The Los Angeles County Department of Consumer and Business Affairs released the following statement on behalf of director Joseph M. Nicchitta, following the advancement of California Assembly Bill 539 by the Senate Banking and Financial Institutions Committee:
“I applaud the Senate Banking and Financial Institutions Committee for voting to move Assembly Bill 539 forward. Assembly Bill 539 would cap interest rates for loans between $2,500 and $10,000. Right now, California law does not limit the interest lenders can charge on these loans. Triple-digit APRs are common and approximately 40 percent of these loans end in default. I thank Assemblymembers Limon, Grayson, and Gonzalez for authoring this bill; Senators Portantino, Chang, and Bradford for their votes; and look forward to continuing to fight for AB 539.”
Since 1976, the County of Los Angeles Department of Consumer and Business Affairs (DCBA) has served consumers, businesses, and communities through education, advocacy, and complaint resolution. We work every day to educate consumers and small business owners about their rights and responsibilities, mediate disputes, investigate consumer fraud complaints, and enforce Los Angeles County’s minimum wage and interim rent stabilization ordinances. For more information, visit dcba.lacounty.gov.