California 2021-2022 Regular Session Status: In Committee 3 D cosponsors

SB 754 — Economic development: low- to moderate-income communities: Equity in Lending and Fair Recovery Act.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

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

This bill died with 2021-2022 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 Small Business Financial Assistance Act of 2013, requires the California Infrastructure and Economic Development Bank to administer the Small Business Finance Center, which administers programs that assist businesses seeking new capital resources, including, but not limited to, the Small Business Loan Guarantee Program. Existing law establishes the Small Business Expansion Fund and requires, among other things, that the fund provide guarantees to loans offered by financial institutions and financial companies, as those terms are defined, to small businesses, as provided. Existing law, the California Pollution Control Financing Authority Act, establishes the California Pollution Control Financing Authority, with specified powers and duties, and authorizes the authority to approve financing for projects or pollution control facilities to prevent or reduce environmental pollution. This bill would enact the Equity in Lending and Fair Recovery Act to require the California Pollution Control Financing Authority to establish and administer the Equity in Lending and Fair Recovery Program, in accordance with specified requirements, for the purpose of supporting and expanding eligible lender access to lending capital and borrower access to responsible installment loans for low- to moderate-income individuals and communities. The bill would require the program to provide partial loan guarantees and other credit enhancements for eligible lenders, as defined, to access additional capital to expand the availability of eligible loans, as defined. This bill would, among other things, require the authority to require that participating eligible lenders pay premiums, fees, and interest sufficient to cover the reasonable administrative costs of the program and manage the risk of defaults associated with the program. The bill would require that these premiums, fees, and interest payments be deposited into the Equity in Lending and Fair Recovery Fund, which this bill would establish as a continuously appropriated fund, thereby making an appropriation. This bill would authorize the authority to establish and operate a program to provide grants to support minority-owned small businesses, as defined, allocated through a competitive application process in accordance with specified requirements. The bill would make moneys in the fund available for these grants only to the extent that there are sufficient moneys in the fund for purposes of this bill's provisions. The bill would require the authority to charge an application fee to each grantee under this program, in an amount sufficient to cover the reasonable costs of the authority in administering that program. This bill would appropriate $25,000,000 to the authority for deposit into the fund, to be used for initial startup costs relating to the establishment and operation of the Equity in Lending and Fair Recovery Program.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.

  3. April 7 set for first hearing canceled at the request of author.

  4. Set for hearing April 7.

  5. Re-referred to Coms. on B. & F.I. and B., P. & E.D.

  6. From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  7. Referred to Com. on RLS.

  8. Joint Rule 55 suspended. (Ayes 32. Noes 4. Page 272.)

  9. (Ayes 32. Noes 4.)

  10. Art. IV. Sec. 8(a) of the Constitution dispensed with.

  11. Read first time.

  12. From printer. May be acted upon on or after March 24.

  13. Introduced. To Com. on RLS. for assignment. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 7 co-sponsors · 114 not signed on

Sponsors (1)

  • Hertzberg

Co-sponsors (7)

Not signed on (114)

114 members have not signed on to this bill.

Show all 114 →

"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

Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations]

Passed 15 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Democratic 6002
Republican 2001
Unaffiliated 7000
Total 15003
% of votes cast 83%0%0%17%
How each member voted (18)
Member Party Vote
Eggman — Yea
Min — Yea
Dodd — Yea
Bradford — Yea
Skinner — Yea
Wilk — Yea
Newman — Yea
Ashby, Angelique V. Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Not Voting
Durazo, Maria Elena Democratic Yea
Gonzalez, Lena A. Democratic Yea
McGuire, Mike Democratic Yea
Rubio, Susan Democratic Yea
Stern, Henry I. Democratic Not Voting
Dahle, Megan Republican Yea
Grove, Shannon Republican Not Voting
Seyarto, Kelly Republican Yea

Official roll call →

Subjects

finance civil-rights labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 754 do?
Existing law, the Small Business Financial Assistance Act of 2013, requires the California Infrastructure and Economic Development Bank to administer the Small Business Finance Center, which administers programs that assist businesses seeking new capital resources, including, but not limited to, the Small Business Loan Guarantee Program. Existing law establishes the Small Business Expansion Fund and requires, among other things, that the fund provide guarantees to loans offered by financial institutions and financial companies, as those terms are defined, to small businesses, as provided. Existing law, the California Pollution Control Financing Authority Act, establishes the California Pollution Control Financing Authority, with specified powers and duties, and authorizes the authority to approve financing for projects or pollution control facilities to prevent or reduce environmental pollution. This bill would enact the Equity in Lending and Fair Recovery Act to require the California Pollution Control Financing Authority to establish and administer the Equity in Lending and Fair Recovery Program, in accordance with specified requirements, for the purpose of supporting and expanding eligible lender access to lending capital and borrower access to responsible installment loans for low- to moderate-income individuals and communities. The bill would require the program to provide partial loan guarantees and other credit enhancements for eligible lenders, as defined, to access additional capital to expand the availability of eligible loans, as defined. This bill would, among other things, require the authority to require that participating eligible lenders pay premiums, fees, and interest sufficient to cover the reasonable administrative costs of the program and manage the risk of defaults associated with the program. The bill would require that these premiums, fees, and interest payments be deposited into the Equity in Lending and Fair Recovery Fund, which this bill would establish as a continuously appropriated fund, thereby making an appropriation. This bill would authorize the authority to establish and operate a program to provide grants to support minority-owned small businesses, as defined, allocated through a competitive application process in accordance with specified requirements. The bill would make moneys in the fund available for these grants only to the extent that there are sufficient moneys in the fund for purposes of this bill's provisions. The bill would require the authority to charge an application fee to each grantee under this program, in an amount sufficient to cover the reasonable costs of the authority in administering that program. This bill would appropriate $25,000,000 to the authority for deposit into the fund, to be used for initial startup costs relating to the establishment and operation of the Equity in Lending and Fair Recovery Program.
Who sponsors SB 754?
SB 754 is sponsored by Hertzberg, Bradford, Chiu, Reyes, Eloise Gómez (Democratic), Wicks, Buffy (Democratic), Gonzalez, Lena A. (Democratic), Eduardo Garcia, and Cristina Garcia.
What is the current status of SB 754?
This bill died with 2021-2022 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 SB 754?
Track SB 754 free on One Click Politics — get push/email alerts when it moves.

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