Banking/Finance/Trade

• Corporations/Securities
• Financial Institutions
• International Trade and Investment
• Loans/Lending/Credit
• Mortgages
• Miscellaneous

Note: * Denotes Urgency or Tax Levy Legislation.

Corporations/Securities

Go to Index

SB 121 (Evans-D) Corporations: political activities: shareholder disclosure

Requires corporations to notify their shareholders at least 24 hours before making political contributions or expenditures, as defined, and to annually summarize and report to their shareholders on the political contributions and expenditures they made during the prior year, as specified.
(Died in Senate Banking and Financial Institutions Committee)

SB 248 (Wyland-R) Professional corporations: medical corporations

Extends the maximum term of office of a medical corporation director to seven years, if the medical corporation has more than 200 shareholders.
(Died in Senate Banking and Financial Institutions Committee)

SB 1041 (Jackson-D) Corporations Code: business filings

Makes various technical, non-substantive and clarifying changes throughout the Corporations Code, in preparation for the Secretary of State's (SOS) automated filing system. Requires, among other things, the written statement of resignation to be made on a form prescribed by the SOS for filing, as specified, and allows the SOS to destroy or otherwise dispose of a resignation after a new form is filed, replacing the agent. Allows a person to cancel the registration of the name of specified business entities by delivering to the SOS a certificate of cancellation of the entity's name on a form prescribed by the SOS. Requires a foreign limited liability company that adopts a new name to relinquish an alternate name, as provided. Conditions reinstatement of a fraudulently terminated business entity upon the business entity concurrently submitting for filing an amendment to change its name to eliminate conflict, if there is a conflict with the entity name, as provided.
Chapter 834, Statutes of 2014

SB 1181 (Correa-D) Venture capital companies

Exempts specified loans made by venture capital companies to operating companies and specified investments made by venture capital companies in operating companies from the California Finance Lenders Law.
Chapter 68, Statutes of 2014

SB 1301 (DeSaulnier-D) Corporate Flexibility Act: Social Purpose Corporations Act

Renames the Corporate Flexibility Act of 2011 as the Social Purpose Corporations Act and renames the type of corporation authorized and regulated under that Act as a social purpose corporation.
Chapter 694, Statutes of 2014

AB 129 (Dickinson-D) Corporations: lawful money

Repeals a provision prohibiting a corporation, flexible purpose corporation, association, or individual from issuing or putting in circulation, as money, anything but the lawful money of the United States.
Chapter 74, Statutes of 2014

AB 713 (Wagner-R) Corporate Securities Law: broker-dealers

Adds to the persons excluded from the definition of a broker-dealer (Corporate Securities Law of 1968), an individual who is a "finder," as defined, who satisfied specified requirements, including, among other things, filing an initial statement of information with the Department of Business Oversight and paying a filing fee.
(Died in Senate Appropriations Committee)

AB 783 (Daly-D) Securities transactions: qualification requirements

Exempts from qualification offerings or sales of securities using a general solicitation or general advertising, provided the transaction meets specified requirements, including a requirement that the sales are made to accredited investors and the aggregate offering price of securities, as defined by reference to Regulation D under the Securities Act of 1933, does not exceed $1 million, less the aggregate offering price for all securities sold within 12 months, as specified.
(Died in Assembly Banking and Finance Committee)

AB 856 (Hagman-R) Securities: sale or issue: exemptions

Adds "nonpreferred voting securities," as defined, to the list of securities exempt from qualification requirements, as specified.
(Died in Assembly Banking and Finance Committee)

AB 1529 (John A. Pérez-D) Nonprofit corporations: dissolution: surrender

Enacts an administrative dissolution and surrender process for nonprofit entities that the Franchise Tax Board has suspended for at least 48 continuous months, or that have not filed a statement of information for at least 48 continuous months, as specified.
Vetoed

