reglab/statecodes huggingface dataset:
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 2 - Licensure › Section 3225.

3225. The commissioner shall regularly report violations of this division, enforcement actions under this division, and other relevant information to the Nationwide Multistate Licensing System and Registry, but only to the extent that the information is publicly available.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 3 - Examination › Section 3301.

3301. (a) (1) (A) The department may, at any time and from time to time, examine the business and any office, within or outside this state, of any licensee, or any agent of a licensee, in order to ascertain whether the business is being conducted in a lawful manner and whether all digital financial asset business activity is properly accounted for.
(B) The directors, officers, and employees of a licensee, or agent of a licensee, being examined by the department shall exhibit to the department, on request, any or all of the licensee’s accounts, books, correspondence, memoranda, papers, and other records and shall otherwise facilitate the examination so far as it may be in their power to do so.
(2) The department may examine a licensee pursuant to this subdivision without prior notice to the licensee.
(b) A licensee shall pay the reasonable and necessary costs of an examination under this section to the commissioner and the commissioner may maintain an action for the recovery of the cost in any court of competent jurisdiction. In determining the cost of the examination, the commissioner may use the estimated average hourly cost for all persons performing examinations of licensees or other persons subject to this division for the fiscal year.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 3 - Examination › Section 3303.

3303. (a) A licensee shall maintain, for all digital financial asset business activity with, or on behalf of, a resident for five years after the date of the activity, a record of all of the following:
(1) Any transaction of the licensee with, or on behalf of, the resident or for the licensee’s account in this state, including all of the following:
(A) The identity of the resident.
(B) The form of the transaction.
(C) The amount, date, and payment instructions given by the resident.
(D) The account number, name, and United States Postal Service mailing address of the resident, and, to the extent feasible, other parties to the transaction.
(2) The aggregate number of transactions and aggregate value of transactions by the licensee with, or on behalf of, the resident and for the licensee’s account in this state expressed in United States dollar equivalent of digital financial assets for the previous 12 calendar months.
(3) Any transaction in which the licensee exchanged one form of digital financial asset for legal tender or another form of digital financial asset with, or on behalf of, the resident.
(4) A general ledger maintained at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee.
(5) Any business call report the licensee is required to create or provide to the department.
(6) Bank statements and bank reconciliation records for the licensee and the name, account number, and United States Postal Service mailing address of any bank the licensee uses in the conduct of its digital financial asset business activity with, or on behalf of, the resident.
(7) A report of any dispute with the resident.
(b) A licensee shall maintain records required by subdivision (a) in a form that enables the department to determine whether the licensee is in compliance with this division, any court order, and the laws of this state.
(c) If a licensee maintains records outside this state that pertain to transactions with, or on behalf of, a resident, the licensee shall make the records available to the department not later than three days after request, or, on a determination by the department, at a later time.
(d) All records maintained by a licensee are subject to inspection by the department.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 3 - Examination › Section 3305.

3305. The department may cooperate, coordinate, jointly examine, consult, and share records and other information with a self-regulatory organization, a federal or state agency, law enforcement, or a regulator of a jurisdiction outside the United States, concerning the affairs and conduct of a licensee in this state.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 3 - Examination › Section 3307.

3307. (a) A licensee shall file with the department a report of the following, as may be applicable:
(1) A material change in information in the application for a license under this division or the most recent annual report of the licensee under this division.
(2) A change in the licensee’s business for the conduct of its digital financial asset business activity with, or on behalf of, a resident that meets one of the following criteria:
(A) The change may raise a legal or regulatory issue about the permissibility of the licensee’s digital financial business activity.
(B) The proposed change may raise safety and soundness or operational concerns.
(C) The proposed change is to digital financial business activity that may cause such activity to be materially different from that previously listed on the application for licensing by the commissioner.
(3) A change of an executive officer, responsible individual, or person in control of the licensee.
(b) A report required by this section shall be filed not later than 15 days after the change described in subdivision (a).
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 4 - Enforcement › Section 3401.

