Does light affect the magnetization of a material?

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Main Question or Discussion Point

My question is really basic, and I've ended up getting a bit confused because of it.

My understanding is that magnetism of a material is based upon the intrinsic electron spin, the rotation of the electron around an atom, and the movement of electrons within a material, i.e- current.

So what my question is, is if light is impinging on a material, how does it affect the magnetization of the material?

Of course, if it's got a suitable energy it would eject electrons from the shells, and lead to current which would affect the magnetization of the material, but I'm more interested in the other two aspects.

Does light increase the magnetization of the material by giving the electron enough energy that it spins around the atom faster? Does it affect the angular momentum of the electron?

Or am I just blabbering?
 

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