Section 22380.5 Of Article 3.6. Pilot Program For Increased Access To Responsible Small Dollar Loans From California Financial Code >> Division 9. >> Chapter 2. >> Article 3.6.
22380.5
. (a) The Pilot Program for Affordable Credit-Building
Opportunities as described in Article 3.5 (commencing with Section
22348) is abolished.
(b) All powers, duties, purposes, jurisdiction, responsibilities,
and functions of the Commissioner of Corporations with respect to the
former Article 3.5 (commencing with Section 22348) are transferred
to the Commissioner of Business Oversight.
(c) Any licensee approved to participate in the Pilot Program for
Affordable Credit-Building Opportunities as described in the former
Article 3.5 (commencing with Section 22348) shall be transferred to,
and subject to, the provisions of this article.
(d) Any outstanding loans made under the former Pilot Program for
Affordable Credit-Building Opportunities as described in Article 3.5
(commencing with Section 22348) shall continue in existence and be
valid on and after January 1, 2014, subject to those terms and
conditions that existed at the time the loan was made pursuant to the
former Article 3.5 (commencing with Section 22348).
(e) Data submitted to the commissioner by licensees accepted to
the former Pilot Program for Affordable Credit-Building Opportunities
shall be summarized by the commissioner in the report due to the
Legislature on or before July 1, 2015, pursuant to subdivision (a) of
Section 22380.