the California Financial Service Provider

Bill to Limit ‘Predatory Lending’ Excludes Three Lenders Who Stand to Benefit From Legislation

October 5, 2019 4:55 pmOctober 7, 2019 1:36 pm

A bill to bar “predatory lenders,” like payday small loan companies, from imposing excessively high-interest rates on people who borrow $2,500 up to $10,000, is sitting on Governor Gavin Newsom’s desk awaiting his signature or his veto. “Assembly Bill 539...

California Legislation to Limit Predatory Lending Excludes Three Lenders

June 13, 2019 12:10 pmJune 13, 2019 10:10 am

Assembly Bill 539 by Assemblywoman Monique Limón (D-Santa Barbara) establishes an interest rate cap of 36 percent plus the federal funds rate for California Financing Law (CFL) licensee-provided consumer loans with principal amounts between $2,500 and $10,000. This bill also...