3401. For the purpose of this chapter, “enforcement measure” means an action that includes, but is not limited to, all of the following:
(a) Suspend or revoke a license under this division.
(b) Order a person to cease and desist from doing digital financial asset business activity with, or on behalf of, a resident.
(c) Request the court to appoint a receiver for the assets of a person doing digital financial asset business activity with, or on behalf of, a resident.
(d) Request the court to issue temporary, preliminary, or permanent injunctive relief against a person doing digital financial asset business activity with, or on behalf of, a resident.
(e) Assess a penalty under Section 3407.
(f) Recover on the security under Section 3207 and initiate a plan to distribute the proceeds for the benefit of a resident injured by a violation of this division, or law of this state other than this division that applies to digital financial asset business activity with, or on behalf of, a resident.
(g) Impose necessary or appropriate conditions on the conduct of digital financial asset business activity with, or on behalf of, a resident.
(h) Seek restitution on behalf of a resident if the department shows economic injury due to a violation of this division.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 4 - Enforcement › Section 3405.

3405. (a) Except as provided in subdivision (b), the department may take an enforcement measure only after notice and opportunity for a hearing as appropriate in the circumstances.
(b) (1) (A) The department may take an enforcement measure, other than the imposition of a civil penalty under Section 3407, without notice if the circumstances require action before notice can be given.
(B) A person subject to an enforcement measure pursuant to this paragraph shall have the right to an expedited postaction hearing by the department unless the person has waived the hearing.
(2) (A) The department may take an enforcement measure, other than the imposition of a civil penalty under Section 3407, after notice and without a prior hearing if the circumstances require action before a hearing can be held.
(B) A person subject to an enforcement measure pursuant to this paragraph shall have the right to an expedited postaction hearing by the department unless the person has waived the hearing.
(3) The department may take an enforcement measure, other than the imposition of a civil penalty under Section 3407, after notice and without a hearing if the person conducting digital financial asset business activity with, or on behalf of, a resident does not timely request a hearing.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 4 - Enforcement › Section 3407.

3407. (a) If a person other than a licensee has engaged, is engaging, or is about to engage in digital financial asset business activity with, or on behalf of, a resident in violation of this division, the department may assess a civil penalty against the person in an amount not to exceed one hundred thousand dollars ($100,000) for each day the person is in violation of this division.
(b) If a licensee or covered person materially violates a provision of this division, the department may assess a civil penalty in an amount not to exceed twenty thousand dollars ($20,000) for each day of violation or for each act or omission in violation.
(c) A civil penalty under this section continues to accrue until the date the violation ceases.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 4 - Enforcement › Section 3409.

3409. (a) Revocation of a license under this division is effective against a licensee one day after the department sends notice in a record of the revocation to the licensee by a means reasonably selected for the notice to be received by the recipient in one day to the address provided for receiving communications from the department.
(b) Suspension of a license under this division or an order to cease and desist is effective against a licensee or other person one day after the department sends notice in a record of the suspension or order to the licensee or other person by a means reasonably selected for the notice to be received by the recipient in one day to the address provided for receiving communications from the department or, if no address is provided, to the recipient’s last known address. A suspension or order to cease and desist remains in effect until the earliest of the following:
(1) Entry of an order by the department under the Administrative Procedure Act, as described in Section 11370 of the Government Code.
(2) Entry of a court order setting aside or limiting the suspension or order to cease and desist.
(3) A date specified by the department.
(c) If, without reason to know of the department’s notice sent under this section, a licensee or other person does not comply in accordance with the notice until the notice is actually received at the address provided, the department may consider the delay in compliance in imposing a sanction for the failure.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 4 - Enforcement › Section 3411.

3411. The department may enter into a consent order with a person regarding an enforcement measure. The order may provide that it does not constitute an admission of fact by a party.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 4 - Enforcement › Section 3413.

3413. Whenever the commissioner deems it necessary for the general welfare of the public, the commissioner has continuous authority to exercise the powers set forth in this division whether or not an application for a license has been filed with the commissioner, any license has been issued, or if issued, has been surrendered, suspended, or revoked.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 4 - Enforcement › Section 3415.

