California Government Code

§ 100104

GOV § 100104 Effective Jan 1, 2023Title 21.1

Statute text

(a)(1) On or before July 1, 2024, the commission shall conduct, pursuant to subdivision (b), and deliver, pursuant to subdivision (f), a market analysis to determine if it is feasible to implement a “CalAccount Program,” which, if implemented, would have all of the following characteristics:

(A)Would be a program established by the state for the purpose of protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives, which offers Californians access to a voluntary, zero-fee, zero-penalty, federally insured transaction account, known as a CalAccount, and related payment services at no cost to accountholders, including robust and geographically diverse mechanisms for accessing account funds and account management tools that facilitate the automation of basic financial transactions designed to serve the needs of individuals with low or fluctuating income.

(B)Would be administered by a board consisting of all of the following members:

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Legislative history

Amended by Stats. 2022, Ch. 28, Sec. 80. (SB 1380) Effective January 1, 2023. Conditionally operative pursuant to Section 100106. Repealed as of January 1, 2032, pursuant to Section 100108.