California legislators are introducing the first bills in the current biennium. One of these bills, AB 83 (Pacheco), would add an entirely new division to the California Financial Code. This new division would consist of a single section and this single section would consist of a single sentence:
The Department of Financial Protection and Innovation shall require companies to submit to the department an elder abuse prevention plan.
Although it has been said that brevity is the soul of wit,* sometimes brevity is simply witless - like this bill. Will all companies be subject to this requirement or only those licensed or directly regulated by the DFPI? How will an out-of-state company know whether it is subject to this requirement? Is this a one-time requirement or must companies file plans annually or on some other periodic basis? Will the DFPI simply receive the submitted reports or will it review the reports? What are the penalties, if any, for failure to file?
Given that this bill is so scant on important details, I suspect that it is a placeholder for some larger, and perhaps, even markedly different legislation.
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*Wm. Shakespeare, Hamlet Act 2, Sc. 2.
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