3415. (a) This chapter shall not be construed to provide a private right of action to a resident.
(b) The duties and obligations imposed by this chapter are cumulative with any other duties or obligations imposed under any other law, and shall not be construed to relieve any party from any duties or obligations imposed under any other law.
(c) This section does not preclude an action by a resident to enforce rights under Section 3503.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 5 - Disclosures and Protections › Section 3507.

3507. A covered person shall prominently display on its internet website a toll-free telephone number through which a resident can contact the licensee for customer service issues and receive live customer assistance. The telephone line shall be operative 10 hours per day, Monday through Friday, excluding federal holidays.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 5 - Disclosures and Protections › Section 3509.

3509. The requirements imposed on a covered person or a covered exchange under this chapter shall be operative on July 1, 2025.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 6 - Stablecoins › Section 3601.

3601. (a) Except as provided in Section 3603, a covered person shall not exchange, transfer, or store a digital financial asset or engage in digital financial asset administration, whether directly or through an agreement with a digital financial asset control services vendor, if that digital financial asset is a stablecoin unless both of the following are true:
(1) The issuer of the stablecoin is an applicant, is licensed pursuant to this division, or is a bank, a trust company licensed pursuant to Section 1042, or a national association authorized under federal law to engage in a trust banking business.
(2) The issuer of the stablecoin at all times owns eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding stablecoins issued or sold.
(b) For purposes of this chapter:
(1) “Eligible securities” means the United States currency eligible securities described in subdivision (b) of Section 2082 or foreign currency eligible securities described in subdivision (c) of Section 2082 as required by the laws or regulations of other jurisdictions.
(2) “Nominal redemption value” means the value at which a digital financial asset can be readily converted, on demand at the time of issuance, into United States dollars or any other national or state currency or a monetary equivalent or otherwise accepted in payment or to satisfy debts denominated in United States dollars or any national or state currency.
(3) “Stablecoin” means a digital financial asset that is pegged to the United States dollar or another national currency and is marketed in a manner that intends to establish a reasonable expectation or belief among the general public that the instrument will retain a nominal value that is so stable as to render the nominal value effectively fixed.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 6 - Stablecoins › Section 3605.

3605. The requirements imposed by this chapter shall be operative on July 1, 2025.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 7 - Policies and Procedures › Section 3702.

3702. (a) An applicant, before submitting its application, shall establish and maintain in a record a policy or procedure designed to ensure compliance with this division, and law of this state other than this division, if the other law is relevant to the digital financial asset business activity contemplated by the licensee or the scope of this division or this division could assist in the purpose of the other law because violation of the other law has a remedy under this division.
(b) A policy or procedure under subdivision (a) shall be compatible, and not conflict, with requirements applicable to a licensee under other state law or under federal law and may be a policy or procedure in existence for the licensee’s digital financial asset business activity with, or on behalf of, a resident.
(c) After the policies and procedures required under this section are created by the licensee, the licensee shall engage a responsible individual with adequate authority and experience to monitor any policy or procedure, publicize it as appropriate, recommend changes as desirable, and enforce it.
(d) A licensee may request advice from the department regarding compliance with this section and, with the department’s approval, outsource functions, other than compliance, required under this section.
(e) Failure of a particular policy or procedure adopted under this section to meet its goals in a particular instance is not a ground for liability of the licensee if the policy or procedure was created, implemented, and monitored properly. Repeated failures of a policy or procedure are evidence that the policy or procedure was not created or implemented properly.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 8 - Miscellaneous Provisions › Section 3801.

3801. The provisions of this division are severable. If any provision of this division or its application is held invalid, that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application.
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 9 - Digital Financial Asset Transaction Kiosks › Section 3901.

