Title FIN — California Fin. Code

Any person, including a partner or officer of an entity that is a licensee, who willfully violates any provision of this division or who willfully violates any rule or order adopted pursuant to this division, shall, upon conviction, be punished by a fine of not more than ten thou…

(a) The Legislature finds and declares that it is in the public interest for the administration and enforcement of this division to be undertaken by the Department of Financial Protection and Innovation. (b) It is therefore the intent of the Legislature to transfer the existing r…

The Commissioner of Financial Protection and Innovation and the Department of Financial Protection and Innovation shall succeed to, and are vested with, all duties, powers, purposes, responsibilities, and jurisdiction of the Department of Justice as they relate to check cashers w…

The Department of Financial Protection and Innovation may use the unexpended balance of funds available for use in connection with the performance of duties of the Department of Justice to which the Department of Financial Protection and Innovation succeeds pursuant to Section 23…

All officers and employees of the Department of Justice who, on the operative date of this division, are performing any duty, power, purpose, responsibility, or jurisdiction to which the Department of Financial Protection and Innovation succeeds, and who are serving in the civil …

The Department of Financial Protection and Innovation shall have possession and control of all records, criminal history information, papers, equipment, supplies, moneys, funds, appropriations, licenses, permits, contracts, claims, judgments, land, and other property, real or per…

(a) Check cashers that hold a valid permit prior to January 1, 2003, issued pursuant to Section 1789.37 of the Civil Code, and that have been making deferred deposits prior to January 1, 2003, shall do the following prior to engaging in the business of deferred deposits on or aft…

Regulations of the commissioner adopted prior to June 30, 2003, to implement this division shall be adopted as emergency regulations. Upon receipt of the regulations, the Office of Administrative Law shall file the regulations with the Secretary of State for immediate effectivene…

The deferred deposits made pursuant to a permit issued under Section 1789.37 of the Civil Code prior to December 31, 2004, shall be subject to and enforced to the extent valid under Sections 1789.30 to 1789.37, inclusive, of the Civil Code, as if those sections were not repealed.…

It is the intent of the Legislature that this division shall be administered and enforced with sufficient program resources and funding including personnel to examine licensees as often as the commissioner deems necessary and appropriate but at least once every two years, and to …

Except as provided in this article, the provisions of this division shall become effective on January 1, 2003, and shall become operative on December 31, 2004. However, the commissioner shall have the power and authority to implement the provisions of this division prior to Decem…

The provisions of this division are severable. If any provision of this division or its application is held invalid, that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application.

This division creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.

(a) In this section: (1) “Business and industrial development corporation” means a corporation licensed under Division 15 (commencing with Section 31000). (2) “Payment instrument” has the same meaning as set forth in Section 2003. (3) “Stored Value” has the same meaning as set fo…

(a) This chapter is applicable to this division, Division 1.1 (commencing with Section 1000), Division 1.2 (commencing with Section 2000), Division 1.6 (commencing with Section 4800), Division 5 (commencing with Section 14000), Division 7 (commencing with Section 18000), and Divi…

(a) The chief officer of the Department of Financial Protection and Innovation is the Commissioner of Financial Protection and Innovation. The Commissioner of Financial Protection and Innovation is the head of the department with the authority and responsibility over all officers…

(a) In this section, “order” means any approval, consent, authorization, exemption, denial, prohibition, requirement, or other administrative action, applicable to a specific case. (b) Upon the operative date of this section, as amended during the 2019–20 legislative session, the…

The commissioner is appointed by the Governor, and holds office at the pleasure of the Governor. The appointment of the commissioner is subject to confirmation by the Senate.

The commissioner shall be a citizen of the United States and a resident of the state for at least three years prior to his or her appointment. The commissioner shall be chosen solely for his or her qualifications and fitness to perform the duties of his or her office.

The annual salary of the commissioner is provided for by Chapter 6 (commencing with Section 11550) of Part 1 of Division 3 of Title 2 of the Government Code.

The financial accounts and records of the corporation shall be kept by the finance officer according to policies and rules which the board shall adopt.

The corporation shall adopt as its fiscal year the period from July 1st to and including the following June 30th.

In addition to other accounts the board may establish, the financial accounts of the corporation shall include: (a) A general operating account. (b) A general reserve account. (c) An enterprise loan fund. (d) A government guaranteed securities trust fund.

Except as otherwise provided for in this division, all funds received by the corporation shall be deposited in the general operating account of the corporation.

Beginning with the fiscal year which begins July 1, 1982, and each fiscal year thereafter, the board shall not adopt any budget for the corporation in which the projected total operating expenditures exceed the expected balance of the general operating account.