AB 1859 (Maienschein-R) Licensed professional fiduciary corporations

Provides for the formation of licensed professional fiduciary corporations pursuant to the Moscone-Knox Professional Corporation Act, as specified, and makes these corporations subject to registration by the Professional Fiduciaries Bureau and payment of a licensure fee, as specified. Prohibits the income of a licensed professional fiduciary corporation attributable to professional services rendered while a shareholder is a disqualified person, as defined, from accruing, in any manner, to the benefit of the shareholder or their shares in the licensed professional fiduciary corporation. Imposes other various duties upon a licensed professional fiduciary corporation, as specified.
(Died in Senate Judiciary Committee)

AB 1934 (Alejo-D) Nonprofit corporations: corporation sole

Requires the Secretary of State, if he/she determines the articles of incorporation to form a corporation sole did not conform to law, to nonetheless file it if the articles of incorporation are resubmitted with an accompanying written opinion of a member of the State Bar of California that the specific provision of the articles of incorporation objected to by the Secretary conform to law and the supporting points and authorities upon which the written opinion is based.
(Died in Assembly Banking and Finance Committee)

AB 2096 (Muratsuchi-D) Securities transactions: qualification by notification

Authorizes qualification by notification for any offer or sale of a security if, among other requirements, the offering meets the requirements for a federal exemption for limited offerings and sales of securities not exceeding $1 million, and the aggregate amount of securities sold to any investor by the issuer does not exceed certain amounts within a 12-month time period, except as specified.
(Died in Senate Appropriations Committee)

AB 2180 (Brown-D) Corporate entities: business filings

Changes the filing date for statements of information that various corporate entities file annually or biennially with the Secretary of State, requiring that filing date to be the same date on which the corporate entities must file tax returns. Specifies that for nonprofit public benefit corporations that do not file tax returns, the filing date is May 15.
(Died in Assembly Appropriations Committee)

AB 2525 (Bonta-D) Corporations: worker cooperative companies

Establishes the Limited Liability Worker Cooperative Act to provide for the organization and operation of worker cooperative companies. Requires two-thirds of the worker-members of a worker cooperative company to vote to dissolve, merge, or sell the worker cooperative company, or to convert the worker cooperative company to a business entity other than a worker cooperative company. Exempts the issuance of a membership by a limited liability worker cooperative company, as specified, from certain securities requirements.
(Died in Assembly Banking and Finance Committee)

AB 2755 (Bocanegra-D) Nonprofit corporations: directors

Clarifies that the current definition of "directors" for the purposes of the Nonprofit Corporation Law does not include a person who does not have the authority to vote as a member of the governing body.
Chapter 914, Statutes of 2014

Financial Institutions

Go to Top    Go to Index

SB 845 (Correa-D) Debit cards: student financial aid

Requires the California Community College Board of Governors and the California State University Trustees, and requests the University of California Regents and the governing body of an accredited private post-secondary educational institution, to develop one or more model contracts and all binding contracts, as specified, for use by their respective systems to disburse a financial aid award, scholarship aid, campus-based aid award, or school refunds onto debit cards, prepaid cards or other preloaded cards issued by a financial institution, as specified, and to post model and actual contracts on their respective Internet Web sites.
Chapter 120, Statutes of 2014

SB 898 (Cannella-R) State Treasury System: account information

Requires each state agency, department, and entity to provide the State Treasurer's Office (STO) with its employer identification number and requires a bank or financial institution to provide to the STO, upon request, specified account information relating to employer identification numbers to assist the STO in monitoring accounts and state money deposited outside the centralized State Treasury System.
Chapter 393, Statutes of 2014

SB 1351 (Hill-D) Payment cards: microchip: fraud prevention

Requires specified contracts entered into between a financial institution and a payment card network, as those terms are defined, to include a provision requiring that 75% of new or replacement payment cards issued to a cardholder with a California mailing address have an embedded microchip or any other technology that is more secure than microchip technology for card-present fraud prevention.
(Died on Senate Inactive File)

AB 385 (Dickinson-D) Bank on California Program

Houses the Bank on California Program within the Department of Business Oversight and establishes a quarterly reporting system for participating banks. Requires participating financial institutions to comply with specific administrative obligations.
(Died in Senate Appropriations Committee)

