(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:
(1) Fees and any other amounts charged and collected pursuant to Section 25608 of the Corporations Code, except for fees and other amounts charged and collected pursuant to subdivisions (o) to (r), inclusive, of Section 25608 of the Corporations Code.
(2) Fees collected pursuant to subdivisions (a), (b), (c), and (d) of Section 25608.1 of the Corporations Code.
(d) This section shall not apply to moneys collected or received by the commissioner under Division 5 (commencing with Section 14000) of the Financial Code.
(e) On and after the operative date of this subdivision, any reference in any law to the Financial Institutions Fund shall be deemed a reference to the Financial Protection Fund, and any reference in any law to the State Corporations Fund shall be deemed a reference to the Financial Protection Fund.
(f) On and after the operative date of this subdivision, any reference in any law to the Department of Business Oversight shall be deemed a reference to the Department of Financial Protection and Innovation.
(g) This subdivision shall become operative on the date that an act adding Division 25 (commencing with Section 100000) to the Financial Code takes effect.
(1) On and after the operative date of this subdivision, all the duties, responsibilities and remaining balances of the Debt Collection Licensing Fund shall be transferred to the Financial Protection Fund.
(2) On or after the operative date of this subdivision, fines and penalties collected pursuant to Division 25 (commencing with Section 100000) of the Financial Code shall be made available for expenditure for any law or program of the Department of Financial Protection and Innovation.
(3) On and after the operative date of this subdivision, the Debt Collection Licensing Fund is abolished.
(4) On and after the operative date of this subdivision, any reference to the Debt Collection Licensing Fund shall be deemed a reference to the Financial Protection Fund.
(5) If an act adding Division 25 to the Financial Code does not take effect, this subdivision shall become inoperative and is effectively repealed beginning January 1, 2021.
(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.])