Pilot Program for Increased Access to Responsible Small Dollar Loans.

Existing law, the California Financing Law, generally provides for the licensure and regulation of finance lenders and brokers by the Commissioner of Business Oversight and makes a willful violation of its provisions a crime, except as provided. That law, until January 1, 2023, establishes the Pilot Program for Increased Access to Responsible Small Dollar Loans. This bill would extend the sunset date for that program until January 1, 2028, require the commissioner to include in a certain report recommendations regarding whether the program should continue after January 1, 2028, and make conforming changes. Because a willful violation of these extended provisions would be a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.