AB 1162 (Frazier-D) Debit cards: student financial aid

Requires the Board of Governors of the California Community Colleges and the Trustees of the California State University, and requests the Regents of the University of California and the governing bodies of accredited private postsecondary educational institutions, to adopt policies to be used to negotiate contracts with banks and other financial institutions for the disbursement of students' financial aid awards and other refunds onto debit cards, prepaid cards, or preloaded cards, as specified.
(Died in Senate Banking and Financial Institutions Committee)

AB 1206 (Morrell-R) Federal home loan bank: letter of credit

Revises, until 1/1/19, the reference to letters of credit issued by the Federal Home Loan Bank of San Francisco, which may be received as security for demand and time deposits, to refer instead to a letter of credit issued by a federal home loan bank.
(Died in Assembly Banking and Finance Committee)

AB 1927 (Frazier-D) Debit cards: student financial aid

Requires, as a condition for participation in the Cal Grant Program, specified entities to adopt policies to be used for negotiating contracts for disbursements of financial aid awards and other refunds onto debit/prepaid/preloaded cards. Requires the policies to ensure that contracts between postsecondary educational institutions and banks or other financial institutions to disburse a student's financial aid award are consistent with certain provisions of federal law.
Vetoed

AB 2298 (Rodriguez-D) Depository institutions: local agency funds

Authorizes depository institutions that hold local agency deposits to submit specified weekly reports to the Department of Business Oversight via e-mail or other electronic means.
Chapter 214, Statutes of 2014

International Trade and Investment

Go to Top    Go to Index

SB 511 (Lieu-D) Trade promotion: ports: Export Finance Office

Establishes the California Export Finance Office within the California Infrastructure and Economic Development Bank and requires the Governor's Office of Business and Economic Development to convene a statewide business partnership to discuss the promotion and greater utilization of California ports.
(Died in Assembly Appropriations Committee)

SB 592* (Lieu-D) Trade promotion of California ports

Requires the Director of the Governor's Office of Business and Economic Development to provide a port trade promotion strategy to the Legislature by 12/1/14, and convene a statewide business partnership for port trade promotion.
(Died in Assembly Appropriations Committee)

SB 928 (Correa-D) Mexico: international trade and investment office

Authorizes the Director of the Governor's Office of Business and Economic Development (GO-Biz) to establish and terminate international trade and investment (ITI) offices outside of the United States if specified conditions are satisfied, and to the extent private monies are available. Requires the Director of GO-Biz, on or before 1/1/16, to establish and operate, or to create a public-private partnership to establish and operate, an ITI office in Mexico City, Mexico. Requires the Director of GO-Biz to include information regarding the Mexico City ITI office in existing reporting requirements relating to an International Trade and Investment Program, as specified.
Vetoed

SCR 82 (Hueso-D) Jalisco, Mexico: sister state: economic relationship

Recommits to formalizing the sister state relationship between the State of Jalisco in Mexico and the State of California. Makes legislative findings that the State of California and the State of Jalisco, Mexico, share a mutually beneficial economic relationship that includes trade, investments, and commerce in the areas of high technology manufacturing, agriculture, tourism, and other important industries.
Resolution Chapter 70, Statutes of 2014

SCR 121 (Block-D) Israel: trade: memorandum of understanding

States the Legislature's support for the memorandum of understanding for establishing strategic partnerships between California and Israel that support joint innovation in clean technologies, water conservation, health, biotechnology, cybersecurity, education, agricultural technology, research, and other informational exchanges, and that also promote mutual cooperation, understanding, and friendship by encouraging trade delegations and collaboration on mutual projects and issues of interest.
Resolution Chapter 113, Statutes of 2014

SJR 16 (Emmerson-R) Transatlantic Trade and Investment Partnership

Urges the President and the United States Senate to negotiate and ratify, respectively, the Transatlantic Trade and Investment Partnership agreement with the European Union.
(Died in Assembly Jobs, Economic Development and the Economy Committee)

AB 337 (Allen-R) International trade and investment strategy

Updates requirements for the international trade and investment strategy prepared by the Governor's Office of Business and Economic Development to be based on current and emerging market conditions and the needs of investors, businesses, and workers to be competitive in global markets.
Chapter 776, Statutes of 2014

