In a change that escaped my notice, the legislature has seen fit to rename the venerable California Finance Lenders Law as the California Financing Law. This legislation, Stats. 2017, ch. 475 (AB 1284 (Dababneh)), was enacted as urgency legislation that took effect on October 4, 2017. The main purpose of the legislation was not renaming the law but providing for licensing and regulation by the Department of Business Oversight of Property Assessed Clean Energy (PACE) program administrators. In general, the PACE program provides up-front financing to property owners for the installation of renewable energy sources or energy efficiency improvements that are permanently fixed to their properties. These financings are repaid through the owners' property tax bills.
The California Finance Lenders Law dates back to 1994 when the legislature melded three existing lending laws: the Personal Property Brokers Law; the Consumer Finance Lenders Law; and the Commercial Finance Lenders Law. Stats. 1994, Ch. 1115. I am not sure what motivated the name change, but it is inconvenient. By my count, some 11 statutes will need to be amended to reflect the name change (Bus. & Prof. Code § 10166.07; Civ. Code §§ 1770 & 1916.5; Com. Code § 9201; Corp. Code § 25118; Fin. Code §§ 4970, 4995, 18027 & 22002; Ins. Code § 1758.993; and Prob. Code § 11604.5).
New Head of Financial Services Division Announced
Recently, Mona Elsheikh was promoted to the position of Deputy Commissioner for the Financial Services Division of the Department of Business Oversight. As Deputy Commissioner, she is responsible for the overall administration and supervision of the program’s licensees and staff. Ms. Elsheikh joined the DBO in 2005. She is a graduate of California State University, Long Beach, with a degree in Business Administration.