In this article “trust fund” means the government guaranteed securities trust fund of the corporation.

The finance officer shall place into the trust fund all securities held by the corporation which carry a guarantee of repayment issued by the Small Business Administration or guarantee of repayment issued by any other governmental authority.

According to policies and regulations which the board shall adopt, the finance officer shall use his or her best efforts to sell the guaranteed portion of the securities held in the trust fund to private investors or the state.

The proceeds of the sale of government guaranteed securities shall be allocated to the accounts of the corporation in the following manner: (a) That portion of the proceeds of the sale of government guaranteed securities which represents the purchase of the principal amount of th…

Before entering upon the duties of his or her office, the commissioner shall take and subscribe to the constitutional oath of office and file the same with the Secretary of State.

(a) The Commissioner of Financial Protection and Innovation is responsible for the performance of all duties, the exercise of all powers and jurisdiction, and the assumption and discharge of all responsibilities vested by law in the department and the divisions thereunder. The co…

(a) The commissioner shall apply the Interagency Guidance on Nontraditional Mortgage Product Risks issued in September 2006 and the Statement on Subprime Mortgage Lending issued in June 2007 by the Office of the Comptroller of the Currency, the Board of Governors of the Federal R…

(a) The commissioner may make the agreements that he or she deems necessary or appropriate in exercising his or her powers. (b) (1) The agreements authorized under subdivision (a) may include, but are not limited to, agreements with agencies of this state, of other states of the …

(a) For purposes of this section, the following definitions apply: (1) “Applicable law” means: (A) With respect to any bank, Division 1.6 (commencing with Section 4800), and any of the following provisions: (i) Article 6 (commencing with Section 405) of Chapter 3. (ii) Article 3 …

The authority vested in the Superintendent of Banks under subdivision (2) of Section 1 of Article XV of the California Constitution is delegated to the commissioner.

The commissioner may adopt and implement any method of accepting electronic filings of applications, reports, or other matters, which, in the opinion of the commissioner, is secure. Any method of electronic filing chosen by the commissioner shall include a method to verify the id…

(a) (1) A licensee subject to the commissioner’s jurisdiction shall establish and maintain an electronic service address designated for receiving communications and documents that are sent by the commissioner to licensees. This electronic service address shall be provided to the …

(a) (1) In this section, “federal law” includes, but is not limited to, the United States Constitution, any federal statute, any federal court decision, and any regulation, circular, bulletin, interpretation, decision, order, and waiver issued by a federal agency. (2) The definit…

The powers of supervision and examination of all licensees are vested in the commissioner.

The commissioner may promulgate or waive such rules and regulations as may be reasonable or necessary to carry out his or her duties and responsibilities.

(a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carry out his or her duties, may call a meeting of the board of directors of a licensee. (b) A meeting of the board of a licensee called by the commissioner shall be held upon four day…

The commissioner may, at any time, require a licensee to write down any asset held by the licensee to a valuation that will represent the asset’s then fair market value.

(a) The commissioner, when conducting examinations under Section 500, 14250, 16150, or 16700, shall examine a licensee that maintains a correspondent account or payable-through account for compliance with the federal Comprehensive Iran Sanctions, Accountability, and Divestment Ac…

Upon declaration of a state of emergency, pursuant to the California Emergency Services Act (Chapter 7 (commencing with Section 8550) of Division 1 of Title 2 of the Government Code) due to a wildfire, including, but not limited to, any unplanned, unwanted wildland fire, includin…

The chief deputy shall be appointed by the Governor and hold office at the pleasure of the Governor. The annual salary of the chief deputy shall be fixed by the Governor.

(a) The chief officer of the Division of Corporations and Financial Institutions is the Senior Deputy Commissioner of Financial Protection and Innovation for the Division of Corporations and Financial Institutions. The Senior Deputy Commissioner of Financial Protection and Innova…

The commissioner may employ deputies in addition to the chief deputy, and examiners, appraisers, technical assistants, investigators, administrative assistants, clerks, and other employees that he or she may need to discharge in a proper manner the duties imposed upon him or her …

Before entering upon the duties of his or her office each deputy and examiner shall take and subscribe to the constitutional oath of office.

The commissioner may require, at any time, of any deputy, examiner, or other employee of the department, an official bond in such amount as the commissioner may deem necessary. The premium for bonds required by the commissioner shall be an expense of the department.

The Commissioner of Financial Protection and Innovation, the Senior Deputy Commissioner of the Division of Financial Institutions, or any deputy or employee of the Division of Financial Institutions shall not do or be any of the following with respect to any bank, savings associa…