AB 2425: Department of Financial Protection and Innovation: budget reports.

Existing law provides for the licensure and regulation of various financial institutions by the Commissioner of Financial Protection and Innovation. Some of those laws require the commissioner to charge and collect specified fees and assessments.

This bill would require the commissioner to, on or before March 1, 2027, and annually thereafter, report to the Joint Legislative Budget Committee, the Senate Banking and Financial Institutions Committee, and the Assembly Banking and Finance Committee the projected and actual revenues and expenditures, including the difference between revenues and expenditures, for the immediately preceding fiscal year for various laws enforced by the commissioner, as specified.

This bill would require, for each of those laws that authorizes the Department of Financial Protection and Innovation to issue and collect assessments and charges on a pro rata basis to recover the actual costs of administering that law, the department to include in any report pursuant to the bill the method of determining those assessments and charges.