Added by Stats. 2022, Ch. 544, Sec. 12. (SB 1433) Effective January 1, 2023. Repealed as of January 1, 2027, pursuant to Section 94950.
(a)The bureau’s administration of this article or Article 13 (commencing with Section 94919) shall not preclude the authority of the Department of Financial Protection and Innovation over, and application of the California Consumer Financial Protection Law to, any “covered persons” as defined by subdivision (f) of Section 90005 of the Financial Code, including, but not limited to, private postsecondary educational institutions.
(b)Nothing in this chapter shall constitute regulation of an institution’s financial product or service pursuant to subparagraph (B) of paragraph (2) of subdivision (a) of Section 90009 of the Financial Code, or shall otherwise
be construed to limit the Department of Financial Protection and Innovation’s jurisdiction
with respect to an institution’s financial product or service.
(c)An institution subject to this chapter shall not be considered “acting under the authority” of its status with the bureau pursuant to subdivision (a) of Section 90002 of the Financial Code when offering financial products or services.
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