SO I'M GONNA GO AHEAD AND START --
ARE COMMITTEE HEARING FOR MONDAY
JULY EIGHTH -- SENATE BANKING
AND FINANCE AND WE WILL START
WITH -- TAKING THE ROLE PLEASE
[inaudible]
THE ONE HERE [inaudible]
CHEN.
BEAR CAM HERE [inaudible]
BURKE [inaudible]
CONTENTS [inaudible]
CHOI [inaudible]
APRIL [inaudible]
GRAYSON [inaudible]
STONE [inaudible]
WEBER [inaudible]
WICKS HERE.
ALL RIGHT WE'VE ESTABLISHED
QUORUM I DO WANT TO MAKE AN
ANNOUNCEMENT THAT SB SIX AT
NINETEEN THE HAS BEEN PULLED.
FROM THE AGENDA AT THE REQUEST
OF THE AUTHOR AND WE HAVE TWO
ITEMS ON THE CONSENT AGENDA SP
FOUR FIVE FIVE BRADFORD WHICH
HAS A DO PASS RECOMMENDATION.
AND SB FIVE FORTY JONES WHICH
HAS A DO PASSED TO ASSEMBLY
INSURANCE COMMITTEE
RECOMMENDATION [inaudible]
THANK YOU.
I WILL GO AHEAD AND CALL THE
ROLL FOR CONSENT.
LEóN.
I LIMON HI CHEN.
CHEN I BEAR CAM THERE CAN I
BURKE [inaudible]
CERVANTES.
CHOI.
CHOICE I GABRIEL [inaudible]
GRAYSON [inaudible]
STONE.
STONE AYE WEBER.
I WEEKS FIVE WEEKS I THANK YOU
WE ARE WAITING.
FOR OUR AUTHOR FOR SB FOUR SEVEN
TWO SO I AT THE STAFF MEMBERS TO
HOLD ON THEM AS SOON AS WE CAN
YEAH THANK YOU.
NO I JUST ON THE TELEVISION I
WALK BY 70%
SINCE WE HAVE ONE
MORE MEMBER HERE I WILL.
A COUPLE MEMBERS WILL JUST ADD
ON TO CONSENT WHILE WE WAIT FOR
THE AUTHOR TO GET HERE
[inaudible]
BURKE [inaudible]
CERVANTES.
CERVANTES I APRIL.
APRIL I GRAYSON.
CONSENT CRESCENT GRAYSON AYE
KEOUGH.
AND AS A LET THE AUTHOR AT CATCH
HER BREATH BECAUSE SHE IS --
BECAUSE SHE IS AT COMING FROM
DIRECTLY FROM PRESENTING KAMALA
YOU CATCH YOUR BREATH I DO
ACTUALLY WANT.
TO MAKE A JUST TAKE A MINUTE OF
TO RECOGNIZE SOMEONE WHO IS HERE
WITH US -- IN HIS LAST MEETING.
THAT IS -- AT CHIEF CONSULTANT
FOR BANKING BILL HERMS WHO IS
SITTING HERE.
THIS IS HIS LAST YEAR A REGULAR
HEARING -- HE WILL BE RETIRING
THIS YEAR AND HE HAS BEEN -- AN
INCREDIBLE I'D CHIEF CONSULTANT
FOR BANKING I HE TOOK ON A NEW
CHAIR.
IT JUST.
TO WHENEVER THAT WAS IN MY
TWENTY SEVENTEEN TWO YEARS AGO --
YEAH I WAS LIKE HOW LONG WAS IT --
BUT HE HAS BEEN INCREDIBLE IN
PROVIDING JUST THOUGHT -- A
ABOUT THE ISSUES THAT WE FACE A
LOT OF REALLY INCREDIBLE
DIALOGUE I THINK SOMETIMES
PEOPLE THINK THAT CHAIRS AND
COMMITTEE CONSULTANTS ARE ALWAYS
ON THE SAME PAGE AND EVERYTHING
THAT COMES OUT OF IT IS BECAUSE
WE'RE ON THE SAME PAGE I WOULD
SAY THAT THAT HAS.
