Consumer loans: restrictions.
This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.
- Stage
- Session ended
- Started in
- Senate
- Sponsor
- 1
- Latest action
- Feb 3, 2020
What it does
(1) Existing law, the California Financing Law (CFL) , generally provides for the licensure and regulation of finance lenders by the Commissioner of Business Oversight. A knowing and willful violation of the CFL, or a rule or order adopted pursuant to the CFL, is a crime, except as specified. Among other things, the CFL regulates the provision of loan documents to borrowers, the collection of unpaid consumer loans, the repossession of motor vehicles that secure consumer loans, and the collateral sale of products in connection with a consumer loan. The CFL requires a consumer loan to be payable in advance and permits the licensee to apply an advance payment first to any prepayment penalty.
Where it stands
This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.
Introduced (Current step)
Committee (Needs attention)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money in California.