BILL NUMBER: SB 1046	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Polanco

                        FEBRUARY 23, 2001

   An act to amend Section 22107 of the Financial Code, relating to
finance lenders.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1046, as introduced, Polanco.  Finance lenders.
   Existing law, the California Finance Lenders Law, requires a
person to be licensed by the Commissioner of Corporations in order to
engage in the business of a finance lender or broker.  Existing law
requires a licensee to pay to the commissioner a specified amount
assessed by the commissioner.
   This bill would make a nonsubstantive change to that provision
relating to the payment a licensee is required to make.
   Vote:  majority.  Appropriation:  no.  Fiscal committee:  no.
State-mandated local program:  no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:


  SECTION 1.  Section 22107 of the Financial Code is amended to read:

   22107.  (a) Each licensee shall pay to the commissioner its pro
rata share of all costs and expenses reasonably incurred in the
administration of this division, as estimated by the commissioner,
for the ensuing year and any deficit actually incurred or anticipated
in the administration of the program in the year in which the
assessment is made.  The pro rata share shall be the proportion that
a licensee's  gross income bears to the aggregate gross income of all
licensees as shown by the annual financial reports to the
commissioner, for the costs and expenses remaining after the amount
assessed pursuant to subdivision (c).
   (b) On or before the 30th day of May  in   of
 each year, the commissioner shall notify each licensee by mail
of the amount assessed and levied against  it  
the licensee  and that amount shall be paid within 20 days
thereafter.  If payment is not made within 20 days, the commissioner
shall assess and collect a penalty, in addition to the assessment, of
1 percent of the assessment for each month or part of a month that
the payment is delayed or withheld.
   (c) In the levying and collection of the assessment, a licensee
shall neither be assessed for nor be permitted to pay less than two
hundred fifty dollars ($250) per licensed location per year.
   (d) If a licensee fails to pay the assessment on or before the
30th day of June following the day upon which payment is due, the
commissioner may by order summarily suspend or revoke the certificate
issued to the licensee.  If  ,  after an order is
made, a request for hearing is filed in writing within 30 days, and a
hearing is not held within 60 days thereafter, the order is deemed
rescinded as of its effective date.  During any period when its
certificate is revoked or suspended, a licensee shall not conduct
business pursuant to this division except as may be permitted by
order of the commissioner.  However, the revocation, suspension, or
surrender of a certificate shall not affect the powers of the
commissioner as provided in this division.