NOT BEEN THE CASE -- BUT IT'S
BEEN SO HEALTHY AND SO GOOD FOR
PUBLIC POLICY TO BE ABLE TO HAVE
A CHIEF CONSULTANT WHO ENGAGES
IN CONVERSATION.
WHO WHO REALLY THINKS ABOUT THE
ISSUES -- IN A DIFFERENT WAY AND
WHO IS AT OPEN.
TO WORKING WITH A CHAIR WHO HAS.
LOTS OF CONVERSELY AT LOTS OF
QUESTIONS AND CONVERSATIONS AND
PUSHES BACK ON A REGULAR BASIS
JUST AS A FARM TO UNDERSTAND
ISSUES AND TO TRY TO MOVE THEM
FORWARD SO BILL YOU WILL BE
MISSED THANK YOU FOR YOUR
SERVICE TO THE CALIFORNIA.
STATE LEGISLATURE YOU'VE BEEN
WITH THE ASSEMBLY FOR HOW MANY
[inaudible] TWENTY YEARS.
TWENTY YEARS AND YOU'VE SERVED
IN MANY CAPACITIES AS THAT.
I KNOW YOU WERE A CHIEF OF STAFF
AT ONE POINT AND YOU KNOW
CONSULTANT THREE TIMES THREE
DIFFERENT TIMES -- SO HE HE
SERVED IN MANY SO THANK YOU BILL
FOR YOUR SERVICE AND WE WILL
MISS YOU.
AND SO.
WITH THAT I WILL HAVE THE TO THE
AUTHOR OF THE SP FOUR SEVEN TWO
AND BEGIN IT WITH -- PRESENTING
HER BILL THANK YOU CENTER
CAPITAL THANK YOU MADAM CHAIR
AND MEMBERS THANK YOU VERY MUCH
FOR THE OPPORTUNITY TO HEAR --
PRESENT MY BELT FIRST LET ME
THINK THE CHAIR AND THE STAFF
FOR THEIR TREMENDOUS DILIGENT
AND AND HARD HARD WORK OF ON THE
BALLOT. FOR WORKING OVER THE
FOURTH OF JULY WEEKEND --
TREMENDOUSLY IMPORTANT -- AND
I'D ALSO LIKE TO THANK ASSEMBLY
MEMBER STONE IN THE JUDICIARY
STAFF COMMITTEE FOR THEIR THEIR
HARD WORK IS AS WELL IT MADE IT
POSSIBLE FOR US TO PREPARE THE
AMENDMENTS IN HERE THE BILLS.
THE BILL INTO COMMITTEES -- IN
ONE WEEK SO MY OFFICE IN THE
STAFF ABOUT THE BANKING IN THE
JUDICIARY COMMITTEE COMMITTEES
CONDUCTED A ROW BY STATE
STAKEHOLDER PROCESS INVOLVING
LABOR ORGANIZATION.
CONSUMER GROUPS EARNED WAGE
ACCESS PROVIDERS AND ANYBODY
INTERESTED IN THE SUBJECT -- IS
SO THAT WE COULD COME UP WITH A
BOMB LOW COST LOW RISK WAGE AND
WORK BASE ADVANCES. FOR
CALIFORNIA WORKERS REFLECTING
THIS STAKEHOLDER INPUT WE WILL
BE ACCEPTING ALL OF THE
AMENDMENTS DESCRIBED IN.
IN PAGES SEVEN THROUGH NINE OF
THE ANALYSIS AMONG OTHER THINGS
OTHER THINGS THE AMENDMENTS WELL.
NUMBER ONE IMPOSE DPO OVERSIGHT
THE DEPARTMENT OF BUSINESS
OVERSIGHT.
ON EARNED WAGE ACCESS PROVIDERS
INCLUDING REGISTRATION AND DATA
REPORTING REQUIREMENTS
EXAMINATION AND ENFORCEMENT
AUTHORITY.
AND CONSUMER COMPLAINT PROCESSES
AND TRACKING WILL CREATE WORKER
PROTECTIONS INCLUDING STRONG
PRIVACY PROTECTIONS AND TOUGHER
NON RECOURSE PROVISIONS
STRENGTHENING THE BILL'S
EXISTING PROHIBITION ON
COLLECTION AND CREDIT REPORTING.
