This measure would declare June 28, 2017, as California Nonprofits Day and recognize the importance of nonprofit organizations to the economy and well-being of this state.
This measure would call on the United States Congress and the President of the United States to take appropriate measures to facilitate stability in the Korean region, build goodwill that is conducive to peace on the Korean Peninsula, and minimize potential negative impacts to the South Korean economy, ensuring that the trade relationship between California and South Korea can continue to flourish.
This measure would recognize June 21, 2017, as the 2017 International Day of Yoga in California.
This measure would recognize June 19, 2017, as Juneteenth and would urge the people of California to join in celebrating Juneteenth as a day to honor and reflect on the significant role that African Americans have played in the history of the United States and how they have enriched society through their steadfast commitment to promoting unity and equality.
Existing law requires that all funds received by any person acting as a licensed insurance producer, an administrator, a surplus line broker, or a bail licensee, as premium or return premium on or under any policy of insurance or undertaking of bail, are received and held by that person in his or her fiduciary capacity. Existing law requires a person who holds one of the above-described licenses who receives fiduciary funds to maintain those funds, as provided, including, but not limited to, maintaining those funds on California business, at all times in a trustee bank account or depository in California, separate from any other account or depository, in specified amounts. This bill would delete the requirement that the funds be maintained in a trustee bank account or depository in California and would instead require the funds be maintained in a trust account in a bank or savings and loan association, within any state of the United States, which account is insured by the Federal Deposit Insurance Corporation (FDIC) and is licensed by any state government within the United States or by the United States government. Existing law authorizes an above-described licensee to hold fiduciary funds in bonds, certificates, obligations, certificates of deposit, and repurchase agreements. Existing law requires a bank, as defined, or savings association, as defined, to maintain evidence of those fiduciary funds on California business, in a custodian or trust account in California, separate from any other funds, in specified amounts. This bill, among other things, would delete the reference to the fiduciary funds being in a custodian or trust account in California and the definitions for a bank and a savings association and would require evidence of the funds to be maintained at all times in a trust account in a bank or savings and loan association within any state of the United States, which account is insured by the FDIC and is licensed by any state government within the United States or by the United States government, as specified. The bill would require all administrative actions involving trust accounts to be subject to the jurisdiction of the commissioner, and all suits involving trust accounts to be subject to the jurisdiction of the courts of this state and the federal courts located within the State of California. The bill would require the licensee, as a condition of maintaining its license, to file and maintain with the Insurance Commissioner a written designation of the agent for service of process in this state for the trust account located outside the State of California being utilized by the licensee. The bill would also require any licensee who receives fiduciary funds as cash to initially maintain those funds in a trust account in a bank or savings and loan association in California, licensed by the State of California or the United States government and insured by the FDIC.
This measure would urge the State Board of Education, county offices of education, and local school governing bodies to increase emphasis in their curricula on the bravery, sacrifice, and heroism of the United States and allied forces that engaged in military activity in the China-Burma-India Theater of World War II.
Existing law, the Uniform Electronic Transactions Act (UETA) , generally allows parties to contract to conduct transactions by electronic means, imposes specified requirements on electronic transactions in order to comply with the act, and provides specified protections for electronic transactions conducted pursuant to the act. Existing law defines and regulates the form and content of conditional sale contracts and lease contracts for motor vehicles and excepts these contracts from the application of the UETA. This bill would delete the exemption from the UETA for conditional sale and lease contracts for motor vehicles. The bill would authorize sellers and lessors to choose to offer buyers and lessees the option of signing their respective contracts and agreements electronically. The bill would require certain disclosures to be made in this regard and to be in a document separate from a conditional sale contract or lease contract. The bill would prohibit a seller or lessor from charging a buyer or lessee for a decision not to sign electronically and would prohibit charging more or less for vehicles based on the decision to sign electronically. The bill would require that the disclosures described here be signed at the seller's or lessor's place of business. This bill would require an exact copy of the executed contract to be furnished to the buyer or provided to the lessee at the time the contract is electronically signed, as specified.
(1) Existing law, the California Finance Lenders 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. That law, until January 1, 2023, establishes the Pilot Program for Increased Access to Responsible Small Dollar Loans, which requires licensees and other entities that wish to participate in the program to file an application and pay a specified fee to the commissioner to participate in the program. The program authorizes a licensee approved by the commissioner to participate in the program to impose specified alternative interest rates and charges, including an administrative fee and delinquency fees, on unsecured loans of at least $300 and less than $2,500, subject to certain requirements. The program permits a licensee to use a finder, which is defined as an entity that, at its physical location for business, brings together a borrower and a licensee to negotiate a loan under the program. The program requires the commissioner, annually until July 1, 2021, as specified, to post a report on his or her Internet Web site summarizing utilization of the program. Existing law requires licensed finance lenders to perform specified actions when a loan is repaid, including providing a borrower with certain documents marked paid or an optical reproduction of them. This bill would permit a licensee that consummates electronically an unsecured loan under the Pilot Program for Increased Access to Responsible Small Dollar Loans to satisfy the requirements to provide a borrower with documents marked "paid" by providing the borrower or person making final payment with a receipt, as specified. The bill would eliminate the upper limit on the amount of a permissible loan under the pilot program and make corresponding changes. The bill would revise the statement of legislative findings for the program and specify the applicability of certain pilot program requirements on licensees and specified associates, when making loans above $2,500. The bill would revise the term finder to instead be referral partner and would make various conforming changes in this regard. The bill would revise the conditions under which a licensee may refinance a loan under the pilot program to apply to borrowers who have been current on their loans for a minimum of 8 consecutive months. The bill would permit a referral agent's activities to be done through other means and not necessarily at his or her physical business location. The bill would delete other provisions connected to an entity who uses an electronic access point, as specified, or personally contacts a borrower at a physical business location, among other things. The bill would prohibit a referral partner from performing unsolicited door-to-door or telephonic solicitation. The bill would require licensees who that use referral agents to provide them training, as specified, and to implement procedures to ensure that referral partners act in compliance with the law. The bill would also eliminate the requirement that a licensee provide a borrower of a consummated loan a written copy of a specified disclosure notice within 2 weeks of consummation. The bill would revise requirements on compensating finders by eliminating a limit on total compensation paid over the life of a loan and would prescribe limits on compensation with reference to the contractual lengths of loans. The bill would revise the content of the report that the Commissioner of Business Oversight is required to provide to include certain information on loan applicants who were denied loans and for borrowers who did and did not have credit scores when they obtained loans, among other things. By expanding the definition of a crime, this bill would impose a state-mandated local program. (2) 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.
