Consumers: financial protection.
- Expands state financial regulators' authority to enforce rules against deceptive practices by licensed entities.
- Maintains existing licensing exemptions while adding consumer protection enforcement oversight.
- Allows regulators to investigate financial misconduct regardless of an entity's license status.
Senators Limón and Grayson's amendment to California's Consumer Financial Protection Law clarifies the Department of Financial Protection and Innovation's authority to enforce regulations against deceptive or abusive practices, even when entities operate under specific state licenses or certifications.
The measure modifies existing exemptions in the Financial Code that previously shielded certain licensed entities - including escrow agents, finance lenders, broker-dealers, and mortgage professionals - from aspects of the department's oversight. While maintaining these basic licensing exemptions, the amendment explicitly states that such exemptions do not prevent the commissioner from taking action against deceptive or abusive acts under Section 90003. Banks, credit unions, and other federally regulated institutions retain their existing exemptions from the law's provisions.
The department's expanded enforcement capability applies to all entities operating under state licenses issued by the Department of Financial Protection and Innovation, creating uniform accountability for prohibited practices across California's financial services sector. This change affects the compliance obligations of previously exempted licensees while preserving their underlying operational authorities.
 Phillip ChenR Assemblymember | Committee Member |  Not Contacted | |
 Tim GraysonD Senator | Bill Author | Not Contacted | |
 Monique LimonD Senator | Bill Author | Not Contacted | |
 Blanca RubioD Assemblymember | Committee Member | Not Contacted | |
 Mike FongD Assemblymember | Committee Member | Not Contacted |
Email the authors or create an email template to send to all relevant legislators.
Introduced By
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 28 | 10 | 2 | 40 | PASS |
- Expands state financial regulators' authority to enforce rules against deceptive practices by licensed entities.
- Maintains existing licensing exemptions while adding consumer protection enforcement oversight.
- Allows regulators to investigate financial misconduct regardless of an entity's license status.
Email the authors or create an email template to send to all relevant legislators.
Introduced By
Senators Limón and Grayson's amendment to California's Consumer Financial Protection Law clarifies the Department of Financial Protection and Innovation's authority to enforce regulations against deceptive or abusive practices, even when entities operate under specific state licenses or certifications.
The measure modifies existing exemptions in the Financial Code that previously shielded certain licensed entities - including escrow agents, finance lenders, broker-dealers, and mortgage professionals - from aspects of the department's oversight. While maintaining these basic licensing exemptions, the amendment explicitly states that such exemptions do not prevent the commissioner from taking action against deceptive or abusive acts under Section 90003. Banks, credit unions, and other federally regulated institutions retain their existing exemptions from the law's provisions.
The department's expanded enforcement capability applies to all entities operating under state licenses issued by the Department of Financial Protection and Innovation, creating uniform accountability for prohibited practices across California's financial services sector. This change affects the compliance obligations of previously exempted licensees while preserving their underlying operational authorities.
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 28 | 10 | 2 | 40 | PASS |
Phillip ChenR Assemblymember | Committee Member | Not Contacted | |
Tim GraysonD Senator | Bill Author | Not Contacted | |
Monique LimonD Senator | Bill Author | Not Contacted | |
Blanca RubioD Assemblymember | Committee Member | Not Contacted | |
Mike FongD Assemblymember | Committee Member | Not Contacted |