WILL INCLUDE A THREE YEAR SUNSET
TO ENSURE THAT THE STATUTE AND
REGULAR REGULATORY FRAMEWORK
WORKS.
AND FINALLY -- WE'VE RESISTED
EFFORTS TO WEAKEN THE WORKER
PROTECTIONS THE AMENDMENTS WILL
RAISE THE MONTH THE MONTHLY CAP
ON FEES FROM FOURTEEN TO FIFTEEN
DOLLARS THAT WORKERS PAY.
WORKERS MAYBE CHARGE WHILE
MAINTAINING THE ESSENTIAL 50%
CAP ON ACCRUED EARNINGS MAY BE
EXCESS DURING A PAY PERIOD.
IN ORDER TO ADDRESS CONCERNS
ABOUT CASH FLOW EMERGENCY
SITUATIONS THE AMENDMENTS WILL
RELAX A 50% CAP BY ALLOWING IT
TO BE.
A TO BE EXCEEDED UP TO TWICE
EVERY SIX MONTHS.
WITH THAT -- THANK YOU FOR THE
OPPORTUNITY TO PRESENT PARTY
SEVENTY TWO YOU HAVE NO IDEA
WHAT IT IS SO LET ME TELL YOU
WHICH PROVIDE STATUTORY
AUTHORITY TO REGULATE EARNED
INCOME ACCESS PROGRAMS.
EARNED INCOME ACCESS PROGRAMS
ALLOW CONSUMERS TO ACCESS A
PORTION OF THE WAGES THAT THEY
HAVE ALREADY EARNED PRIOR TO
THEIR SCHEDULE PAYDAY.
HERE IS HOW IS SIMPLE PROGRAM
WORKS A CONSUMER REQUIRES
IMMEDIATE ACCESS TO HIS OR HER
MONEY THE EMERGENCY COMES UP.
USING AN APP THE CONSUMER CAN
QUICKLY ACCESS UP TO HALF OF THE
AMOUNT OF HIS OR HER EARNED AND
PAID INCOME DURING A GIVEN PAY
PERIOD FOR A SINGLE FIXED FEE.
IN OTHER WORDS IF THEY'RE PAID
ON A WEEKLY BASIS IT MEANS IN
THE MIDDLE OF THE WEEK THEY NEED
SOMEONE IF THEY'RE PAID ON A BI
WEEKLY BASIS AFTER THE FIRST
WEEK THEY THEY BURNT INCOME IF
THEY GETPAID ON THE A MONTHLY
BASIS.
WHICH IS WHAT WE ALL GET PAID ON
YOU CAN ACCESS THAT A COUPLE OF
TIMES DURING THE MONTH -- UP TO
A 50% OF WHAT YOU'VE ALREADY
EARNED.
THE FEET THE FEE IS A NON HAS TO
BE A NON RECURRING FEE AND IT'S
PAID.
IS ONLY PAID IF AND WHEN A
CONSUMER CHOOSES TO USE THE
PROGRAM IN OTHER WORDS YOU HEAR
YOU DON'T OFTEN AND YOU PAY
MONTHLY -- FOR THE OPPORTUNITY
TO DO THIS YOU ONLY PAY IF YOU
USE THE PROGRAM.
AND THE FEE IS LESS THAN A
TYPICAL BANK OVERDRAFT FEES --
LATE FEE WITH A FEW SCREEN TAPS
THE USERS HAVE INSTANT ACCESS TO
THEIR ALREADY EARNED UNPAID
WAGES.
WET WEATHER AS I SAY IT'S TO
COVER UNEXPECTED COST OR DEVOID
IN LATE -- OVERDRAFT FEE THAT
SOMEONE ELSE IS CHARGING.
IN FACT 70% OF U. S. HOUSEHOLD
LIVE PAYCHECK TO PAYCHECK CHECK
EVEN PEOPLE OF MEANS.
FINANCE CHARGES INTEREST
PAYMENTS CHECKING CASHING FEES
LATE FEES ON MONTHLY BILLS AND
OTHER EXPENSES CAN OFTEN RUN AS
MUCH AS TWO THOUSAND DOLLARS
ANNUALLY.
