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Does not apply to real estate agents acting under the authority of the Department of Real Estate
another state agency’s license (of which a real estate agent acting under the authority of the Department of Real Estate would be example).
Otherwise, the de􏰀nition of a 􏰀nancial product or service includes the provision of real estate settlement services. The DFPI is authorized to investigate and prosecute under existing laws regarding the provision of various consumer 􏰀nancial products or services and to exercise nonexclusive oversight and enforcement authority under California consumer 􏰀nancial laws. This law additionally makes it illegal to engage in in any unlawful, unfair, deceptive, or abusive act or practice with respect to consumer 􏰀nancial products or services.
The Department of Business Oversight is reorganized and renamed to the Department of Financial Protection and Innovation.
The California Consumer Financial Protection Law does not apply to a licensee, or an employee of a licensee, of any state agency other than the Department of Financial Protection and Innovation to the extent that licensee or employee is acting under the authority of the other state agency’s license.
The “Department of Business Oversight” is reorganized and renamed the “Department of Financial Protection and Innovation,” which would be charged with execution of various laws relating to various nancial institutions and nancial services, including banks, trust companies, credit unions, nance lenders, and residential mortgage lenders. It also puts this department in charge of various other laws relating to providing nancial products and services in this state.
This law enacts the California Consumer Financial Protection Law and requires it to regulate the provision of various consumer nancial products or services and to exercise nonexclusive oversight and enforcement authority under California consumer nancial laws and, to the extent permissible, under the federal consumer nancial laws.
It makes it illegal for covered persons or service providers to, among other acts, engage in unlawful, unfair, deceptive, or abusive acts or practices with respect to consumer nancial products or services, or oer or provide a consumer a nancial product or service that is not in conformity with any consumer nancial law.
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