Section 70000.
70000. For purposes of this division, “fund” means the California Financial Literacy Fund. (Added by Stats. 2011, Ch. 612, Sec. 1. (AB 597) Effective January 1, 2012.)
Section 70001.
70001. (a) The California Financial Literacy Fund is hereby established in the State Treasury. The fund shall be administered by the Controller. (b) The purpose of the fund is to enable partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians’ financial literacy. (c) Funds not appropriated within 18 months of being contributed to […]
Section 70002.
70002. The Controller may accept private donations and deposit those donations into the fund, which shall be made available upon appropriation in the annual Budget Act. Donations shall not be used to promote or market the financial products of any contributor. (Added by Stats. 2011, Ch. 612, Sec. 1. (AB 597) Effective January 1, 2012.)
Section 70003.
70003. The Controller may convene a financial literacy advisory committee to provide additional oversight of the fund and develop strategies to improve financial literacy. If convened, the committee shall comply with the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of […]
Section 50701.
50701. (a) As soon as practical after a borrower requests that the residential mortgage lender licensee arrange a loan to be made by another institutional lender, and before the licensee performs brokerage services for the borrower, the licensee and borrower shall enter into a written loan brokerage agreement that satisfies the requirements of this section. (b) Both […]
Section 70004.
70004. Beginning in 2013, the Controller shall provide to the respective chairpersons of the Assembly Committee on Banking and Finance and the Senate Committee on Banking and Financial Institutions a brief annual summary on the use of the funds, when appropriated. This summary shall be submitted no later than August 30 of each year. (Added […]
Section 50702.
50702. (a) The annual report required by Section 50401(a) shall include both of the following: (1) The number and the aggregate principal amount of closed residential mortgage loans secured by residential real estate in which the licensee provides brokerage services, as defined in this chapter. (2) The number and aggregate principal amount of residential mortgage loans made by […]
Section 80000.
80000. (a) The Legislature finds and declares that “Bank on California” is a voluntary collaborative initiative that assists Californians in opening a bank or credit union account and saving for the future. (b) There is hereby established within the department the Bank on California Program. (Added by Stats. 2015, Ch. 750, Sec. 1. (AB 1292) Effective January […]
Section 50703.
50703. Notwithstanding Section 10248.3 of the Business and Professions Code, the provisions of Article 7 (commencing with Section 10240) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code shall apply to a residential mortgage loan arranged by a licensee pursuant to this chapter, unless that loan exceeds the principal […]
Section 80001.
80001. For purposes of this division, the following terms shall have the following meanings: (a) “Department” means the Department of Financial Protection and Innovation. (b) “Program” means the Bank on California Program. (Amended by Stats. 2022, Ch. 16, Sec. 5. (SB 577) Effective April 28, 2022.)