Fri 3/29: Assemblymember Limón got an “A+” AND a great new anti-predatory loan bill – AB 539!

Action/ Update – Call/Email to support AB 539 – California Financing Law: consumer loans. 

Yesterday, we presented Assemblymember Monique Limón with an almost-life-size poster to celebrate her CourageScore, (see her report card herea desk-size version, brownies, and some new great bills we hope she’ll support this year. She discussed how bills can be altered on their journey to become laws, and we know we’ll be revising this list as new information comes in.

We asked her about legislation that was important to her and she described her bill AB 539. It targets predatory lenders that entrap families in unaffordable loans that they can’t repay quickly, “expos(ing them) to the risks of devastating financial consequences, including damaged credit, wage garnishments, bank account levies, and car repossessions.”

Similar bills failed in previous years because of industry lobbyists, so let’s turn up the heat. It’s in the Committee on Banking & Finance now (Limón is the chair. Members are Phillip Chen (Vice Chair), Rebecca Bauer-Kahan, Autumn R. Burke, Sabrina Cervantes, Steven S. Choi, Ph.D., Jesse Gabriel, Timothy S. Grayson, Melissa A. Melendez, Mark Stone, Shirley N. Weber, Buffy Wicks) but drop a quick email to your legislators that this time, it needs to pass.

Minimal script for Limón/supporters: I’m calling from [zip code] and I want to thank Assemblymember [___] for supporting AB 539 – California Financing Law: consumer loans.

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