 6/29/16
           AYES: Glazer, Vidak, Galgiani, Hall, Hueso, Lara, Morrell

           ASSEMBLY FLOOR:  76-0, 5/2/16 (Consent) - See last page for  
            vote

           SUBJECT:   Financial institutions and services:  regulation


          SOURCE:    Author
          
          DIGEST:   This bill makes technical changes to provisions of law  
          administered by the Department of Business Oversight (DBO).


          ANALYSIS:   Existing law, administered by DBO, contains outdated  
          and incorrect cross-references and out-of-date terminology.


          This bill 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.  


          Comments

          This bill is author-sponsored and contains provisions intended  
          to be nonsubstantive and corrective in nature.  The provisions  
          of this bill:








                                                                    AB 2907  
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          1)Replace references to the Commissioner of Financial  
            Institutions with references to the Commissioner of Business  
            Oversight (commissioner) to reflect the elimination of the  
            Department of Financial Institutions through Government  
            Reorganization Plan #2 in July 2013.

          2)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.  

          3)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.

          4)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.  

          5)Correct code section references.

          6)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.    
             

          FISCAL EFFECT:                Appropriation:      No   Fiscal  
          Com.:  No      Local:         No









                                                                    AB 2907  
                                                                    Page  3




          SUPPORT:   (Verified6/29/16)


          None received


          OPPOSITION:   (Verified6/29/16)


          None received

          ASSEMBLY FLOOR:  76-0, 5/2/16
          AYES:  Achadjian, Alejo, Travis Allen, Arambula, Atkins, Baker,  
            Bigelow, Bloom, Bonilla, Bonta, Brough, Brown, Burke,  
            Calderon, Campos, Chang, Chau, Chávez, Chiu, Chu, Cooley,  
            Cooper, Dababneh, Dahle, Daly, Dodd, Eggman, Frazier,  
            Gallagher, Cristina Garcia, Eduardo Garcia, Gatto, Gipson,  
            Gomez, Gonzalez, Gordon, Gray, Grove, Hadley, Harper, Holden,  
            Irwin, Jones, Jones-Sawyer, Kim, Lackey, Levine, Linder,  
            Lopez, Low, Maienschein, Mathis, Mayes, McCarty, Medina,  
            Melendez, Mullin, Nazarian, Obernolte, O'Donnell, Olsen,  
            Patterson, Quirk, Rodriguez, Salas, Santiago, Steinorth, Mark  
            Stone, Thurmond, Ting, Wagner, Waldron, Weber, Wilk, Wood,  
            Rendon
          NO VOTE RECORDED:  Beth Gaines, Roger Hernández, Ridley-Thomas,  
            Williams


          Prepared by:Eileen Newhall / B. & F.I. / (916) 651-4102
          7/29/16 10:50:11


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