BILL ANALYSIS Ó
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|SENATE RULES COMMITTEE | AB 2907|
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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ANALYSIS: Existing law, administered by DBO, contains outdated
and incorrect cross-references and out-of-date terminology.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
Page 2
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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