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HomeFinancial CodeDiv. 1Ch. 3Art. 1§ 300 Department Of Financial Protection And Innovation

§ 300 Department Of Financial Protection And Innovation

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 300 Department Of Financial Protection And Innovation

Key Takeaways

  • •There is a special department in California called the Department of Financial Protection and Innovation. They watch over banks, credit unions, and other money businesses to make sure they follow the rules.
  • •This department also keeps an eye on people or companies that deal with money transfers, like sending money to family or paying bills.
  • •They even check on businesses that help people buy homes, invest money, or handle other money stuff to protect people from being tricked.

Example

If you use an app to send money to a friend, like splitting the cost of a pizza, the company behind that app has to follow rules checked by this department.

The Department of Financial Protection and Innovation makes sure the app is safe and not doing anything sneaky with your money.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 300 Department Of Financial Protection And Innovation

(a) In this section: (1) “Business and industrial development corporation” means a corporation licensed under Division 15 (commencing with Section 31000). (2) “Payment instrument” has the same meaning as set forth in Section 2003. (3) “Stored Value” has the same meaning as set forth in subdivision (x) of Section 2003. (b) There is in the state government, in the Business, Consumer Services, and Housing Agency, a Department of Financial Protection and Innovation, which has charge of the execution of, among other laws, the laws of this state relating to any of the following: (1) banks or trust companies or the banking or trust business; (2) savings associations or the savings association business; (3) credit unions or the credit union business; (4) persons who engage in the business of receiving money for transmission or such business; (5) issuers of stored value or such business; (6) issuers of payment instruments or the payment instrument business; (7) business and industrial development corporations or the business and industrial development corporation business; (8) insurance premium finance agencies or the insurance premium finance business; (9) persons offering or making any contract constituting bucketing; (10) persons offering or selling off-exchange commodities; (11) deferred deposit originators; (12) finance lenders and brokers; (13) residential mortgage lenders and servicers; (14) capital access companies; (15) check sellers, bill payers, and proraters; (16) securities issuers, broker-dealers, agents, investment advisers, and investment adviser representatives; (17) mortgage loan originators employed or supervised by finance lenders or residential mortgage lenders; (18) escrow agents; (19) franchisors; (20) persons holding securities as custodians on behalf of securities owners; (21) persons offering or providing consumer financial products or services in this state; and (22) PACE program administrators. (Amended by Stats. 2020, Ch. 157, Sec. 1. (AB 1864) Effective January 1, 2021.)

Last verified: January 23, 2026

Key Terms

corporationinsurancecontractmortgagetrialofferpremiumsecurities

Related Statutes

  • § 329 Bank Regulatory Provisions
  • § 4979.7 Consumer Loan Insurance Prohibition
  • § 18290 Credit Insurance For Loans
  • § 23058 Citation And Penalties
  • § 32402 Corporate Financial Account Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 300.
View Official Source