CA AB3010

Authorizes finance lenders to offer loans up to 36% annual interest rate with a 5% monthly servicing fee (maximum $25/month), provided total charges do not exceed 50% of the original principal and monthly payments do not exceed 5% of gross monthly income or 6% of net monthly income.

Requires licensees making loans under these new provisions to provide written notice 3 business days before collection attempts, limit collection attempts to 2 failures before obtaining new authorization, and restrict originations to maximum 2 loans per consumer per 12-month period.

Exempts active duty military personnel and their dependents from monthly maintenance fees on loans made under the new provisions.

Mandates the Commissioner of Business Oversight establish by July 1, 2019 an internet database to track deferred deposit transactions in real-time, allowing licensees to verify customers do not have outstanding deferred deposit transactions before originating new ones.

Makes database information confidential and exempt from California Public Records Act requests, though the commissioner may publicly release aggregate data without personal identifying information.