CA SB819

Renames the Department of Business Oversight to the Department of Financial Protection and Innovation and its commissioner accordingly, transferring all existing powers, duties, and functions to the renamed department.

Enacts the California Consumer Financial Protection Law (CCFPL) to regulate consumer financial products and services, making it unlawful for covered persons to engage in unlawful, unfair, deceptive, or abusive acts or practices.

Grants the department broad enforcement authority including power to bring civil and administrative actions, issue subpoenas, promulgate regulations, conduct investigations, and impose penalties up to $25,000 per day for knowing violations or 1% of total assets.

Creates the Financial Protection Fund to receive all moneys collected under the CCFPL including fees, fines, and penalties, available upon legislative appropriation for administering consumer financial protection laws.

Establishes the Financial Technology Innovation Office and requires the commissioner to annually report to the Legislature on enforcement actions, regulations, business models studied, and outreach activities under the CCFPL.