3901. For purposes of this division:
(a) “Charges” means either of the following:
(1) Fees or expenses paid by the customer.
(2) The difference between the current market price of the digital financial asset on a licensed digital financial asset exchange and the price of the digital financial asset charged to the customer.
(b) (1) “Digital financial asset transaction kiosk” means an electronic information processing device that is capable of accepting or dispensing cash in exchange for a digital financial asset.
(2) As used in this subdivision, “cash” means physical United States currency, both coins and paper currency.
(c) “Licensed digital financial asset exchange” means a digital financial asset exchange that is not an operator and has either of the following:
(1) A license to conduct virtual currency business activity in this state or the State of New York pursuant to Part 200 of Title 23 of the New York Codes, Rules and Regulations.
(2) A license pursuant to this division.
(d) “Operator” means a person who owns, operates, or manages a digital financial asset transaction kiosk located in this state.
(Added by Stats. 2023, Ch. 871, Sec. 1. (SB 401) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 9 - Digital Financial Asset Transaction Kiosks › Section 3902.

3902. An operator shall not accept or dispense more than one thousand dollars ($1,000) in a day from or to a customer via a digital financial asset transaction kiosk.
(Added by Stats. 2023, Ch. 871, Sec. 1. (SB 401) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 9 - Digital Financial Asset Transaction Kiosks › Section 3904.

3904. On or after January 1, 2025, an operator shall not collect charges, whether direct or indirect, from a customer related to a single digital financial asset transaction that exceed the greater of the following:
(a) Five dollars ($5).
(b) Fifteen percent of the United States dollar equivalent of digital financial assets involved in the transaction according to the publicly quoted market price of the digital asset on a licensed digital financial asset exchange at the time the customer initiates the transaction.
(Added by Stats. 2023, Ch. 871, Sec. 1. (SB 401) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 9 - Digital Financial Asset Transaction Kiosks › Section 3905.

3905. (a) (1) On or after January 1, 2025, before a digital financial asset transaction, an operator shall provide a written disclosure in English and in the same language principally used by the operator to advertise, solicit, or negotiate with a customer containing the terms and conditions of the transaction, which shall include, at a minimum, all of the following:
(A) The amount of a digital financial asset involved in the transaction.
(B) The amount, in United States dollars, of any fees, expenses, and charges collected by the operator.
(C) The United States dollar price of the digital financial asset that is charged to the customer and the United States dollar price of the digital financial asset as listed by a licensed digital financial asset exchange.
(D) If an operator does not provide a method to reverse or refund a transaction, a warning that all transactions are final and cannot be undone.
(2) The disclosure required by this subdivision shall be clear and conspicuous and provided separately from any other disclosure provided by the operator.
(b) An operator shall provide a customer with a receipt for any transaction made at the operator’s digital financial asset transaction kiosk that includes all of the following information:
(1) The name of the customer.
(2) The date and time of the transaction.
(3) The name of the operator.
(4) The amount of a digital financial asset involved in the transaction.
(5) The amount of United States dollars involved in the transaction.
(6) The amount, in United States dollars, of any fees collected by the operator in relation to the transaction.
(7) The amount, in United States dollars, of any spread between the United States dollar price of the digital financial asset that is charged to the customer and the United States dollar price of the digital financial asset as listed by a licensed digital financial asset exchange.
(8) The name of the licensed digital financial asset exchange the operator used to calculate the spread described in paragraph (7).
(Added by Stats. 2023, Ch. 871, Sec. 1. (SB 401) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 9 - Digital Financial Asset Transaction Kiosks › Section 3906.

3906. (a) An operator shall provide to the department a list of all locations of digital financial asset transaction kiosks that the operator owns, operates, or manages in this state.
(b) An operator shall provide the department with updates to the list required by this section within 30 days of any changes.
(c) The department shall make the list required by this section for each operator available to the public on the department’s internet website.
(Added by Stats. 2023, Ch. 871, Sec. 1. (SB 401) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.25 - Digital Financial Assets Businesses › CHAPTER 9 - Digital Financial Asset Transaction Kiosks › Section 3907.

3907. (a) On or after July 1, 2025, an operator shall comply with Section 3201 to the extent that the operator engages in digital financial asset business activity.
(b) If an operator does not engage in digital financial asset business activity but allows or facilitates another person to engage in digital financial asset business activity via a digital financial asset transaction kiosk that is owned, operated, or managed by the operator, the operator shall do all of the following:
(1) On or after July 1, 2025, ensure that the person engaging in digital financial asset business activity via the digital financial asset transaction kiosk has a license pursuant to this division.
(2) Ensure that any charges collected from a customer, whether collected by the operator, a person engaging in digital financial asset business activity via the digital financial asset transaction kiosk, or both, comply with the limits provided by Section 3904.
(3) Comply with all other provisions of this chapter.
(Added by Stats. 2023, Ch. 871, Sec. 1. (SB 401) Effective January 1, 2024.)
2023 California Code › Financial Code - FIN › DIVISION 1.3 - THE SETTING OF FEES IN CONSUMER CREDIT AGREEMENTS AND RELATED CONSUMER PROTECTIONS › Section 4000.

4000. (a) For purposes of this division, the following terms have the following meanings:
(1) “Charge cardholder” and “charge card issuer” have the meaning defined in Section 1748.21 of the Civil Code and “charge card” means those cards defined in subdivision (a) of Section 1748.21 of the Civil Code and upon which the full balance is due and payable in each billing cycle.
(2) “Consumer” means a natural person.
(3) “Consumer credit agreement” means any written instrument providing for an extension of unsecured open-end credit for personal, family, or household purposes, that governs the relationship between a supervised financial organization and one or more consumers.
(4) “Charge card agreement” means the written instrument that creates and governs the relationship between a charge card issuer and one or more consumers.
(5) “Minimum payment” means that amount of money recited on a billing statement for an open-end credit account that must be received by the supervised financial institution by a specified due date.
(6) “Open-end credit” has the meaning set forth in Section 1026.2(a)(20) of Regulation Z.
(7) “Regulation Z” means any rule, regulation, or interpretation promulgated by the Consumer Financial Protection Bureau under the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), and any interpretation or approval issued by an official or employee of the Federal Reserve System duly authorized by the director of the bureau under the Truth in Lending Act, as amended, to issue interpretations or approvals.
(8) “Security interest” has the meaning set forth in Section 1026.2(a)(25) of Regulation Z.
(9) “Supervised financial organization” means a state or federally regulated bank, savings association, savings bank, or credit union, or a subsidiary of any of the above.
(10) “Unsecured” means that the supervised financial organization is not granted a security interest in personal or real property under the consumer credit agreement.
(b) Notwithstanding any other provisions of law, the definitions contained in this section shall control transactions governed by this division.
(Amended by Stats. 2014, Ch. 64, Sec. 11. (AB 2742) Effective January 1, 2015.)
2023 California Code › Financial Code - FIN › DIVISION 1.3 - THE SETTING OF FEES IN CONSUMER CREDIT AGREEMENTS AND RELATED CONSUMER PROTECTIONS › Section 4002.

4002. (a) (1) Upon the request of a person who has obtained a police report pursuant to Section 530.6 of the Penal Code, a supervised financial organization shall provide to the person, or to a law enforcement officer specified by the person, copies of all application forms or application information containing the person’s name, address, or other identifying information pertaining to the application filed with the supervised financial organization by an unauthorized person in violation of Section 530.5 of the Penal Code.
(2) Before providing the person with copies pursuant to paragraph (1), the supervised financial organization shall inform the requesting person of the categories of identifying information that the unauthorized person used to complete the application, and shall require the requesting person to provide identifying information in those categories and a copy of the police report.
(3) The supervised financial organization shall provide copies of all forms and information required by this section, without charge, within 10 business days of receipt of the person’s request and submission of the required copy of the police report and identifying information.
(b) (1) Before a supervised financial organization provides copies to a law enforcement officer pursuant to paragraph (1) of subdivision (a), the supervised financial organization may require the requesting person to provide them with a signed and dated statement by which the person does all of the following:
(A) Authorizes disclosure for a stated period.
(B) Specifies the name of the agency or department to which the disclosure is authorized.
(C) Identifies the type of records that the person authorizes to be disclosed.
(2) The supervised financial organization shall include in the statement to be signed by the requesting person a notice that the person has the right at any time to revoke the authorization.
(c) As used in this section, “law enforcement officer” means a peace officer as defined by Section 830.1 of the Penal Code.
(Added by Stats. 2001, Ch. 493, Sec. 2. Effective January 1, 2002.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4050.

