Key Votes
SB 956 - Regulates Buy-Here-Pay-Here Car Loans and Lenders - Key Vote
California Key Votes
Tony Strickland Did Not Vote on this legislation.
Read recent statements Tony Strickland made in this general time period.
Stages
- Sept. 29, 2012 Executive Vetoed
- Aug. 30, 2012 Senate Concurrence Vote Passed
- Aug. 28, 2012 House Bill Passed
- May 31, 2012 Senate Bill Passed
- Jan. 9, 2012 Introduced
Family
Issues
Stage Details
Legislation - Vetoed (Executive) - Sept. 29, 2012
Title: Regulates Buy-Here-Pay-Here Car Loans and Lenders
Legislation - Concurrence Vote Passed (Senate) (23-14) - Aug. 30, 2012
Legislation - Bill Passed (House) (52-26) - Aug. 28, 2012
Legislation - Bill Passed (Senate) (24-12) - May 31, 2012 (Key vote)
Title: Regulates Buy-Here-Pay-Here Car Loans and Lenders
Vote to pass a bill that regulates lending practices of "by-here-pay-here" automobile dealers.
- Prohibits “buy-here-pay-here automobile dealers” from doing business in California without a license from the Department of Corporations (Sec. 1).
- Defines a “buy-here-pay-here automobile dealer” as a seller who does the following (Sec. 1):
- Enters into conditional sale or lease contracts;
- Does not routinely assign the conditional sale or lease contracts to an unaffiliated finance or leasing source; and
- Provides or collects payments on conditional sale contracts or lease contracts.
- Requires buy-here-pay-here automobile dealers to obtain a California Finance Lenders Law license no later than 6 months after the dealer meets the requirements of a “buy-here-pay-here automobile dealer” (Sec. 1).
- Limits the annual percentage rate (APR) charged on a conditional sale or lease contract from a buy-here-pay-here dealer to no more than 17 percent above the federal funds rate in effect at the time the contract is signed (Sec. 1).
- Prohibits buy-here-pay-here automobile dealers from beginning the repossession process until the eleventh day after a missed payment (Sec. 1).
- Requires buy-here-pay-here automobile dealers to hire a licensed repossession agency in order to repossess vehicles (Sec. 1).
- Prohibits buy-here-pay-here automobile dealers from charging a buyer-borrower more than $500 in fees and charges as a result of the repossession process (Sec. 1).
Legislation - Introduced (Senate) - Jan. 9, 2012
Title: Regulates Buy-Here-Pay-Here Car Loans and Lenders
Sponsors
Co-sponsors
- Luis A. Alejo (CA - D)
- Lou 'Lois' Correa (CA - D)
- Mike Feuer (CA - D) (Out Of Office)
- Robert A. 'Bob' Wieckowski (CA - D)
