Assemblymember Dababneh Hosts Hearing on the Current State of California's Consumer Lending Laws
(SACRAMENTO) – Today, Assemblymember Matt Dababneh (D-Encino), Chair of the Assembly Banking and Finance Committee, hosted an informational hearing to discuss potential changes to California’s small dollar lending laws. These small dollar loans include payday loans, unsecured installment loans and car title loans.
“My goal is to achieve a fair and transparent loan market that balances consumer affordability with return on investment,” states Assemblymember Dababneh. “In achieving this goal I believe that the market place must be a reflection of the needs of California’s consumers, while also ensuring that licensees can be innovative in developing new products that will better serve their consumers.”
According to a report released by the Price Waterhouse Coopers, 50% of millennials do not believe they could come up with $2,000 if an unexpected need arose within the next month; 30% of millennials are overdrawing their checking accounts; 53% carried over a credit balance in the last 12 months; 42% used an alternative financial product such as a payday loan or a pawn loan.
“I want to thank the various stakeholders who attended and testified during today’s hearing. Their remarks and recommendations for improving California’s consumer lending laws will most certainly be considered as we move forward with improvements. Today’s hearing is another step to improving California’s small dollar lending laws.”
Matt Dababneh represents the 45th Assembly District that includes the communities of Bell Canyon, Calabasas, Canoga Park, Chatsworth, Encino, Hidden Hills, Northridge, Reseda, Sherman Oaks, Tarzana, West Hills, Winnetka, and Woodland Hills.
CONTACT: Michelle Reyes, Michelle.Reyes@asm.ca.gov, (916) 319-2045