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CA AB2476
Bill
Status
Passed
7/13/2012
Primary Sponsor
Marty Block
Click for details
AI Summary
- Caps interest rates at 6% per year on pre-service debts incurred by military service members during their period of service
- Extends the 6% interest rate cap for one additional year after military service ends for mortgages, trust deeds, and mortgage-like securities
- Allows courts to permit higher interest rates if military service does not materially affect the service member's ability to pay
- Defines "interest" to include service charges, renewal charges, fees, and other charges except bona fide insurance
- Imposes liability for actual damages, reasonable attorney's fees, and costs on violators
Legislative Description
Service member obligations or liabilities: rate of
Last Action
Chaptered by Secretary of State - Chapter 101, Statutes of 2012.
7/13/2012
Committee Referrals
Judiciary5/24/2012
Rules5/14/2012
Judiciary4/11/2012
Veterans Affairs3/22/2012
Full Bill Text
No bill text available