4050. This division shall be known and may be cited as the California Financial Information Privacy Act.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4051.

4051. (a) The Legislature intends for financial institutions to provide their consumers notice and meaningful choice about how consumers’ nonpublic personal information is shared or sold by their financial institutions.
(b) It is the intent of the Legislature in enacting the California Financial Information Privacy Act to afford persons greater privacy protections than those provided in Public Law 106-102, the federal Gramm-Leach-Bliley Act, and that this division be interpreted to be consistent with that purpose.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4051.5.

4051.5. (a) The Legislature finds and declares all of the following:
(1) The California Constitution protects the privacy of California citizens from unwarranted intrusions into their private and personal lives.
(2) Federal banking legislation, known as the Gramm-Leach-Bliley Act, which breaks down restrictions on affiliation among different types of financial institutions, increases the likelihood that the personal financial information of California residents will be widely shared among, between, and within companies.
(3) The policies intended to protect financial privacy imposed by the Gramm-Leach-Bliley Act are inadequate to meet the privacy concerns of California residents.
(4) Because of the limitations of these federal policies, the Gramm-Leach-Bliley Act explicitly permits states to enact privacy protections that are stronger than those provided in federal law.
(b) It is the intent of the Legislature in enacting this division:
(1) To ensure that Californians have the ability to control the disclosure of what the Gramm-Leach-Bliley Act calls nonpublic personal information.
(2) To achieve that control for California consumers by requiring that financial institutions that want to share information with third parties and unrelated companies seek and acquire the affirmative consent of California consumers prior to sharing the information.
(3) To further achieve that control for California consumers by providing consumers with the ability to prevent the sharing of financial information among affiliated companies through a simple opt-out mechanism via a clear and understandable notice provided to the consumer.
(4) To provide, to the maximum extent possible, consistent with the purposes cited above, a level playing field among types and sizes of businesses consistent with the objective of providing consumers control over their nonpublic personal information, including providing that those financial institutions with limited affiliate relationships may enter into agreements with other financial institutions as provided in this division, and providing that the different business models of differing financial institutions are treated in ways that provide consistent consumer control over information-sharing practices.
(5) To adopt to the maximum extent feasible, consistent with the purposes cited above, definitions consistent with federal law, so that in particular there is no change in the ability of businesses to carry out normal processes of commerce for transactions voluntarily entered into by consumers.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4052.5.

4052.5. Except as provided in Sections 4053, 4054.6, and 4056, a financial institution shall not sell, share, transfer, or otherwise disclose nonpublic personal information to or with any nonaffiliated third parties without the explicit prior consent of the consumer to whom the nonpublic personal information relates.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4053.5.

4053.5. Except as otherwise provided in this division, an entity that receives nonpublic personal information from a financial institution under this division shall not disclose this information to any other entity, unless the disclosure would be lawful if made directly to the other entity by the financial institution. An entity that receives nonpublic personal information pursuant to any exception set forth in Section 4056 shall not use or disclose the information except in the ordinary course of business to carry out the activity covered by the exception under which the information was received.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4054.