AB 412 (Allen-R) Global markets: international trade

Requires the Director of the Governor's Office of Business and Economic Development to complete a study, on or before 10/1/15, of the potential roles for the state in global markets. Requires the Director to update the study on or before 10/1/18, and every five years thereafter.
(Died in Assembly Appropriations Committee)

AB 1088 (Muratsuchi-D) Japan: overseas trade office

Requires the Governor's Office of Business and Economic Development, no later than 1/1/16, to establish under its jurisdiction an overseas trade office in Tokyo, Japan.
(Died in Assembly Jobs, Economic Development and the Economy Committee)

AB 1166 (Blumenfield-D) Israel: trade and economic development

Establishes the California and Israel Trade and Economic Development Act of 2013 to facilitate greater economic development and job creation opportunities for this state. Directs the Governor's Office of Business and Economic Development to formalize an economic relationship between California and Israel.
(Died in Assembly Jobs, Economic Development and the Economy Committee)

AB 2713 (Quirk-Silva-D) South Korea: trade promotion

Requires the Governor's Office of Business and Economic Development to establish the South Korean Trade Promotion Advisory Committee to help guide state activities related to the export of California products to South Korea and the attraction of employment-producing direct foreign investment by South Korean investors.
(Died in Senate Appropriations Committee)

ACR 100 (Alejo-D) El Salvador: trade promotion: foreign investment

Encourages the Governor's Office of Business and Economic Development to work in coordination with the Legislature to develop comprehensive trade promotion and foreign investment activities that encourage stronger economic ties with El Salvador.
Resolution Chapter 172, Statutes of 2014

AJR 37 (Muratsuchi-D) Export-Import Bank of the United States

Urges Congress to support legislation reauthorizing the Export-Import Bank of the United States which is the official export credit agency of the U.S. and exists for the purposes of financing and insuring foreign purchases of U.S. goods for customers unable or unwilling to accept the credit risk.
Resolution Chapter 72, Statutes of 2014

HR 44 (Medina-D) Panama: trade relationship

Recognizes the 100th anniversary of the completion of the Panama Canal and the 495th anniversary of the founding of Panama City and celebrates the unique and beneficial relationship between the United States and Panama and that there is a call for a renewed commitment to enhancing the economic, cultural, and trade relationships between the State of California and the Country of Panama.
Adopted by the Assembly

Loans/Lending/Credit

Go to Top    Go to Index

SB 383 (Jackson-D) Credit cards: personal information

Expands the Song-Beverly Credit Card Act to online transactions involving an electronic downloadable product. Permits, among other things, a person or entity to require a cardholder, as a condition of accepting a credit card as payment in full or in part in an online transaction involving an electronic downloadable product, to provide personal identification information if used solely for the detection, investigation, or prevention of fraud, theft, identity theft, or criminal activity, or for enforcement of terms of sale.
(Died in Assembly Banking and Finance Committee)

SB 526 (Calderon-D) Lending practices: unlicensed activity report

Requires the Department of Corporations to include, in its annual report to the Legislature, data on unlicensed activity relating to deferred deposit transactions or installment loans that are being conducted over the Internet.
(Died in Senate Appropriations Committee)

SB 845 (Correa-D) Financial aid: debit cards

Requires specified educational entities to develop one or more model contracts and all binding contracts for use by their respective systems to disburse a financial aid award, scholarship aid, campus-based aid award, or school refunds onto debit cards, prepaid cards or other preloaded cards issued by a financial institution, as specified, and to post model and actual contracts on their respective Internet Web sites.
Chapter 120, Statutes of 2014

SB 896 (Correa-D) Loans: zero-interest: low cost

Authorizes a nonprofit organization that facilitates one or more zero-interest, low-cost loans with a minimum principal amount upon origination of $250 and a maximum principal amount upon origination of $2,500 to apply to the Department of Business Oversight (DBO) for an exemption from the California Finance Lenders Law. Requires a nonprofit organization granted an exemption by DBO to comply with specified requirements related to the loans it facilitates.
Chapter 190, Statutes of 2014

