AB 2500 (Kalra) Safe Consumer Lending

AB 2500 (Kalra) Safe Consumer Lending -Failed in Assembly Floor Vote

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This bill would cap interest rates for loans up to $5,000 at 36% APR. This bill would cover both unsecured and secured consumer loans. The bill includes additional protections such as a minimum 12-month loan term and protections against repeat refinancing. 

05/31/18 (FAIL) Assembly Floor 27 30 21 AB 2500 KALRA Assembly Third Reading
AyesBerman, Bloom, Bonta, Carrillo, Chau, Chiu, Chu, Friedman, Gloria, Gonzalez Fletcher, Jones-Sawyer, Kalra, Kamlager-Dove, Levine, Limón, McCarty, Mullin, Muratsuchi, Nazarian, Quirk, Reyes, Santiago, Mark Stone, Thurmond, Ting, Weber, Rendon
Noes: Travis Allen, Baker, Bigelow, Burke, Caballero, Cervantes, Chen, Cooley, Cunningham, Dahle, Daly, Flora, Fong, Frazier, Gray, Grayson, Harper, Kiley, Lackey, Maienschein, Mathis, Mayes, Medina, Melendez, Obernolte, Patterson, Rodriguez, Rubio, Salas, Steinorth
No Votes Recorded: Acosta, Aguiar-Curry, Arambula, Brough, Calderon, Chávez, Choi, Cooper, Eggman, Gallagher, Cristina Garcia, Eduardo Garcia, Gipson, Holden, Irwin, Low, O’Donnell, Quirk-Silva, Voepel, Waldron, Wood


Related Information 

Assemblymember Kalra Press Release February 16, 2018

CA Department of Business Oversight – Predatory Lending Factsheet

California Reinvestment Coalition- Payday Lenders in California

Center for Responsible Lending- Payday and Small Dollar Loans