THIS FINANCIAL TAX IS A HIGHLY
GREG REGRESSIVE TAX IMPOSED ON
THOSE WHO ARE LEAST.
ABLE TO PAY.
BY CREATING A STATUTORY
FRAMEWORK FOR IN EARNED INCOME
ACCESS PROGRAMS WE CAN PROVIDE A
SAFE WAY FOR CONSUMERS TO GET
THEIR MONEY WHEN THEY NEED IT.
IT'S A TOOL FOR PEOPLE TO USE
THAT COMES WITH CONSUMER
PROTECTIONS AND FLEXIBILITY.
THE PROTECTIONS IN SB FOUR
SEVENTY TO ENSURE THAT CONSUMERS
ARE HELD HARMLESS.
IT'S NOT ALONE.
USERS CANNOT DEFAULT AND THERE
IS NO COMPOUNDING INTEREST THERE
IS NO DEBT CREATED FOR CONSUMER
ACCESSING THEIR EARNED ON PAID
INCOME.
AND THERE IS NO INTEREST CHARGED.
THERE IS NO RECOURSE AND NO
LIABILITY IN THE EVENT OF A NON
PAYMENT AND THERE IS NO
REPORTING OF NON PAYMENT TO A
CREDIT BUREAU.
IF WE'RE SERIOUS ABOUT FINDING
SAFE AND INEXPENSIVE WAYS FOR
FOLKS TO GET THE MONEY THEY NEED
THEN WE MUST CONTINUE TO HAVE
THOUGHTFUL DISCUSSIONS AND
THAT'S PRECISELY WHY I'M
THANKFUL TO THE CONSUMER GROUPS
AND EVERYONE ELSE WHO'S -- HAD
THESE CONVERSATIONS OVER THE
PAST.
MONTH OR SO -- I THANK YOU AND I
ASK FOR YOUR AYE VOTE TODAY WITH
ME IN SUPPORT IS DAN QUAN WHO
MOST RECENTLY SERVED IN THE
OBAMA ADMINISTRATION AS SENIOR
ADVISER TO THE DIRECTOR RICHARD
CORDRAY.
AT THE CONSUMER FINANCIAL
PROTECTION BUREAU AND I JAZZ
ANWAR CEO OF PAY ACTIVE.
MADAM CHAIR AND COMMITTEE
MEMBERS.
PEOPLE CAN HEAR ME.
MY NAME IS THEN CALL EITHER BY
DESTRUCTIVE INTO COMPANIES
INCLUDING PASSIVE.
AS CENTER COPYRIGHT MENTIONED
MOST RECENTLY I SERVED IN THE
OBAMA ADMINISTRATION AS SENIOR
ADVISER TO DIRECTOR RICHARD
CORDRAY AT THE CFPB WHERE ON
THAT THOSE FINTECH OFFICE. ONE
OF MY ALL THIS IS KEY
ACHIEVEMENTS WAS REALLY TO
FACILITATE -- INCOME ACCESS OR
EIA INNOVATIVE TECHNOLOGY THAT
DISRUPTS SHORT TERM HI BECAUSE
CREDIT PRODUCTS.
THE CITY BECAUSE THE EXAM THE
AYE PROGRAMS AND CONCLUDED THAT
YEAH A IS A CONSUMER FRIENDLY
INNOVATION.
AS A RESULT IN HIS FINAL PAY THE
REAL RELEASE IN LATE TWENTY
SEVENTEEN THE CFPB CREATED A
SPECIFIC EXEMPTIONS TO
ACCOMMODATE WITH.
RESPONSIBLE III MODELS THOSE
EXEMPTIONS REQUIRED YEAH I
PROGRAMS TO INCLUDE MEANINGFUL
CONSUMER PROTECTIONS TO ENSURE
THE PROGRAMS WERE NOT PREDATORY.
AND CENTER CUBBY ORAL TO HER
CREDIT HAS INCORPORATED MANY
SUCH GHARIALS IN HER BILL.
OF THE LIKE TO TALK ABOUT A FEW
KEY POINTS OUT WHAT YEAH I IS
AND WHAT HE I IS NOT.
FIRST YEAH I IS NOT CREDIT AS
EVIDENCED BY THE CBS DECISION TO
EXEMPT YA A IN THE PAY THE RULE.
