Deferred deposit transactions: assessments.

The California Deferred Deposit Transaction Law (CDDTL) generally provides for the licensure and regulation by the Commissioner of Financial Protection and Innovation of a person who engages in the business of making deferred deposit transactions whereby a person defers depositing a customer's personal check until a specific date pursuant to a written agreement for a fee or other charge. Existing law requires each licensee to pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of the CDDTL, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. Existing law requires this assessment to be based on the number of locations. This bill, instead of requiring the assessment to be based on the number of locations, would require the pro rata share to be the proportion that a licensee's total dollar amount of deferred deposit transactions made bears to the aggregate total dollar amount of deferred deposit transactions made by all licensees as shown by specified annual reports to the commissioner, except that the bill would prohibit a licensee from being assessed or paying less than $500 per licensed location per year.