Financial institutions.

(1) Existing law abolishes the office of the Commissioner of Financial Institutions and the Department of Financial Institutions and transfers the powers, duties, responsibilities, and functions thereof to the Commissioner of Business Oversight and the Department of Business Oversight, respectively. Existing law also abolishes the office of the Commissioner of Corporations and the Department of Corporations and transfers the powers, duties, responsibilities, and functions thereof to the Commissioner of Business Oversight and the Department of Business Oversight, respectively. This bill would make conforming changes in multiple code sections. (2) Existing federal law abolishes the position of Director of the Office of Thrift Supervision and the Office of Thrift Supervision and transfers all functions and rulemaking authority of those entities relating to the supervision of savings associations to the Office of the Comptroller of the Currency and the Comptroller of the Currency, respectively. This bill would make conforming changes to California law. (3) Existing law, the Corporate Securities Law of 1968, prescribes qualification and filing requirements for the sale of securities. The law defines "security" for these purposes to include a "viatical settlement contract" and incorporates the definition of the term "viatical settlement contract" as specified in an obsolete provision of law of the Insurance Code. This bill would, instead, define "viatical settlement contract" for these purposes, similar to the prior definition in the Insurance Code, to mean an agreement between parties regarding a life insurance policy on the life of a third party that meets specified requirements. (4) Existing federal law, the ICC Termination Act of 1995, abolishes the Interstate Commerce Commission and transfers federal oversight powers regarding railroads to the Surface Transportation Board. This bill would make conforming changes to California law. (5) Existing law requires the State Water Resources Control Board to succeed to and be vested with all of the authority, duties, powers, purposes, functions, responsibilities, and jurisdiction of the State Department of Public Health for specified purposes. This bill would make conforming changes. (6) Existing law, the Corporate Securities Law of 1968, generally regulates the offer and sale of corporate securities within the state. The law references federal laws, the Securities Exchange Act of 1934 and the Securities Act of 1933. This bill would provide that those references are to the respective federal laws as amended. (7) This bill would make other conforming and nonsubstantive changes to provisions relating to financial institutions and securities.