CaliforniaCalifornia Financing Law: lawsuit financiers.
What it does
The California Financing Law generally regulates the business of finance lenders and brokers and prohibits any person from engaging in those businesses without obtaining a license from the Commissioner of Financial Protection and Innovation. The law also imposes various requirements on licensees who offer or sell commercial loans, as defined.
More detail
This bill would prohibit a person from engaging in the business of lawsuit financing, as defined, without obtaining a license from the commissioner, and would generally regulate the business of lawsuit financiers, as specified. The bill would require a licensee who is a lawsuit financier, as defined, to maintain a surety bond, as prescribed. The bill would include lawsuit financing in the definition of "commercial loan." The bill would make willful violations of the California Financing Law by a licensee who is a lawsuit financier subject to a civil penalty, as specified.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jul 1In committee: Set, first hearing. Hearing canceled at the request of author.Latest
- Jun 11Referred to Coms. on B. & F.I. and JUD.Minor
- Jun 3In Senate. Read first time. To Com. on RLS. for assignment.Minor
- Jun 2Read third time. Passed. Ordered to the Senate. (Ayes 79. Noes 0. Page 1850.)Passed Assembly
- Vote recorded AB 743 Michelle Rodriguez Assembly Third Reading. Result: pass.Lower
- May 27Read second time. Ordered to third reading.Minor
- May 23From committee: Do pass. (Ayes 14. Noes 0.) (May 23).Minor
- Vote recorded Do pass. Result: pass.Lower
- May 14In committee: Set, first hearing. Referred to APPR. suspense file.Minor
- May 6Re-referred to Com. on APPR.Minor
- May 5Read second time and amended.Major
- May 1From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (April 28).Major
- Apr 28Joint Rule 62(a) suspended. (Page 1307.)
- Vote recorded Do pass as amended and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Mar 25Re-referred to Com. on B.&F.Minor
- Mar 24From committee chair, with author's amendments: Amend, and re-refer to Com. on B.&F. Read second time and amended.Major
- Mar 24Referred to Com. on B.&F.Minor
- Feb 19From printer. May be heard in committee March 21.
- Feb 18Read first time. To print.Introduced