Kalra Introduces "Safe Consumer Lending Act"
(Sacramento) - Assemblymember Ash Kalra (D-San Jose) has introduced Assembly Bill 2500, the Safe Consumer Lending Act, a bill to protect California families from abusive high-cost installment loans.
“California has no shortage of predatory lenders. We see them pop-up around the state, especially in low-income neighborhoods,” said Assemblymember Kalra at a State Capitol news conference. “These types of loans, those with exorbitantly high interest rates, hurt hard working families the most.”
AB 2500 would extend California’s current interest rate cap to all consumer loans between $2,500 and $10,000.