SB 1181 (Correa-D) Loans: finance lenders

Exempts specified loans made by venture capital companies to operating companies and specified investments made by venture capital companies in operating companies from the California Finance Lenders Law. Revises the definition of "commercial bridge loan" to extend the permitted maturity date to three years.
Chapter 68, Statutes of 2014

SB 1280 (Hueso-D) Loans: unsecured consumer loans

Requires the Department of Business Oversight to establish, by regulation, a licensure program for the provision of unsecured consumer loans.
(Died in Senate Judiciary Committee)

SB 1351 (Hill-D) Credit cards: microchips

Requires, until 1/1/20, the issuance and acceptance of credit and debit cards equipped with microchips or any other technology, as specified.
(Died on Senate Inactive File)

SJR 19 (Correa-D) High-cost loan limits

Expresses the Legislature's opposition to reduction of the current national and high-cost conforming loan limits for Fannie Mae and Freddie Mac by the Federal Housing Finance Agency and urges the Agency to continue to resist implementation of any such reductions. Urges the President and Congress of the United States to join California in opposing any reduction of the national and high-cost conforming loan limits.
Resolution Chapter 116, Statutes of 2014

AB 122 (Rendon-D) Financial assistance: energy improvements

Enacts the Nonresidential Real Property Energy Retrofit Financing Act of 2014 and requires the California Energy Commission to establish the Nonresidential Real Property Energy Retrofit Financing Program to provide financial assistance, through authorizing the issuance of, among other things, revenue bonds, to owners of eligible real properties, as defined, for implementing energy improvements for their properties.
(Died in Assembly Appropriations Committee)

AB 469 (Wagner-R) Loan modifications: telephonic sellers

Redefines "telephonic seller" to include a person making a telephone solicitation to arrange or assist in the arrangement of a loan modification, and thus requires that those who attempt to arrange or assist in the arrangement of a loan modification must comply with the law that regulates telephonic sellers and requires that they register with the Department of Justice and provide information to the Department, as specified.
(Died in Senate Banking and Financial Institutions Committee)

AB 553 (Medina-D) Loans: counseling

Prohibits a lender from taking a reverse mortgage application or assessing any fees until seven days from the date of loan counseling, as specified; deletes the requirement that the lender provide a written checklist and, instead, prohibits a lender from taking a reverse mortgage application unless the applicant has received from the lender a specified reverse mortgage worksheet guide; requires that the worksheet contain certain issues that the borrower is advised to consider and discuss with the counselor; and requires the counselor and the prospective borrower to sign the worksheet, as specified.
(Died in Assembly Banking and Finance Committee)

AB 844 (Dickinson-D) Credit and debit cards: transactions: personal information

Updates provisions of the Song-Beverly Credit Card Act of 1971, related to the protection of personal identification information, to reflect the increasing use of debit cards to purchase goods and services and the increasing use of the Internet as a venue for use of both credit cards and debit cards to purchase goods and services.
(Died in Senate Banking and Financial Institutions Committee)

AB 1162 (Frazier-D) Financial aid: debit cards

Requires the Board of Governors of the California Community Colleges and the Trustees of the California State University, and requests the Regents of the University of California and the governing bodies of accredited private postsecondary educational institutions, to adopt policies to be used to negotiate contracts with banks and other financial institutions for the disbursement of students' financial aid awards and other refunds onto debit cards, prepaid cards, or preloaded cards, as specified.
(Died in Senate Banking and Financial Institutions Committee)

AB 1300 (Roger Hernández-D) Credit cards: oral disclosures

Requires a credit card issuer on or near the campus of an institution of higher education or at an event sponsored by, or related to, an institution of higher education to orally disclose certain information to a first-time credit cardholder between 18 and 26 years of age.
(Died in Assembly Banking and Finance Committee)

AB 1658 (Jones-Sawyer-D) Consumer credit reports: foster care children

Requires a county welfare department, county probation department, or the Department of Social Services to inquire of each of the three major credit reporting agencies as to whether a child in foster care reaching his/her 16th birthday, and each year thereafter, has any consumer credit history, as specified. Requires the Department to provide information to the appropriate legislative policy committees regarding the implementation of these provisions, including, but not limited to, any state and county barriers to obtaining credit reports as required by the federal Child and Family Services Improvement and Innovation Act of 2011.
Chapter 762, Statutes of 2014

