| What: |
Assemblymembers Ted Lieu (D-Torrance) and Lori Saldaña (D-San Diego) announce AB 7, the first bill in the nation to give state regulators the ability to enforce Department of Defense regulations protecting members of the military and their families from predatory lending. |
| Who: |
Lieu and Saldaña will be joined by Preston DuFrauchard, Commissioner of the Department of Corporations, Capt. Mark Patton, USN, Head, Joint Task Force on Financial Health, Southwest Region. Commanding Officer, Naval Base Point Loma, and Sergeant Major Titus, U.S. Marine Corps. |
| When: |
Monday, March 26th, 10:30am |
| Where: |
State Capitol, Room 1190 |
| Background: |
Last year, the Federal Government implemented strong protections against predatory lending for members of the military. The centerpiece was a 36% rate cap on loans made to servicemen and women. The enforcement of these regulations, however, rests with the Pentagon, whose resources are stretched thin by the global war on terror.
AB 7 would give state regulators the ability to enforce the Federal regulations, creating the strongest protections in the nation. AB 7 was the subject of a recent report by the Department of Corporations and the Department of Financial Institutions, who recommended support of the bill. |
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