Store Research
ASSEMBLY BILL 1403 (BEVERLY – 1968)
CHAPTER 864, STATUTES OF 1968 - AB 1403
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In 1968, numerous former Financial Code sections were affected with the passage of Assembly Bill. (See Exhibit #1c) Assembly member Robert Beverly introduced this measure relating to personal property brokers, on April 4, 1968. (See Exhibit #1a) He carried this bill for the Division of Corporations as part of the Administration’s legislative program, based upon recommendations of the Governor’s Task Force. (See Exhibit #4, document PE-1)
The measure was heard in the Assembly Committee on Finance and Insurance and the Senate Committee on Insurance and Financial Institutions where policy issues raised by the bill were considered. (See Exhibits #2 and #3) The Assembly Committee on Ways and Means and the Senate Committee on Finance examined the bill’s fiscal implications. (See Exhibit #2)
Assembly Bill 1403 was amended once in the Assembly prior to legislative approval in both Houses. (See Exhibits #1b and #2) Governor Ronald Reagan signed the bill on July 31st and the Secretary of State recorded it as Chapter 864 of the Statutes of 1968. (See Exhibits #1c and #2)
The 1968 Summary Digest of Statutes Enacted described Assembly Bill 1403 as follows:
Requires rather than permits a loan contract under the Personal Property Brokers Law to provide for payment in substantially equal periodical installments, and further requires the first such installment to be due within a prescribed period from the date the loan is made.
Authorizes Commissioner of Corporations, by regular form, to require personal property brokers licenses to file information regarding changes in the licensee’s application, as the commissioner may reasonably require.
Removes requirement that commissioner annually examine affairs and records of each licensed personal property broker.
Requires all persons subject to the Personal Property Brokers Law, rather than licensees only, pay the actual cost of examinations made by commissioner. Prohibits any person, other than a licensee, from being deemed to be a person subject to the Personal Property Brokers Law for the purpose of provisions relating to examination costs, unless a specified administrative hearing or a court of competent jurisdiction determines such person to be subject to such law.
(See Exhibit #5, page 126)