AB 1770 (Dababneh-D) Equity lines of credit: suspend and close

Provides a procedure by which an entitled person, as defined, can, with the approval of the borrower, request the suspension and closure of a home equity line of credit, as specified.
Chapter 206, Statutes of 2014

AB 1927 (Frazier-D) Financial aid: debit cards

Requires specified educational entities, as a condition for participation in the Cal Grant Program, to adopt policies to be used for negotiating contracts for disbursements of financial aid awards and other refunds onto debit cards, prepaid cards, or preloaded cards.
Vetoed

AB 2045 (Rendon-D) Financial assistance: energy improvements

Enacts the Nonresidential Real Property Energy Retrofit Financing Act of 2014 and requires the State Energy Resources Conservation and Development Commission to establish the Nonresidential Real Property Energy Retrofit Financing Program to provide financial assistance, through authorizing the issuance of, among other things, revenue bonds, to owners of eligible real properties for implementing energy improvements for their properties.
(Died in Assembly Appropriations Committee)

AB 2564 (Nestande-R) Commercial credit reporting agencies

Requires a commercial credit reporting agency to furnish a source of information to the subject of a commercial credit report upon the request of a representative of the subject. Requires a printed copy of the report be provided at no cost to the subject of a report. Prohibits an agency, or a business affiliate of that agency, from assessing a fee upon the subject of a report in connection with ensuring the proper data is contained within the commercial credit report of the subject. Requires an agency to endeavor to maintain the most accurate data possible regarding the subject of a report.
(Died in Assembly Banking and Finance Committee)

Mortgages

Go to Top    Go to Index

SB 179 (Roth-D) Mortgage loan originators

Exempts from the definition of "mortgage loan originator" an individual who originates five or fewer residential mortgage loans secured by a manufactured home or mobilehome, as defined, in any 12-consecutive-month period.
(Died in Senate Banking and Financial Institutions Committee)

SB 439 (Evans-D) Mortgage debt forgiveness

Conforms to the federal extension (American Taxpayer Relief Act of 2012) applying to the exclusion of the discharge of qualified principal residence indebtedness from an individual's income. Makes a continuous appropriation from the General Fund to the Franchise Tax Board in those amounts necessary to make payments to taxpayers who have included in income and paid tax on qualified principal residence indebtedness that was discharged on and after 1/1/13, and before 1/1/14.
(Died in Assembly Rules Committee)

SB 1051 (Galgiani-D) Title insurance/escrow services: Buyer's Choice Act

Removes the sunset on, and thus makes permanent, the Buyer's Choice Act, which generally prohibits a seller of a foreclosed property from requiring the buyer to use a particular title insurance or escrow company as a condition of the sale.
Chapter 198, Statutes of 2014

SB 1459 (Senate Banking And Financial Institutions Committee) Mortgage loan originators

Revises the educational requirements for mortgage loan originators licensed under the California Finance Lenders Law and California Residential Mortgage Lending Act by requiring training related specifically to California law and regulations.
Chapter 123, Statutes of 2014

SJR 19 (Correa-D) High-cost loan limits

Expresses the Legislature's opposition to reduction of the current national and high-cost conforming mortgage loan limits for Fannie Mae and Freddie Mac by the Federal Housing Finance Agency and urges the Agency to continue to resist implementation of any such reductions. Urges the President and Congress of the United States to join California in opposing any reduction of the national and high-cost conforming loan limits.
Resolution Chapter 116, Statutes of 2014

AB 553 (Medina-D) Reverse mortgages: notifications

Prohibits a lender from taking a reverse mortgage application or assessing any fees until seven days from the date of loan counseling, as specified; makes specified changes to the disclosure notice; deletes the requirement that the lender provide a written checklist and, instead, prohibits a lender from taking a reverse mortgage application unless the applicant has received from the lender a specified reverse mortgage worksheet guide; requires that the worksheet contain certain issues that the borrower is advised to consider and discuss with the counselor; and requires the counselor and the prospective borrower to sign the worksheet, as specified.
(Died in Assembly Banking and Finance Committee)

