California Government Code

§ 12895

GOV § 12895 Effective Sep 29, 2020Div. 3 · Title 2 · Part 2.5 · Ch. 5

Statute text

(a)There is in the Business, Consumer Services, and Housing Agency a Department of Financial Protection and Innovation, which has the responsibility for administering various laws. In order to effectively support the Department of Financial Protection and Innovation in the administration of these laws, there is hereby established the Financial Protection Fund, as described further in Section 90007 of the Financial Code. All expenses and salaries of the Department of Financial Protection and Innovation shall be paid out of the Financial Protection Fund, upon appropriation by the Legislature for these purposes.

(b)All the duties and responsibilities to be transferred and any remaining balances of the State Corporations Fund and Financial Institutions Fund, upon appropriation by the Legislature, shall be transferred to the Financial Protection Fund, which is hereby created and designated the successor fund. The State Corporations Fund and Financial Institutions Fund are abolished.

(c)Funds appropriated from the Financial Protection Fund and made available for expenditure for any law or program of the Department of Financial Protection and Innovation may come from the following:

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Legislative history

Amended by Stats. 2020, Ch. 264, Sec. 6. (AB 107) Effective September 29, 2020. [Note: Subd. (g) purports to conditionally repeal itself on Jan. 1, 2021, but it would only become inoperative on that date.]