Text of the Bill – AB-2001 California Financing Law: long work.

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(1) The activity is not prohibited by, or in violation of, the laws applicable to the affiliate or supervised financial institution.

(c) The following definitions govern the construction of this section:

(2) “Supervised financial institution” means any commercial bank, industrial bank, credit card bank, trust company, savings and loan association, savings bank, credit union, California finance lender, residential mortgage lender or servicer, or insurer, provided that the institution is subject to supervision by an official or agency of this state or of the United States.

(1) “Affiliated” or “affiliate” means the following: A corporation is an affiliate of, or a corporation is affiliated with, another specified corporation if it directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the other specified corporation.

Story Highlights

  • (b) The products or services of an affiliated corporation of the licensee that is a supervised financial institution, or a parent or subsidiary of a supervised financial institution that is an affiliate of the licensee, may be provided, offered, or sold at the licensed location of the licensee without authorization by the commissioner pursuant to subdivision (a) if both of the following are met:

  • (2) The products and services are not offered and sold in a manner that restricts the ability of the borrower or customer to individually select or reject a product or
    service that is offered.

(d)This
section shall become operative on January 1, 2019.