§ 22380.5. — 22380.5. (Amended by Stats. 2022, Ch. 452, Sec. 139.)

California § 22380.5.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 9.: DIVISION 9. CALIFORNIA FINANCING LAW
• Ch. 2.: CHAPTER 2. Consumer Loans
• Art. 3.6.: ARTICLE 3.6. Pilot Program for Increased Access to Responsible Small Dollar Loans

Text

(a)
The Pilot Program for Affordable Credit-Building Opportunities as described in Article 3.5 (commencing with Section 22348) is abolished.
(b)
All powers, duties, purposes, jurisdiction, responsibilities, and functions of the Commissioner of Corporations with respect to the former Article 3.5 (commencing with Section 22348) are transferred to the Commissioner of Financial Protection and Innovation.
(c)
Any licensee approved to participate in the Pilot Program for Affordable Credit-Building Opportunities as described in the former Article 3.5 (commencing with Section 22348) shall be transferred to, and subject to, the provisions of this article.
(d)
Any outstanding loans made under the former Pilot Program for Affordable Credit-Building Opportunities as described in Article 3.5 (commencing with Section 22348) shall continue in existence and be valid on and after January 1, 2014, subject to those terms and conditions that existed at the time the loan was made pursuant to the former Article 3.5 (commencing with Section 22348).
(e)
Data submitted to the commissioner by licensees accepted to the former Pilot Program for Affordable Credit-Building Opportunities shall be summarized by the commissioner in the report due to the Legislature on or before July 1, 2015, pursuant to subdivision (a) of Section 22380.

Legislative History

Amended by Stats. 2022, Ch. 452, Sec. 139. (SB 1498) Effective January 1, 2023. Repealed as of January 1, 2028, pursuant to Section 22381.