BILL NUMBER: AB 2233	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Atkins

                        FEBRUARY 24, 2012

   An act to amend Section 22164 of the Financial Code, relating to
mortgage lending.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2233, as introduced, Atkins. Mortgage lending: regulation.
   Existing law provides for the licensure and regulation of finance
lenders and brokers by the Commissioner of Corporations. Existing law
authorizes the commissioner to require these licensees to state the
interest rates, charges, or loan costs of advertised loan products
fully and clearly, as specified.
   This bill would make a technical, nonsubstantive change to these
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 22164 of the Financial Code is amended to read:

   22164.  If any person engaged in the business regulated by this
division refers in any advertising to rates of interest, charges, or
cost of loans, the commissioner shall require that the rates,
charges, or costs are stated fully and clearly in the manner that
 he or she   the commissioner  deems
necessary to give adequate information to prospective borrowers. If
the rates or costs advertised do not apply to loans of all classes
made or negotiated by the person, this fact shall be clearly
indicated in the advertisement.