Amended
IN
Senate
June 10, 2024 |
Amended
IN
Assembly
April 11, 2023 |
Introduced by Assembly Member Grayson (Principal coauthor: Senator Dodd) |
February 16, 2023 |
Existing law, the California Consumer Financial Protection Law, generally regulates the provision of consumer financial products and services by covered persons. The law requires the Commissioner of Financial Protection and Innovation to, among other things, prepare and publish on the Department of Financial Protection and Innovation’s internet website an annual report detailing actions taken during the prior year under the law. The law requires the report to include information on actions taken with respect to rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.
This bill would, until January 1,
2028, require the report described above to separate information described above with respect to crypto assets and associated consumer financial products and services, as specified, from information described above with respect to other consumer financial products and services.
(a)The commissioner shall prepare and publish on the department’s internet website an annual report detailing actions taken during the prior year under this division.
(b)The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to both of the following:
(1)(A)Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.
(B)The
report required by this subdivision shall separate information described by subparagraph (A) with respect to crypto assets and associated consumer financial products and services, pursuant to Executive Order No. N-09-22, from information described by subparagraph (A) with respect to other consumer financial products and services.
(2)The activities of the Office of Financial Technology Innovation.
(c)The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
(d)This section shall remain in effect only until January 1, 2028, and as of that date is repealed.
(a)The commissioner shall prepare and publish on the department’s internet website an annual report detailing actions taken during the prior year under this division.
(b)The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to both of the following:
(1)Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.
(2)The activities of the Office of Financial Technology Innovation.
(c)The report may include recommendations, including those intended
to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.
(d)This section shall become operative on January 1, 2028.