CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION
An act to amend Sections 22154 and 22155 of, and to add Section 22157.1 to, the Financial Code, relating to financial institutions.
Existing law, the California Financing Law, prohibits a finance lender, broker, mortgage loan originator, or program administrator licensee from transacting the business licensed or make a loan or administer a PACE program provided for by the law under another name or at another place of business than that named in the license except pursuant to a currently effective written order of the Commissioner of Financial Protection and Innovation authorizing the other name or other place of business.
This bill would authorize a licensed finance lender to designate an employee, when acting within the scope of employment, to perform work on the licensed finance lender’s behalf at a remote location, as defined, if the licensed finance lender takes certain actions, including that the licensed finance lender prohibits a consumer’s personal information from being physically stored at a remote location except for storage on an encrypted device or encrypted media.
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
22154.
(a) A Subject to Section 22157.1, a licensee shall not conduct the business of making loans or administering a PACE program under this division within any office, room, or place of...
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