(a)The department shall regulate the offering and provision of consumer financial products or services under California consumer financial laws and shall exercise nonexclusive oversight and enforcement authority under California consumer financial laws. To the extent permissible under the federal consumer financial laws, the department shall exercise nonexclusive oversight and enforcement under the federal consumer financial laws.
(b)In addition to existing functions, powers, and duties, the department shall have all of the following functions, powers, and duties in carrying out its responsibilities under this law:
(1)To bring administrative and civil actions, and to
prosecute those civil actions before state and federal courts.
(2)To hold hearings and issue publications, resul
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(a)
The department shall regulate the offering and provision of consumer financial products or services under California consumer financial laws and shall exercise nonexclusive oversight and enforcement authority under California consumer financial laws. To the extent permissible under the federal consumer financial laws, the department shall exercise nonexclusive oversight and enforcement under the federal consumer financial laws.
(b)
In addition to existing functions, powers, and duties, the department shall have all of the following functions, powers, and duties in carrying out its responsibilities under this law:
(1)
To bring administrative and civil actions, and to
prosecute those civil actions before state and federal courts.
(2)
To hold hearings and issue publications, results of inquiries and research, and reports that may aid in effectuating the purposes of this law.
(3)
To perform such other functions as may be authorized or required by law.
(c)
Sections 11040 and 11042 of the Government Code do not apply to this law.
(d)
(1)
The department shall establish the Financial Technology Innovation Office.
(2)
The commissioner may investigate, research, analyze, and report on markets for consumer financial products or services.
(3)
The commissioner may develop and
implement outreach and education programs to underserved consumers and communities.
(4)
The commissioner may develop and implement initiatives to promote innovation, competition, and consumer access within financial services.
(e)
Merchants, retailers, and other sellers of nonfinancial goods and services are excluded from the department’s authority, subject to the following conditions:
(1)
The department may not exercise authority under this division as to the following:
(A)
The bona fide extension of credit by a merchant, retailer, or seller of nonfinancial goods and services to a consumer for the acquisition of a nonfinancial good or service, provided that all of the following conditions are met:
(i)
The credit extended does not significantly exceed the fair market value of the nonfinancial good or service provided.
(ii)
The merchant, retailer, or seller does not sell or otherwise assign the debt, except as to the sale of delinquent debt for the purposes of collection.
(iii)
The merchant, retailer, or seller of nonfinancial goods and services does not regularly extend credit, as defined under the federal Truth in Lending Act (15 U.S.C. Sec. 1601 et seq.) and regulations issued thereunder.
(B)
The collection or sale of delinquent debt arising from credit described in clause (i).
(2)
Nothing in paragraph (1) shall limit the department’s authority to the extent that the department finds the sale of the nonfinancial good or service is
done as a subterfuge, so as to evade or circumvent the provisions of this title.