AB 2981 California Assembly · 2023-2024 Regular Session

Finance lenders: exemption from licensure.

Summary

Existing law, the California Financing Law, prohibits a person from engaging in the business of a finance lender or broker without obtaining a license from the Commissioner of Financial Protection and Innovation. This bill would deem a lender to be a licensed finance lender or broker without obtaining a license if the lender does not make or broker residential mortgage loans or consumer loans, makes 5 or fewer commercial loans annually, and the principal amount of all loans made by the lender in the preceding and current calendar year have each exceeded $350,000.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2024

Committee Review

Floor Vote

Governor

Introduced Feb 16, 2024 Last action May 16, 2024

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 16, 2024

Assembly · Reported by committee

In committee: Held under submission.

May 1, 2024

Assembly · Referred to committee

In committee: Set, first hearing. Referred to APPR. suspense file.

Apr 16, 2024

Assembly · Reported by committee

From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (April 15). Re-referred to Com. on APPR.

Apr 9, 2024

Assembly · Referred to committee

Re-referred to Com. on B. & F.

Apr 8, 2024

Assembly · Amendment offered

From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.

Mar 11, 2024

Assembly · Referred to committee

Referred to Com. on B. & F.

Feb 17, 2024

Assembly · Reported by committee

From printer. May be heard in committee March 18.

1 primary · 0 co-sponsors