Visit Our Other Websites
empty
empty
CORONAVIRUS (COVID-19) RESOURCE CENTER Read More

CA AB 1143

Title: Military: lending protections.
Author: Phillip Chen

Summary
AB 1143, as amended, Chen. Military: lending protections. Federal law provides various protections regarding credit extended to members of the armed forces called to active duty, including, among others, limitations on the interest charged and mandatory disclosures. Existing law makes a security interest in personal property, other than specified modes of transportation, void if it would cause a loan procured by a covered member in the course of purchasing the personal property to be exempt from the federal protections. Existing law also makes a security interest in a motor vehicle void if it would cause a loan procured by a covered member to be exempt from the federal protections and that loan also funds the purchase of a credit insurance product or credit-related ancillary product.This bill would instead require a loan to a covered member, as defined, for the purchase of personal property, other than specified modes of transportation, to comply with federal law. The bill would also require a loan to a covered member for the purchase of a motor vehicle to comply with federal law if the loan finances the purchase of a guaranteed asset protection waiver.

Status
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

Bill Documents
CA AB 1143 - 01/03/24 - Amended Assembly
01/03/24 - CA AB 1143 (01/03/24 - Amended Assembly)

CA AB 1143 - 02/15/23 - Introduced
02/15/23 - CA AB 1143 (02/15/23 - Introduced)

Add To Favorites

Author Details