BILL ANALYSIS Ó
AB 2907
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CONCURRENCE IN SENATE AMENDMENTS
AB
2907 (Committee on Banking and Finance)
As Amended June 22, 2016
Majority vote
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|ASSEMBLY: |76-0 |(May 2, 2016) |SENATE: | 37-0 |(August 11, |
| | | | | |2016) |
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Original Committee Reference: B. & F.
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remove an outdated reference.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 of 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.
AB 2907
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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).
5)Reinserts 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.
The Senate amendments added 5) above, and made technical
changes.
EXISTING LAW:
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
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COMMENTS: This bill is an omnibus committee bill that makes
technical and clarifying changes to statutes under the
jurisdiction of the Banking & Finance Committee.
Analysis Prepared by:
Mark Farouk / B. & F. / (916) 319-3081 FN:
0003619