AB 2425: Department of Financial Protection and Innovation: budget reports.

California · Assembly · 2025–2026 Regular Session · last verified August 29, 2026

What AB 2425 does, verified August 29, 2026

<p>The bill requires the commissioner of financial protection and innovation to submit annual budget reports starting March 1, 2027. These reports must detail projected and actual revenues and expenditures for laws enforced by the commissioner. Additionally, for laws that allow the department to collect pro rata assessments and charges to cover administrative costs, the report must explain how these charges are determined.</p>

Bill journey

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6ChapteredCurrent

Last action: Chaptered by Secretary of State - Chapter 141, Statutes of 2026. (2026-08-27)Alert me

Author and sponsors

Asm. Phillip ChenAuthor · California State Assembly

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Recent actions21 total · showing 5

Aug. 27, 2026	Chaptered by Secretary of State - Chapter 141, Statutes of 2026.
Aug. 27, 2026	Approved by the Governor.
Aug. 18, 2026	Enrolled and presented to the Governor at 3:30 p.m.
Aug. 11, 2026	In Assembly. Ordered to Engrossing and Enrolling.
Aug. 10, 2026	Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0.).

Full action history, 16 earlier actionsConnect Plus

Latest bill textChaptered version, August 27, 2026 · 563 words

Assembly Bill No. 2425

CHAPTER 141

An act to add Division 27 (commencing with Section 110005) to the Financial Code, relating to financial institutions.

[ Approved by Governor August 27, 2026. Filed with Secretary of State August 27, 2026. ]

LEGISLATIVE COUNSEL'S DIGEST

AB 2425, Chen. Department of Financial Protection and Innovation: budget reports.

Existing law provides for the licensure and regulation of various financial institutions by the Commissioner of Financial Protection and Innovation. Some of those laws require the commissioner to charge and collect specified fees and assessments.

This bill would require the commissioner to, on or before March 1, 2027, and annually thereafter, report to the Joint Legislative Budget Committee, the Senate Banking and Financial Institutions Committee, and the Assembly Banking and Finance Committee the projected and actual revenues and expenditures, including the difference between revenues and expenditures, for the immediately preceding fiscal year for various laws enforced by the commissioner, as specified.

This bill would require, for each of those laws that authorizes the Department of Financial Protection and Innovation to issue and collect assessments and charges on a pro rata basis to recover the actual costs of administering that law, the department to include in any report pursuant to the bill the method of determining those assessments and charges.

Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Division 27 (commencing with Section 110005) is added to the Financial Code, to read:

DIVISION 27. Budget Reports

110005.

(a) Except as provided in subdivision (b), on or before March 1, 2027, and annually thereafter, the commissioner shall report to the Joint Legislative Budget Committee, the Senate Banking and Financial Institutions Committee, and the Assembly Banking and Finance Committee the projected and actual revenues and expenditures, including the difference between revenues and expenditures, for the immediately preceding fiscal year for all of the following laws administered by the department:

(1) Part 3 (commencing with Section 25200) of Division 1 of Title 4 of the Corporations Code.

(2) Division 5 (commencing with 31000) of Title 4 of the Corporations Code.

(3) Division 20 (commencing with Section 50000).

(4) Division 9 (commencing with Section 22000).

(5) Division 6 (commencing with Section 17000).

(6) Division 10 (commencing with Section 23000).

(7) Division 1.1 (commencing with Section 1000).

(8) Division 1.2 (commencing with Section 2000).

(9) Division 24 (commencing with Section 90000).

(10) Division 25 (commencing with Section 100000).

(11) Division 1.25 (commencing with Section 3101).

(b) The first report required under paragraph (11) of subdivision (a) shall be submitted on or before February 1, 2027, and subsequent annual reports shall be provided by March 1 of each year.

(c) The projected and actual revenues reported pursuant to this section shall be categorized and reported as exam or nonexam revenues. Any nonexam revenues shall be reported in subcategories containing totals for annual assessment revenue, application and licensing fees, renewal fees, fingerprinting fees, penalties and settlement revenue, income from the Surplus Money Investment Fund (SMIF), investigation fees, delinquent fees, and cost recovery.

(d) For each division listed in subdivision (a) that authorizes the Department of Financial Protection and Innovation to issue and collect assessments and charges on a pro rata basis to recover the actual costs of administering that division, the department shall include in any report pursuant to this section the method of determining those assessments and charges.

Text of AB 2425 as chaptered, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions