SB 1290, as introduced, Mendoza. California Finance Lenders Law: Commissioner of Business Oversight: duties.
The California Finance Lenders Law generally provides for the licensure and regulation of finance lenders and brokers by the Commissioner of Business Oversight. The law authorizes the commissioner, for the purpose of discovering violations of the law or securing information required by him or her in the administration and enforcement of the law, to investigate the loans and business, and examine the books, accounts, records, and files used in the business of every person engaged in the business of a finance lender or broker.
This bill would require the commissioner to establish protocols that allow a licensee under this law to comply with the commissioner’s investigations by using an electronic filing program.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 22701 of the Financial Code is amended
2to read:
begin deleteFor end deletebegin insert(a) For end insertthe purpose of discovering violations of
4this division or securing information required by him or her in the
5administration and enforcement of this division, the commissioner
P2 1may at any time investigate the loans and business, and examine
2the books, accounts, records, and files used in the business, of
3every person engaged in the business of a finance lender or broker,
4whether the person acts or claims to act as principal or agent, or
5under or without the authority of this division. For the purpose of
6examination, the commissioner and his or her representatives shall
7have free access to the offices and places
of business, books,
8accounts, papers, records, files, safes, and vaults of all these
9persons.
10(b) The commissioner shall establish protocols that allow a
11licensee to comply with the commissioner’s investigations pursuant
12to subdivision (a) by using an electronic filing program.
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