California 2017-2018 Regular Session Status: Passed Assembly 1 D cosponsors

AB 2953 — California Financing Law: consumer loans: title loans.

Last action — In committee: Hearing postponed by committee.

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

This bill died with 2017-2018 Regular Session. It reached “Passed Assembly” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law, the California Financing Law (CFL) , provides for the licensure and regulation of finance lenders and brokers and, beginning on January 1, 2019, program administrators, by the Commissioner of Business Oversight. The CFL prohibits anyone from engaging in the business of a finance lender or broker without obtaining a license. Existing law defines a finance lender as any person who is engaged in making consumer loans or commercial loans, as defined. A willful violation of the CFL is a crime, except as specified. The CFL prescribes limits on the maximum rate of charges and administrative fees that a licensee may contract for, and receive, on consumer loans of up to $2,500. The CFL requires a licensee, with respect to loans secured by a lien on a motor vehicle, to comply with specified notice requirements related to the disposition of a repossessed or surrendered motor vehicle. The CFL requires that any person who is liable on a consumer loan secured by a lien on a motor vehicle has the right to reinstate the loan in the event of a default by the borrower, subject to certain conditions and exceptions. This bill would prohibit a licensee from receiving charges under a title loan agreement in an amount that is greater than 3% per month on the unpaid principal balance of the title loan. Because a willful violation of the bill's provisions would be a crime, the bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.

Bill Text

Action History

  1. In committee: Hearing postponed by committee.

  2. In committee: Set, first hearing. Failed passage. Reconsideration granted.

  3. Referred to Com. on B. & F.I.

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

  5. Read third time. Passed. Ordered to the Senate. (Ayes 54. Noes 1. Page 5501.)

  6. Read second time. Ordered to third reading.

  7. From committee: Do pass. (Ayes 12. Noes 0.) (May 25).

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

  9. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (April 2). Re-referred to Com. on APPR.

  10. Re-referred to Com. on B. & F.

  11. From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.

  12. Referred to Com. on B. & F.

  13. From printer. May be heard in committee March 19.

  14. Read first time. 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 2953 LIMÓN Assembly Third Reading

Passed 54 Yea · 1 Nay · 23 Other
Party YeaNayPresentNot Voting
Unaffiliated 391017
Democratic 14001
Republican 1005
Total 541023
% of votes cast 69%1%0%29%
How each member voted (78)
Member Party Vote
Acosta — Not Voting
Bigelow — Not Voting
Bloom — Yea
Brough — Yea
Harper — Nay
Kamlager-Dove — Yea
Maienschein — Yea
Mathis — Not Voting
Melendez — Not Voting
Quirk — Yea
Rodriguez — Yea
Steinorth — Not Voting
Thurmond — Yea
Voepel — Not Voting
Weber — Yea
Frazier — Yea
Gonzalez Fletcher — Yea
Gloria — Yea
Holden — Yea
Salas — Yea
Fong — Not Voting
Kiley — Not Voting
Obernolte — Not Voting
Burke — Not Voting
Chávez — Not Voting
Cooley — Not Voting
Cooper — Not Voting
Cunningham — Not Voting
Jones-Sawyer — Yea
Gray — Yea
Rubio — Yea
Levine — Yea
Chau — Yea
Baker — Yea
Chiu — Yea
Chu — Yea
Daly — Yea
Low — Yea
Mayes — Not Voting
McCarty — Yea
Medina — Yea
Mullin — Yea
Nazarian — Yea
O'Donnell — Yea
Rendon — Yea
Santiago — Yea
Ting — Yea
Waldron — Yea
Wood — Yea
Eggman — Yea
Friedman — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Not Voting
Mark Stone — Yea
Travis Allen — Not Voting
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Berman, Marc Democratic Yea
Bonta, Mia Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Gipson, Mike A. Democratic Not Voting
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Chen, Phillip Republican Not Voting
Choi, Steven S. Republican Not Voting
Dahle, Megan Republican Not Voting
Flora, Heath Republican Not Voting
Gallagher, James Republican Not Voting
Lackey, Tom Republican Yea

Official roll call →

Do pass.

Passed 12 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 9004
Democratic 3000
Republican 0001
Total 12005
% of votes cast 71%0%0%29%
How each member voted (17)
Member Party Vote
Quirk — Yea
Eggman — Yea
Chau — Yea
Bigelow — Not Voting
Friedman — Yea
Nazarian — Yea
Gonzalez Fletcher — Yea
Obernolte — Not Voting
Fong — Not Voting
Bloom — Yea
Brough — Not Voting
Eduardo Garcia — Yea
Wendy Carrillo — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Gallagher, James Republican Not Voting

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations]

Passed 7 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 3002
Democratic 4000
Republican 0002
Total 7004
% of votes cast 64%0%0%36%
How each member voted (11)
Member Party Vote
Acosta — Not Voting
Gonzalez Fletcher — Yea
Burke — Not Voting
Weber — Yea
Mark Stone — Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Grayson, Timothy S. Democratic Yea
Limón, Monique Democratic Yea
Chen, Phillip Republican Not Voting
Choi, Steven S. Republican Not Voting

Official roll call →

Subjects

taxation finance
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Frequently asked questions

What does AB 2953 do?
Existing law, the California Financing Law (CFL) , provides for the licensure and regulation of finance lenders and brokers and, beginning on January 1, 2019, program administrators, by the Commissioner of Business Oversight. The CFL prohibits anyone from engaging in the business of a finance lender or broker without obtaining a license. Existing law defines a finance lender as any person who is engaged in making consumer loans or commercial loans, as defined. A willful violation of the CFL is a crime, except as specified. The CFL prescribes limits on the maximum rate of charges and administrative fees that a licensee may contract for, and receive, on consumer loans of up to $2,500. The CFL requires a licensee, with respect to loans secured by a lien on a motor vehicle, to comply with specified notice requirements related to the disposition of a repossessed or surrendered motor vehicle. The CFL requires that any person who is liable on a consumer loan secured by a lien on a motor vehicle has the right to reinstate the loan in the event of a default by the borrower, subject to certain conditions and exceptions. This bill would prohibit a licensee from receiving charges under a title loan agreement in an amount that is greater than 3% per month on the unpaid principal balance of the title loan. Because a willful violation of the bill's provisions would be a crime, the bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors AB 2953?
AB 2953 is sponsored by Limón, Monique (Democratic).
What is the current status of AB 2953?
This bill died with 2017-2018 Regular Session. It reached “Passed Assembly” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2953?
Track AB 2953 free on One Click Politics — get push/email alerts when it moves.

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