AB 1072 (Wagner-R) Mortgage loan modification: violations

Creates an alternate felony/misdemeanor offense for violating existing provisions of law related to unlawful activities in conjunction with a mortgage loan modification. Prohibits a person engaging in mortgage loan modification from accepting payment for services in advance of the loan modification approval. Authorizes civil penalties for unlawful or fraudulent mortgage modifications perpetrated against seniors or disabled persons.
(Died in Assembly Judiciary Committee)

AB 1700 (Medina-D) Reverse mortgages: notifications

Revises the disclosure form that must be provided to prospective reverse mortgage borrowers and replaces the written checklist that is currently required to be provided to prospective reverse mortgage borrowers with a written worksheet guide, whose content this bill specifies. Prohibits a reverse mortgage lender from accepting a final and complete reverse mortgage application from a prospective reverse mortgage borrower until at least seven days have lapsed since that borrower received reverse mortgage counseling.
Chapter 854, Statutes of 2014

AB 1730 (Wagner-R) Mortgage loan modification: fees: violations

Enhances potential civil and criminal penalties for violation of existing prohibitions regarding mortgage loan modification fees.
Chapter 457, Statutes of 2014

AB 1770 (Dababneh-D) Equity lines of credit: suspend and close

Provides a procedure by which an entitled person, as defined, can, with the approval of the borrower, request the suspension and closure of a home equity line of credit, as specified.
Chapter 206, Statutes of 2014

Miscellaneous

Go to Top    Go to Index

SB 515 (Jackson-D) Deferred deposit transactions

Makes several changes to the California Deferred Deposit Transaction Law, such as increasing the minimum length of deferred deposit transactions; requiring deferred deposit licensees to underwrite deferred deposit transactions and offer installment plans, as specified; capping the maximum number of deferred deposit transactions per customer at four per year; and requiring the Commissioner of the Department of Corporations to develop and implement a database to help enforce the law.
(Died in Senate Banking and Financial Institutions Committee)

SCR 138 (Wolk-D) Finance: California Plan Your Giving Day

Recognizes and supports the importance of gift planning by declaring 10/1/14, as California Plan Your Giving Day. Makes legislative findings declaring that gift planning is usually a result of charitable estate planning that enables donors to combine financial goals with charitable gift giving.
Resolution Chapter 140, Statutes of 2014

AB 367 (Brown-D) Limited liability companies: filings

Requires a limited liability company to annually file the specified informational form (disclosing information regarding the company) with the Secretary of State and revises the applicable filing period for limited liability companies.
(Died in Assembly Banking and Finance Committee)

AB 495 (Campos-D) Community investment: triple bottom-line

Establishes the California Community Investment Program within the Governor's Office of Business and Economic Development. Requires, among other things, the Program to create a database of low-income neighborhoods, compile and maintain an inventory of California public sector funding resources and financing mechanisms, coordinate public sector financial investment and public programs to assist low-income communities to become business, development, and investment ready, develop criteria for triple bottom-line (TBL) investment funds, establish overall TBL goals and standardized metrics for economic, social, and environmental outcomes to be accepted by eligible investment funds, and encourage significant private sector commitment, cooperation, and collaboration to invest private capital in low-income neighborhoods through eligible TBL investment funds with the goal of obtaining, by 1/1/19, at least $1 billion of new investment by TBL investment funds in TBL real estate developments and businesses located in low-income California neighborhoods.
(Died in Senate Appropriations Committee)

AB 1396 (Assembly Banking And Finance Committee) Department of Financial Services

Changes the name of the proposed Department of Business Oversight to the Department of Financial Services and transfers duties from the Department of Financial Institutions and the Department of Corporations to the Department of Financial Services.
(Died in Senate Governmental Organization Committee)