4054. (a) Nothing in this division shall require a financial institution to provide a written notice to a consumer pursuant to Section 4053 if the financial institution does not disclose nonpublic personal information to any nonaffiliated third party or to any affiliate, except as allowed in this division.
(b) A notice provided to a member of a household pursuant to Section 4053 shall be considered notice to all members of that household unless that household contains another individual who also has a separate account with the financial institution.
(c) (1) The requirement to send a written notice to a consumer may be fulfilled by electronic means if the following requirements are met:
(A) The notice, and the manner in which it is sent, meets all of the requirements for notices that are required by law to be in writing, as set forth in Section 101 of the federal Electronic Signatures in Global and National Commerce Act.
(B) All other requirements applicable to the notice, as set forth in this division, are met, including, but not limited to, requirements concerning content, timing, form, and delivery. An electronic notice sent pursuant to this section is not required to include a return envelope.
(C) The notice is delivered to the consumer in a form the consumer may keep.
(2) A notice that is made available to a consumer, and is not delivered to the consumer, does not satisfy the requirements of paragraph (1).
(3) Any electronic consumer reply to an electronic notice sent pursuant to this division is effective. A person that electronically sends a notice required by this division to a consumer may not by contract, or otherwise, eliminate the effectiveness of the consumer’s electronic reply.
(4) This division modifies the provisions of Section 101 of the federal Electronic Signatures in Global and National Commerce Act. However, it does not modify, limit, or supersede the provisions of subsection (c), (d), (e), (f), or (h) of Section 101 of the federal Electronic Signatures in Global and National Commerce Act, nor does it authorize electronic delivery of any notice of the type described in subsection (b) of Section 103 of that federal act.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4057.

4057. (a) An entity that negligently discloses or shares nonpublic personal information in violation of this division shall be liable, irrespective of the amount of damages suffered by the consumer as a result of that violation, for a civil penalty not to exceed two thousand five hundred dollars ($2,500) per violation. However, if the disclosure or sharing results in the release of nonpublic personal information of more than one individual, the total civil penalty awarded pursuant to this subdivision shall not exceed five hundred thousand dollars ($500,000).
(b) An entity that knowingly and willfully obtains, discloses, shares, or uses nonpublic personal information in violation of this division shall be liable for a civil penalty not to exceed two thousand five hundred dollars ($2,500) per individual violation, irrespective of the amount of damages suffered by the consumer as a result of that violation.
(c) In determining the penalty to be assessed pursuant to a violation of this division, the court shall take into account the following factors:
(1) The total assets and net worth of the violating entity.
(2) The nature and seriousness of the violation.
(3) The persistence of the violation, including any attempts to correct the situation leading to the violation.
(4) The length of time over which the violation occurred.
(5) The number of times the entity has violated this division.
(6) The harm caused to consumers by the violation.
(7) The level of proceeds derived from the violation.
(8) The impact of possible penalties on the overall fiscal solvency of the violating entity.
(d) In the event a violation of this division results in the identity theft of a consumer, as defined by Section 530.5 of the Penal Code, the civil penalties set forth in this section shall be doubled.
(e) The civil penalties provided for in this section shall be exclusively assessed and recovered in a civil action brought in the name of the people of the State of California in any court of competent jurisdiction by any of the following:
(1) The Attorney General.
(2) The functional regulator with jurisdiction over regulation of the financial institution as follows:
(A) In the case of banks, savings associations, credit unions, commercial lending companies, and bank holding companies, by the Department of Financial Protection and Innovation, Division of Financial Institutions or the appropriate federal authority.
(B) In the case of any person engaged in the business of insurance, by the Department of Insurance.
(C) In the case of any investment broker or dealer, investment company, investment adviser, residential mortgage lender or finance lender, by the Department of Financial Protection and Innovation, Division of Corporations.
(D) In the case of a financial institution not subject to the jurisdiction of any functional regulator listed under subparagraphs (A) to (C), inclusive, above, by the Attorney General.
(Amended by Stats. 2022, Ch. 452, Sec. 105. (SB 1498) Effective January 1, 2023.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4058.

4058. Nothing in this division shall be construed as altering or annulling the authority of any department or agency of the state to regulate any financial institution subject to its jurisdiction.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4058.5.

4058.5. This division shall preempt and be exclusive of all local agency ordinances and regulations relating to the use and sharing of nonpublic personal information by financial institutions. This section shall apply both prospectively and retroactively.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4058.7.

4058.7. Nothing in this division shall prevent an insurer, as defined in Section 23 of the Insurance Code, from combining the form required by subdivision (d) of Section 4053 with the form required pursuant to Article 6.6 (commencing with Section 791) of Chapter 1 of Part 2 of Division 1 of the Insurance Code and state regulations implementing the provisions of that article, provided that the combined form meets the requirements contained in paragraph (1) of subdivision (d) of Section 4053.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4059.

