California 2013-2014 Regular Session Status: Enacted

AB 2377 — Student loans: California Student Loan Refinancing Program.

Last action — Chaptered by Secretary of State - Chapter 816, Statutes of 2014.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 21, 2014. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 8 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Under existing law, the California Educational Facilities Authority Act, the California Educational Facilities Authority is, among other things, authorized to borrow money and issue bonds, notes, and other obligations. The authority is also authorized to hold or invest in student loans, create pools of student loans, and sell bonds bearing interest on a taxable or tax-exempt basis or other interests backed by the pools of student loans. This bill would establish the California Student Loan Refinancing Program under the administration of the authority, with the goal of helping eligible college graduates to refinance student loan debt at favorable rates by creating a revolving fund so that additional refinancing may occur to help more qualified borrowers, as defined, through the creation of a loss reserve account, as defined. The bill would authorize the authority to contract with any financial institution, as defined, for the purpose of allowing the financial institution to participate in the program. The bill would require the authority to establish a loss reserve account, consisting of moneys deposited by the authority, as specified, for each financial institution with which the authority enters into a contract. The bill would specify the conditions under which a qualified loan, as defined, may be enrolled in the program in order to obtain the protection against loss provided by its loss reserve account. The bill would establish eligibility requirements for qualified borrowers to participate in the program. The bill would require the authority to submit an annual report to the Governor and the Legislature describing the program's financial condition and results, as specified. The bill would authorize the board of the authority to adopt emergency regulations for the implementation of the program established by the bill. Because this bill would authorize the authority to raise and expend funds for new purposes, the bill would make an appropriation.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 816, Statutes of 2014.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 3:30 p.m.

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 72. Noes 4. Page 6521.).

  5. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 27 pursuant to Assembly Rule 77.

  6. Read third time. Passed. Ordered to the Assembly. (Ayes 29. Noes 5. Page 4819.).

  7. Read second time and amended. Ordered to third reading.

  8. From committee: Do pass as amended. (Ayes 5. Noes 0.) (August 14).

  9. In committee: Placed on APPR. suspense file.

  10. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 1.) (June 25). Re-referred to Com. on APPR.

  11. Referred to Com. on ED.

  12. In Senate. Read first time. To Com. on RLS. for assignment.

  13. Read third time. Passed. Ordered to the Senate. (Ayes 74. Noes 2. Page 5272.)

  14. Read second time. Ordered to third reading.

  15. Read second time and amended. Ordered to second reading.

  16. From committee: Do pass as amended. (Ayes 13. Noes 0.) (May 23).

  17. In committee: Set, first hearing. Referred to APPR. suspense file.

  18. From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0.) (April 29). Re-referred to Com. on APPR.

  19. Referred to Com. on HIGHER ED.

  20. Read first time.

  21. From printer. May be heard in committee March 25.

  22. Introduced. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on · 1 voted No

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 2377 PÉREZ, J. Concurrence in Senate Amendments

Passed 72 Yea · 4 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 66402
Democratic 4000
Republican 2001
Total 72403
% of votes cast 91%5%0%4%
How each member voted (79)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Bloom — Yea
Bradford — Yea
Brown — Yea
Buchanan — Yea
Holden — Yea
Linder — Yea
Mansoor — Nay
Nazarian — Yea
Pan — Yea
Quirk — Yea
Ridley-Thomas — Yea
Ting — Yea
Wieckowski — Yea
Lowenthal — Yea
Frazier — Yea
Gatto — Yea
Garcia — Yea
Gray — Yea
Atkins — Yea
Gordon — Yea
Fong — Yea
Campos — Yea
Chau — Yea
Bonilla — Yea
Hagman — Yea
Hall — Yea
Jones-Sawyer — Yea
Levine — Yea
Logue — Yea
Bocanegra — Yea
Maienschein — Yea
John A. Pérez — Yea
Medina — Yea
Salas — Yea
Melendez — Yea
Mullin — Yea
Chesbro — Yea
Allen — Nay
Ammiano — Yea
Bigelow — Yea
Chávez — Yea
Conway — Yea
Cooley — Yea
Dababneh — Yea
Daly — Yea
Eggman — Yea
Nestande — Yea
Olsen — Yea
Perea — Yea
Rendon — Yea
Rodriguez — Yea
Skinner — Yea
Waldron — Yea
Weber — Yea
Wilk — Yea
Williams — Yea
Harkey — Not Voting
Donnelly — Nay
Wagner — Nay
Dickinson — Yea
Fox — Yea
Yamada — Yea
Gomez — Yea
Gorell — Yea
Beth Gaines — Not Voting
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Dahle, Megan Republican Not Voting
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

3rd Reading AB2377 John A. Pérez By Block

Passed 29 Yea · 5 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 27505
Democratic 2001
Total 29506
% of votes cast 73%13%0%15%
How each member voted (40)
Member Party Vote
Block — Yea
Huff — Yea
Lara — Yea
Morrell — Nay
Nielsen — Yea
Pavley — Yea
Steinberg — Yea
Wright — Not Voting
Evans — Yea
DeSaulnier — Yea
Wyland — Nay
Fuller — Yea
Galgiani — Yea
Cannella — Yea
Corbett — Yea
Correa — Yea
Hancock — Not Voting
Mitchell — Yea
De León — Yea
Hernandez — Not Voting
Hill — Yea
Hueso — Yea
Anderson — Nay
Beall — Yea
Knight — Nay
Leno — Yea
Lieu — Yea
Liu — Yea
Monning — Yea
Roth — Yea
Torres — Yea
Vidak — Yea
Walters — Not Voting
Wolk — Yea
Yee — Not Voting
Beth Gaines — Nay
Bill Berryhill — Yea
Calderon, Lisa Democratic Not Voting
Jackson, Corey A. Democratic Yea
Padilla, Stephen C. Democratic Yea

Official roll call →

Do pass as amended.