AB 1583 (Allen-R) State funds: accounts: reporting

Requires the State Controller to include the name of the account, the source of authorization for establishing the account, and the account balance on bank accounts and savings and loan association accounts outside the treasury system in the budgetary-legal basis annual report. Requires a state agency that receives revenues for state costs under a cost recovery statute to deposit those revenues into the State Treasury.
Chapter 230, Statutes of 2014

AB 1679 (Harkey-R) Escrow companies: Fidelity Corporation: hearings

Requires the Commissioner of the Department of Business Oversight to abstain from a hearing for an Escrow Agents' Fidelity Corporation if an employee of the Department is the member's successor in interest.
(Died in Senate Banking and Financial Institutions Committee)

AB 1710 (Dickinson-D) Personal information: data security breach

Requires, with respect to the information required to be included in the notification of a data security breach, if the person or business providing the notification was the source of the breach, that the person or business offer to provide appropriate identity theft prevention and mitigation services to the affected person at no cost for not less than 12 months if the breach exposed or may have exposed specified personal information; expands existing security practice and procedure provisions to businesses that own, license, or maintain personal information about a California resident, as specified; and expands on security procedures and practice provisions that apply to businesses that own, license, or maintain personal information about California residents and prohibit the sale, advertisement for sale, or offer to sell of an individual's social security number, with exceptions.
Chapter 855, Statutes of 2014

AB 1856 (Wilk-R) Bonds: deposit in lieu of bond

Updates California's Bond and Undertaking Law to add cashier's checks and bonds and notes of the United States and the State of California to the list of items of value that may be deposited with a court in lieu of a bond.
Chapter 305, Statutes of 2014

AB 1933 (Levine-D) Investments: local government

Authorizes the legislative body of a local agency to invest in United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by certain banks, as specified, and requires these investments to be rated "AA" or better and to not exceed 30% of the agency's monies that may be invested.
Chapter 59, Statutes of 2014

AB 2024 (Bonilla-D) Professional fiduciaries

Authorizes the Professional Fiduciaries Bureau to establish a retired status license. Prohibits a professional fiduciary from practicing with a retired or cancelled license. Provides that an expired professional fiduciary license, that is not renewed within three years, shall not be renewed, restored, or reinstated. Clarifies the Bureau's authority to investigate any professional fiduciary with a retired, inactive, canceled, or suspended license.
Chapter 336, Statutes of 2014

AB 2209 (Dickinson-D) Money Transmission Act: electronic commerce

Updates the Money Transmission Act to ensure that electronic commerce transactions are not inadvertently regulated as money transmission and makes other changes intended to reflect the increasing use of the Internet as a platform for the exchange of goods and services.
Chapter 499, Statutes of 2014

AB 2274 (Gordon-D) California Debt and Investment Advisory Commission

Modifies the reporting and notice requirements an issuer of debt is required to make to the California Debt and Investment Advisory Commission before a proposed sale of debt issue and after a sale of debt issue. Expands the Commission's authorization to charge fees relating to the principal amount of a debt issue to include also charging a fee to a lender, and removes the authority of the Commission to borrow monies required for the purpose of meeting necessary expenses of the Commission.
Chapter 181, Statutes of 2014

AB 2289 (Daly-D) Electronic records: business filings

Amends several laws administered by the Department of Business Oversight to clarify the definition of an "electronic record," and increases, from 15 days to 30 days, the amount of time in which the Commissioner of the Department has to review franchise applications and franchise renewals under the Franchise Investment Law.
Chapter 782, Statutes of 2014

AB 2742 (Assembly Banking And Finance Committee) Financial services

Updates California law to reflect federal regulatory changes enacted during the past few years through the Dodd Frank Wall Street Reform and Consumer Protection Act and Regulations X (which implements the federal Real Estate Settlement Procedures Act) and Z (which implements the federal Truth in Lending Act).
Chapter 64, Statutes of 2014

ACR 73 (Roger Hernández-D) Commercial banking: speculative authority

Urges the President and the Congress of the United States to enact federal legislation to protect the public interest by reviving the separation between commercial banking and speculative activity embodied in the Glass-Steagall Act.
(Died in Assembly Banking and Finance Committee)

Index (in Measure Order)

Go to Top
Note: * Denotes Urgency or Tax Levy Legislation.