Source: The Reporter
Assemblymember Cecilia Aguiar-Curry’s bill, AB 1636, was signed into law by Governor Brown last week.
The consumer protection measure will increase accountability of “Payday Lenders” in California through strengthening the tools Department of Business Oversight (DBO) uses to oversee, regulate, and review lenders’ reports.
“These businesses can provide low-income Californians under a financial pinch with an option for a temporary fix when in need of money, but this type of loan can quickly snowball into a family financial crisis,” said Aguiar-Curry, D-Solano “Our government can only root out bad players by having access to information that will highlight predatory business practices. AB 1636 will improve consumer protection by providing more public insight into the practices of payday lenders and their borrowers.”
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