SACRAMENTO, Calif. – The California Senate passed by a vote of 22 to 12 a bill introduced by state Assembly member Carole Migden (D-San Francisco) that would ban predatory lending statewide. At press time, the state Assembly was expected to vote on A.B. 489 on Sept. 11 or 12. A.B. 489 mirrors an ordinance the Oakland City Council was expected to make its final vote on Sept. 5. If that bill passes, the city will be the first in the state to protect consumers from abusive predatory lending practices. Gov. Gray Davis has announced his commitment to sign it into law when it reaches his desk.
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