4059. The provisions of this division shall be severable, and if any phrase, clause, sentence, or provision is declared to be invalid or is preempted by federal law or regulation, the validity of the remainder of this division shall not be affected thereby.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Section operative July 1, 2004, pursuant to Section 4060.)
2023 California Code › Financial Code - FIN › DIVISION 1.4 - CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT › Section 4060.

4060. This division shall become operative on July 1, 2004.
(Added by Stats. 2003, Ch. 241, Sec. 1. Effective January 1, 2004. Note: This section prescribes a delayed operative date for Division 1.2 (later renumbered to 1.4) as added by Stats. 2003, Ch. 241, commencing with Section 4050.)
2023 California Code › Financial Code - FIN › DIVISION 1.5 - FINANCIAL INSTITUTIONS › Section 4100.

4100. On or after July 1, 2006, a supervised financial institution shall not issue a consumer deposit account number to a customer, if that account number was previously held by another customer of the institution, until at least three years have passed since the account of the other customer was closed. For purposes of this section, “consumer deposit account number” means an account number that the financial institution uses to identify a natural person’s checking account or share draft account established primarily for personal, family, or household purposes and that includes the routing number of that institution that is used to identify the institution responsible for the payment of negotiable instruments.
(Added by Stats. 2005, Ch. 340, Sec. 1. Effective January 1, 2006.)
2023 California Code › Financial Code - FIN › DIVISION 1.6 - DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title, Construction, and Severability › Section 4800.

4800. This division shall be known and may be cited as the “Depository Corporation Sale, Merger, and Conversion Law.”
(Added by Stats. 1982, Ch. 1411, Sec. 3.)
2023 California Code › Financial Code - FIN › DIVISION 1.6 - DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title, Construction, and Severability › Section 4801.

4801. In this division, unless otherwise expressly provided:
(a) A reference to a statute or to a regulation includes the statute or regulation, as amended, whether before or after the effective date of this division, as well as any new statute or regulation substituted for the statute or regulation after the effective date of this division.
(b) A reference to a governmental agency or to a public officer includes any governmental agency or public officer which succeeds after the effective date of this division to substantially the same functions as those performed by the governmental agency or public officer on the effective date of this division.
(Added by Stats. 1982, Ch. 1411, Sec. 3.)
2023 California Code › Financial Code - FIN › DIVISION 1.6 - DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title, Construction, and Severability › Section 4802.

4802. If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall not affect other provisions or applications of this division which can be given effect without the invalid, illegal, or unenforceable provision or application, and, to this end, the provisions of this division are declared to be severable.
(Added by Stats. 1982, Ch. 1411, Sec. 3.)
2023 California Code › Financial Code - FIN › DIVISION 1.6 - DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION › CHAPTER 1 - General Provisions › ARTICLE 1 - Short Title, Construction, and Severability › Section 4803.

4803. If and to the extent that any provision of this division is preempted by federal law, the provision does not apply and shall not be enforced.
(Added by Stats. 1995, Ch. 480, Sec. 95.1. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 1.6 - DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION › CHAPTER 1 - General Provisions › ARTICLE 2 - Definitions › Section 4805.01.

4805.01. Subject to additional definitions contained in this division that are applicable to specific provisions of this division and unless the context otherwise requires:
(a) The definitions in this article apply throughout this division.
(b) The definitions in Chapter 1 (commencing with Section 99) of Division 1 and in Section 1750 apply throughout this division. For this purpose, “this division,” as used in Sections 139 and 141, means:
(1) In the case of a California state bank, Division 1 (commencing with Section 99), Division 1.1 (commencing with Section 1000), and this division.
(2) In the case of a California state savings association, this division and Division 2 (commencing with Section 5000).
(Amended by Stats. 2013, Ch. 334, Sec. 46. (SB 537) Effective January 1, 2014.)