NO FUTURE WAGERS ARE IMPLICATED
NOTE THAT'S RISKY THAN.
OTHER SHORT TERM FINANCIAL --
CREDIT PRODUCTS FIRST BECAUSE
NOTE THAT IS CREATED THE
CONSUMER DOES NOT ALL WITHIN A
CREATED ADDITIONAL FINANCIAL
BURDENS FOR THEMSELVES.
SECOND THIS BILL REQUIRES THAT
YEAH I SHALL BE COMPLETELY NON
RECOURSE IF THE CONSUMER FOR
WHATEVER REASON OR FOR NO REASON
AT FOR NO REASON AT ALL DOES NOT
REIMBURSE THE PROVIDER.
THE CONSUMER IS HELD COMPETE
TODAY HARMLESS THERE'S NO DEBT
COLLECTION THERE'S NO REPORTING
TO CREDIT BUREAUS.
THIRD THIS BILL CAPS THE AMOUNT
THE WORKER TAXES IN EACH PAY
PERIOD THIS ENSURES THE WORKERS
WILL ALWAYS HAVE FUNDS AVAILABLE --
ACTUAL PAYDAY TO MEET OTHER
FINANCIAL OBLIGATIONS.
FINALLY THIS BILL NOT ONLY
CONTAINS A PRIVATE RIGHT ACTION
BUT ALSO PROVIDES FOR TV --
REGISTRATION OVERSIGHT AND
ENFORCEMENT.
THE MAJORITY OF THE CALIFORNIA
WORKERS LIVE PAYCHECK TO
PAYCHECK THEY DESERVE TIMELY
SAFE AND AFFORDABLE SMALL DOLLAR
FINANCIAL OPTIONS.
WOULDRESPECTFULLY ASK FOR
SUPPORT I EXTEND MY HEARTFELT
THANKS FOR THE OPPORTUNITY TO
SPEAK MS EAGLES ALAR THE CEO OF
PASSIVE.
AND I'M HAPPY TO ANSWER ANY
QUESTIONS YOU MIGHT HAVE THANK
YOU.
ANY ADDITIONAL WITNESSES IN
SUPPORT THANK YOU FOR THE
OPPORTUNITY -- VIEW HERE TO
ANSWER QUESTIONS GREAT THANK YOU
THANK YOU.
I'M MY CARPENTER REPRESENTING
PAY ACTIVE.
ANSWERING QUESTIONS ON THE BILL
AS WELL GREAT.
ANY MEMBERS OF THE PUBLIC
WISHING TO VOICE THEIR SUPPORT
FOR THE BILL PLEASE COME TO THE
MICROPHONE.
PLEASE JUST STATE YOUR NAME AND
AFFILIATION COURSE.
MADAM CHAIR OF COMMITTEE MEMBERS
CHRISTMAS OUR ON BEHALF OF EVEN
RESPONSIBLE FINANCE -- A PROUD
TO A STAND YOUR SUPPORT OF AS
BEFORE SEVENTY TWO REALLY
APPRECIATE CENTER CUBBY ARROWS
LEADERSHIP IN THIS ISSUE
APPRECIATE ALL HARD WORKER STAFF.
AND YOUR COMMITTEE -- STAFF AS
WELL AS MR STONE'S COMMITTEE
STAFF HAS SPENT THE LAST FOUR
WEEKS.
WE HAD WE'VE HAD A NUMBER OF
STAKEHOLDER MEETINGS WITH VITAL
ONGOING DISCUSSIONS -- IT
EVERYBODY'S BEEN VERY ACCESSIBLE
AND I REALLY APPRECIATE THE THE
WORK -- LOOK FORWARD TO
CONTINUING DISCUSSIONS DO WANT
TO RAISE A COUPLE OF OF
OUTSTANDING ISSUES FROM FROM THE
FROM MARK -- CLIENTS PERSPECTIVE
WITH REGARDS TO OPERATIONAL
ISSUES -- MORE IN TERMS OF HOW
THE THE BILL WOULD WORK AND WORK
IN CONJUNCTION WITH THE
PROVIDERS MOVING FORWARD --
PROBABLY THE MOST PREDICT THE
MOST -- A SIGNIFICANT ONE IS
WITH REGARD TO THE THE MEMBERS
THAT WERE JUST TAKEN.
