Part of Newsom’s newly unveiled 2020-2021 state budget, the financial protection law would be designed “to provide consumers with more protection against unfair, deceptive and abusive practices when accessing financial services and products,” according to a summary of the budget (PDF).

“As the Trump administration undermines and weakens the rules that protect consumers from predatory businesses, California is filling the void and stepping up to protect families and consumers,” Newsom said in an email to a Los Angeles Times columnist, who was the first to report the news.