Lendmark Supports California Consumer Protection Bill Signed into Law

Lendmark Supports California Consumer Protection Bill Signed into Law

ATLANTA–( BUSINESS WIRE )–California Governor Gavin Newsom finalized into law AB539, the Fair usage of Credit Act, in reaction towards the growing epidemic of high-cost financing this is certainly presently allowed underneath the California Financing Law(1).

Based on the most current Department of company Oversight report, over 55% of loans to customers between $2,500 and $5,000 had been being charged prices of 100% APR or higher(2). AB539’s overwhelming and bipartisan help in this present year’s legislative session ended up being a sensational rebuke associated with high-cost financing lobbying efforts that had thwarted earlier tries to implement more sensible prices beneath the California Financing Law(3).

Co-authored by Assembly Banking Chair Monique Limon and Assembly Member Tim Grayson, each of whom had been readily available to witness the Governor’s signing, the bill enjoyed a widespread and diverse coalition of supporters, combined with main sponsor, the County of Los Angeles. More