Bill Text: CA AB2618 | 2023-2024 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Surplus funds: investment.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed) 2024-05-22 - Referred to Coms. on L. GOV. and B. & F.I. [AB2618 Detail]

Download: California-2023-AB2618-Introduced.html

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CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Assembly Bill

No. 2618

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Introduced by Assembly Member Chen

February 14, 2024

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An act to amend Section 100000.5 of the Financial Code, relating to debt collection.

LEGISLATIVE COUNSEL'S DIGEST

AB 2618, as introduced, Chen. Debt collection.

Existing law, the Debt Collection Licensing Act, prohibits a person from engaging in the business of debt collection in the state without first obtaining a license from the Commissioner of Financial Protection and Innovation, in accordance with specified requirements. Existing law authorizes the commissioner to allow any debt collector that submits an application before January 1, 2023, to operate pending the approval or denial of the application in accordance with specified requirements.

This bill would make a nonsubstantive change to these provisions.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 100000.5 of the Financial Code is amended to read:

100000.5.

 (a) The commissioner shall allow any a debt collector that submits an application before January 1, 2023, to operate pending the approval or denial of the application.

(b) (1) Notwithstanding Section 100011, the commissioner may issue a conditional license to an applicant pending compliance with the requirements of subdivisions (a) to (c), inclusive, of Section 100008.

(2) A conditional license issued pursuant to this subdivision shall expire at the earliest of the following:

(A) Ninety days after the requirements of Sections 100007, 100008, and 100009 have been satisfied.

(B) Upon the issuance of an unconditional license.

(C) Ninety days after the commissioner directs the licensee in writing to submit fingerprints for submission to the Department of Justice pursuant to Section 100008, if the licensee fails to submit a set of fingerprints for each individual described in Section 100009.

(D) Upon the denial, pursuant to Section 100012, of a license application.

(c) The commissioner may deny an application under Section 100012 at any time before the issuance of an unconditional license.