BILL NUMBER: SB 1290	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Mendoza

                        FEBRUARY 19, 2016

   An act to amend Section 22701 of the Financial Code, relating to
finance lenders.


	LEGISLATIVE COUNSEL'S DIGEST


   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 1.  Section 22701 of the Financial Code is amended to read:

   22701.   For   (a) For  the purpose of
discovering violations of this division or securing information
required by him or her in the administration and enforcement of this
division, the commissioner may at any time 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, whether the person acts or claims to act as
principal or agent, or under or without the authority of this
division. For the purpose of examination, the commissioner and his or
her representatives shall have free access to the offices and places
of business, books, accounts, papers, records, files, safes, and
vaults of all these persons. 
   (b) The commissioner shall establish protocols that allow a
licensee to comply with the commissioner's investigations pursuant to
subdivision (a) by using an electronic filing program.