The Center for Responsible Lending — which sponsored Assembly Bill 2500 — said lawmakers wilted and succumbed to the financial industry’s heavy lobbying.
“Assembly members just signaled to predatory lenders that it’s OK to target distressed Californians into taking out abusive loans,” the nonprofit’s policy director Graciela Aponte-Diaz said. “People around California and across the country want protections from these loan shark products — they’ve made their voices heard time and time again.”