EnforcementMiscellaneous

Section § 23100

Explanation

This law addresses check cashers in California who were permitted before January 1, 2003, and engaged in deferred deposits before this date. They must pay an assessment and submit a license application by May 15, 2003, to continue this business after December 31, 2004. The fees paid are nonrefundable.

Those holding a check cashing permit must also apply for a license and pay a fee, or face a $25 daily fine for delays. The fines apply until the application and fee are submitted. Applications are handled based on receipt date, and those submitted before December 31, 2004, aren't subject to additional conditions under Section 23011.

The commissioner issues licenses upon receiving the necessary documents and fees, which are used to support state operations for the fiscal year 2003–04.

(a)CA Financial Code § 23100(a) Check cashers that hold a valid permit prior to January 1, 2003, issued pursuant to Section 1789.37 of the Civil Code, and that have been making deferred deposits prior to January 1, 2003, shall do the following prior to engaging in the business of deferred deposits on or after December 31, 2004:
(1)CA Financial Code § 23100(a)(1) Pay the assessment on or before May 15, 2003, pursuant to the provisions of this division for the 2003–04 fiscal year. The fees and assessments paid pursuant to this subdivision shall be nonrefundable.
(2)CA Financial Code § 23100(a)(2) On or before May 15, 2003, submit a license application and pay a license fee pursuant to Article 2 (commencing with Section 23005).
(b)CA Financial Code § 23100(b) Any person that intends to engage in the business of deferred deposits after December 31, 2004, and that holds a check cashing permit from the Attorney General on or before January 2003 and fails to submit a license application or pay a license fee as provided in this subdivision, shall upon the request of the commissioner and applying for a license forfeit to the people of the state a sum of twenty-five dollars ($25) for every day or part of a day that the submission or payment is delayed or withheld. Applications will be processed in the order of the date received by the commissioner. Applications submitted prior to December 31, 2004, shall not be subject to subdivision (c) of Section 23011.
(c)CA Financial Code § 23100(c) The commissioner shall issue a license to a licensee under this division upon receiving payment of the assessment for the 2003–04 fiscal year, the license application, and fee and any additional information the commissioner may require in the application to demonstrate compliance with provisions of this division. The amount collected shall be deposited in the State Corporations Fund and shall be subject to appropriation by the Legislature for the 2003–04 fiscal year.
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Section § 23101

Explanation

This law states that any regulations created by the commissioner before June 30, 2003, need to be adopted as emergency regulations. Once these regulations are ready, the Office of Administrative Law must file them right away with the Secretary of State so they can take effect immediately.

Regulations of the commissioner adopted prior to June 30, 2003, to implement this division shall be adopted as emergency regulations. Upon receipt of the regulations, the Office of Administrative Law shall file the regulations with the Secretary of State for immediate effectiveness.
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Section § 23102

Explanation

This law states that any payday loans (referred to as deferred deposits) made before December 31, 2004, under specific permits, are still valid and subject to earlier laws even though those laws have been repealed. The Department of Justice's actions concerning these transactions continue to apply. Any legal actions started by or against the Department due to these transactions won't stop because authority has shifted to another department.

The deferred deposits made pursuant to a permit issued under Section 1789.37 of the Civil Code prior to December 31, 2004, shall be subject to and enforced to the extent valid under Sections 1789.30 to 1789.37, inclusive, of the Civil Code, as if those sections were not repealed. Any regulation, order, or other action adopted, prescribed, taken, or performed by the Department of Justice or by an officer of that department in connection with deferred deposit transactions made prior to December 31, 2004, shall continue to apply to those transactions. No suit, action, or other proceeding lawfully commenced by or against the Department of Justice or any other officer of the state in relation to deferred deposit transactions made prior to December 31, 2004, shall abate by reason of the transfer of authority concerning deferred deposit transactions to the Department of Financial Protection and Innovation pursuant to Section 23071.
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Section § 23103

Explanation

This law section states that the legislature intends to provide enough resources and funding for regular oversight and examination of licensees, at least every two years. The purpose is to ensure appropriate enforcement actions are taken to protect the public. However, this can only happen if the legislature provides the necessary funds.

It is the intent of the Legislature that this division shall be administered and enforced with sufficient program resources and funding including personnel to examine licensees as often as the commissioner deems necessary and appropriate but at least once every two years, and to authorize enforcement actions that are necessary and appropriate to protect the public. This act should be administered and enforced only to the extent funds are appropriated by the Legislature and made available for this purpose.
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Section § 23104

Explanation

This law states that the rules outlined in this section officially became effective on January 1, 2003. They were set to be fully operational by December 31, 2004. However, the commissioner had the authority to put these rules into practice before that operational date.

Except as provided in this article, the provisions of this division shall become effective on January 1, 2003, and shall become operative on December 31, 2004. However, the commissioner shall have the power and authority to implement the provisions of this division prior to December 31, 2004.
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Section § 23105

Explanation

This section means that if one part of the financial law is found to be invalid or not applicable, the rest of the law remains effective and enforceable. Essentially, flawed parts don't render the whole law useless.

The provisions of this division are severable. If any provision of this division or its application is held invalid, that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application.
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Section § 23106

Explanation

This law establishes a special group of people who are exempt from certain regulations, as allowed by the California Constitution.

This division creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.
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