Deferred deposit transactions: assessments.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes how fees are calculated and presented for businesses that make deferred deposit transactions in California. Specifically, it requires the Commissioner of Financial Protection and Innovation to include a detailed breakdown of the calculation used to determine the amount owed by each licensee on an invoice or assessment notice. This ensures licensees understand how their fees are determined.
Key provisions
- Licensees must pay a pro rata share of administrative costs.
- The pro rata share is based on the licensee’s total deferred deposit transaction volume compared to all licensees.
- A minimum assessment of $500 per licensed location per year applies.
- Assessments must be mailed to licensees by May 20th.
- Late payments incur a 1% monthly penalty.
- Failure to pay can result in suspension or revocation of a license.
- Assessment notices must include a detailed breakdown of the calculation.
- The commissioner must estimate costs and expenses for the ensuing year.
Who is affected
- Deferred deposit transaction businesses
- California Financial Institutions
- Commissioner of Financial Protection and Innovation
Notable changes
- Requires detailed calculation disclosure on assessment notices.
Bill text
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Sponsors
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1 on record
Primary sponsor
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