California 2017-2018 Regular Session Status: In Committee 1 D cosponsors

AB 1609 — California Finance Lenders Law: reporting.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  1. ✓
    Introduced
  2. 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 “In Committee” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 Finance Lenders Law, prohibits acting as a finance lender without a license from the Commissioner of Business Oversight and defines a "finance lender" as a person in the business of making consumer or commercial loans. Existing law defines a "consumer loan" as a loan, secured or unsecured, the proceeds of which are to be used primarily for personal, family, or household purposes. Existing law, in certain instances, prescribes the maximum rate of the charges that may be received for making a consumer loan in relation to the amount of the loan. This bill would require the commissioner to prepare and submit a report to the Legislature on or before July 1, 2018, that identifies the availability of credit for low-income and low- and no-credit borrowers in California, and the extent to which the interest rate limitations in the Consumer Finance Lenders Law limit access to credit. The bill would require that report to include specified information. The bill would repeal these provisions as of January 1, 2022.

Bill Text

Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. In committee: Set, first hearing. Hearing canceled at the request of author.

  3. In committee: Hearing postponed by committee.

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

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

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

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

  8. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"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

Subjects

finance
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Frequently asked questions

What does AB 1609 do?
Existing law, the California Finance Lenders Law, prohibits acting as a finance lender without a license from the Commissioner of Business Oversight and defines a "finance lender" as a person in the business of making consumer or commercial loans. Existing law defines a "consumer loan" as a loan, secured or unsecured, the proceeds of which are to be used primarily for personal, family, or household purposes. Existing law, in certain instances, prescribes the maximum rate of the charges that may be received for making a consumer loan in relation to the amount of the loan. This bill would require the commissioner to prepare and submit a report to the Legislature on or before July 1, 2018, that identifies the availability of credit for low-income and low- and no-credit borrowers in California, and the extent to which the interest rate limitations in the Consumer Finance Lenders Law limit access to credit. The bill would require that report to include specified information. The bill would repeal these provisions as of January 1, 2022.
Who sponsors AB 1609?
AB 1609 is sponsored by Gipson, Mike A. (Democratic).
What is the current status of AB 1609?
This bill died with 2017-2018 Regular Session. It reached “In Committee” 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 1609?
Track AB 1609 free on One Click Politics — get push/email alerts when it moves.

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