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CA AB2953

Bill

Official Source

Status

Engrossed

5/30/2018

Primary Sponsor

Monique Limon

Click for details

Origin

State Assembly

2017-2018 Session

AI Summary

  • Prohibits licensees from receiving charges on title loans exceeding 3% per month on the unpaid principal balance
  • Applies to nonpurchase money loans with a principal amount of $2,500 or greater secured by a motor vehicle lien
  • Removes previous requirement for licensees to provide written disclosures about interest rates, default consequences, and amortization schedules
  • Establishes that violations are crimes under the California Financing Law
  • Specifies no state reimbursement is required for local agencies or school districts as costs stem from changes to criminal penalties

Legislative Description

California Financing Law: consumer loans: title loans.

Last Action

In committee: Hearing postponed by committee.

6/27/2018

Committee Referrals

Banking and Financial Institutions6/13/2018
Rules5/31/2018
Appropriations4/3/2018
Banking and Finance3/8/2018

Full Bill Text

No bill text available