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 |
|---|---|---|---|---|---|---|
| Ayes: Berman, 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