California Assembly Bill AB2028

California 2025-2026 Regular Session

• Introduced: 2/17/26
• Refer: 3/2/26
• Report Pass: 4/23/26
• Refer: 4/23/26
• Report Pass: 5/6/26
• Engrossed: 5/14/26
• Refer: 5/14/26
• Refer: 5/27/26

Caption

An act to amend Section 23016 of the Financial Code, relating to financial institutions.

Impact

One significant impact of AB 2028 is that it mandates a clear breakdown of financial assessments, which may improve trust and understanding among licensees about how their fees are calculated. The legislation underscores the necessity for licensees to be fully aware of costs associated with their compliance under the Deferred Deposit Transaction Law. By defining the pro rata share and establishing a minimum payment requirement, it streamlines the process for both the commissioner and the licensees, potentially reducing administrative disputes over assessments.

Summary

Assembly Bill 2028, introduced by Assembly Member Chen, seeks to amend Section 23016 of the Financial Code concerning the regulation of deferred deposit transactions in California. The bill aims to clarify the assessment process for licensees involved in making deferred deposit transactions by requiring the Commissioner of Financial Protection and Innovation to provide a detailed invoice or assessment notice. This notice must include the calculations used to determine the amount due from each licensee, ensuring transparency in financial obligations.

Contention

Discussions around AB 2028 may revolve around the implications of increased regulatory scrutiny on financial institutions engaged in deferred deposit transactions. While ensuring regulatory bodies maintain a clear framework for charges may be seen as positive for consumer protection, concerns could arise regarding the financial burden on smaller licensees who may struggle with the mandated minimum fees. Stakeholders may debate whether such requirements benefit the larger financial ecosystem or inadvertently hinder smaller operators.