Passed 5 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 4002
Democratic 1000
Total 5002
% of votes cast 71%0%0%29%
How each member voted (7)
Member Party Vote
De León — Yea
Hill — Yea
Lara — Yea
Steinberg — Yea
Walters — Not Voting
Beth Gaines — Not Voting
Padilla, Stephen C. Democratic Yea

Official roll call →

AB 2377 PÉREZ, J. Assembly Third Reading

Passed 74 Yea · 2 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 68202
Democratic 4000
Republican 2001
Total 74203
% of votes cast 94%3%0%4%
How each member voted (79)
Member Party Vote
Achadjian — Yea
Ammiano — Yea
Bloom — Yea
Bradford — Yea
Brown — Yea
Buchanan — Yea
Harkey — Yea
Levine — Yea
Linder — Yea
Olsen — Yea
Perea — Yea
Rendon — Yea
Skinner — Yea
Waldron — Yea
Wilk — Yea
Hagman — Yea
Daly — Yea
Lowenthal — Yea
Gatto — Yea
Garcia — Yea
Gray — Yea
Atkins — Yea
Gordon — Yea
Fong — Yea
Campos — Yea
Chau — Yea
Allen — Nay
Frazier — Not Voting
Mansoor — Not Voting
Donnelly — Nay
Bonilla — Yea
Hall — Yea
Holden — Yea
Jones-Sawyer — Yea
Logue — Yea
Maienschein — Yea
Bocanegra — Yea
Medina — Yea
John A. Pérez — Yea
Melendez — Yea
Salas — Yea
Mullin — Yea
Nazarian — Yea
Chesbro — Yea
Nestande — Yea
Alejo — Yea
Bigelow — Yea
Chávez — Yea
Conway — Yea
Cooley — Yea
Dababneh — Yea
Dickinson — Yea
Eggman — Yea
Pan — Yea
Quirk — Yea
Ridley-Thomas — Yea
Rodriguez — Yea
Ting — Yea
Wagner — Yea
Weber — Yea
Wieckowski — Yea
Williams — Yea
Fox — Yea
Yamada — Yea
Gomez — Yea
Gorell — Yea
Beth Gaines — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Dahle, Megan Republican Not Voting
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass as amended.

Passed 13 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 12003
Democratic 1000
Republican 0001
Total 13004
% of votes cast 76%0%0%24%
How each member voted (17)
Member Party Vote
Bradford — Yea
Linder — Yea
Ridley-Thomas — Yea
Gomez — Yea
Campos — Yea
Holden — Yea
Bocanegra — Yea
Pan — Yea
Quirk — Yea
Bigelow — Not Voting
Donnelly — Not Voting
Eggman — Yea
Wagner — Not Voting
Weber — Yea
Gatto — Yea
Calderon, Lisa Democratic Yea
Jones, Brian W. Republican Not Voting

Official roll call →

Subjects

finance education
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Frequently asked questions

What does AB 2377 do?
Under existing law, the California Educational Facilities Authority Act, the California Educational Facilities Authority is, among other things, authorized to borrow money and issue bonds, notes, and other obligations. The authority is also authorized to hold or invest in student loans, create pools of student loans, and sell bonds bearing interest on a taxable or tax-exempt basis or other interests backed by the pools of student loans. This bill would establish the California Student Loan Refinancing Program under the administration of the authority, with the goal of helping eligible college graduates to refinance student loan debt at favorable rates by creating a revolving fund so that additional refinancing may occur to help more qualified borrowers, as defined, through the creation of a loss reserve account, as defined. The bill would authorize the authority to contract with any financial institution, as defined, for the purpose of allowing the financial institution to participate in the program. The bill would require the authority to establish a loss reserve account, consisting of moneys deposited by the authority, as specified, for each financial institution with which the authority enters into a contract. The bill would specify the conditions under which a qualified loan, as defined, may be enrolled in the program in order to obtain the protection against loss provided by its loss reserve account. The bill would establish eligibility requirements for qualified borrowers to participate in the program. The bill would require the authority to submit an annual report to the Governor and the Legislature describing the program's financial condition and results, as specified. The bill would authorize the board of the authority to adopt emergency regulations for the implementation of the program established by the bill. Because this bill would authorize the authority to raise and expend funds for new purposes, the bill would make an appropriation.
Who sponsors AB 2377?
AB 2377 is sponsored by V. Manuel Pérez.
What is the current status of AB 2377?
This bill has been enacted into law. Introduced February 21, 2014. Enacted.
Where can I track AB 2377?
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