AS A AS A PERTAIN TO THE BONDING
AND INSURANCE REQUIREMENTS AS
CURRENTLY ENVISIONED THAT WOULD
POSE A SIGNIFICANT FINANCIAL
BURDEN ON OUR CLIENT -- HOPE TO
SIT DOWN AND HAVE THE ADDITIONAL
DISCUSSIONS AND AND WITH THE
COMMITTEE CONSULTANTS AND WITH
THE AUTHORS OFFICE.
EXPLAIN HOW THAT WORKS FOR OUR
OUR CLIENT HOW IT WOULD OPERATE
IN WHY THOSE.
REQUIREMENTS WOULD BE A
SIGNIFICANT BURDEN ALSO WITH
REGARD TO SOME OF THE REPORTING
REQUIREMENTS SOME OF THE
INFORMATION THAT WOULD BE
REQUIRED TO BE SUBMITTED TO THE
DPO COMMISSIONER IN TERMS OF THE
FINANCIAL LOGIC.
AND THEN LAST BUT NOT LEAST WITH
REGARDS TO THE THE BILL IS
CURRENTLY DRAFTER AS WITH THOSE
A MEMBERS ARE ACCEPTED --
FINANCIAL PROVIDERS THAT WOULD
BE UNDER THE AUSPICES OF THIS
JURISDICTION WOULDN'T BE ABLE TO
OPERATE IN CALIFORNIA AS OF
JANUARY FIRST OF TWO THOUSAND
AND TWENTY ABSENT -- HAVING --
ABOUT BEING REGISTERED.
WITH THE REGISTRY BY THE DPO BUT
OBVIOUSLY DPO TO COMMISSIONS
GOTTA GO THROUGH THE WHOLE
PROCESS IN TERMS OF CREATING THE
REGISTRY AND US TO BE ABLE.
TO SUBMIT THE APPLICATION AND
GET THAT ACCEPTED BEFORE WE CAN
MOVE FORWARD SO JUST WANTED
BRING THOSE.
TO YOUR ATTENTION AGAIN THANK
YOU FOR YOUR TIME.
ANY ADDITIONAL WITNESSES IN
SUPPORT.
ANY WITNESSES IN OPPOSITION AND
AFTER OPPOSITIONAL BETWEEN YOURS
AND WE HAVE SOME TWEENER SO ANY
ANY ANY WILL WITNESSES IN
OPPOSITION.
ALL RIGHT SEEN IN HERE AND WE
WILL WELCOME TO WINNERS AT TECH
TO COME.
YES A TECHNICAL TERM CLEARLY
.
THAT MAN CHAIR MEMBERS MARGARET
GLAD STEAM HERE ON BEHALF OF
EARNED AND I'M I'M JUST GOING TO
TAKE A BRIEF MOMENT TO SAY I'D
LIKE TO ALSO THANK BOTH ARMS FOR
HIS I HAVE LONG STANDING SERVICE
TO THE COMMITTEE IT'S BEEN
PLEASURE OF WORKING.
FAMINE I WOULD LET HIM KNOW THAT.
THERE IS LIFE AFTER BEING CHIEF
CONSULTANT TO THE SOMEONE
BANKING COMMITTEE.
SO OF AT THANK YOU FOR THE
OPPORTUNITY TO SPEAK TODAY I TOO
WOULD LIKE TO THANK THE AUTHOR
YOUR STAFF -- THE SENATE BANKING
STAFF SENATE JUDICIARY STAFF I'M
SORRY THE SOMEBODY DID YOU SURE
STAFF FOR ALL THEIR HARD WORK IN
THE STAKEHOLDER PROCESS.
HERNANDEZ BEEN PLEASED TO
PARTICIPATE IN THIS -- WE DO
HAVE SOME.
CONCERNS WOULD LIKE TO HIGHLIGHT
TODAY AND HERE TO HAVE THE
FOUNDER VERNON ROM PALANIAPPAN --
WHO WILL BE TALKING ABOUT -- THE
HELL THE COMPANY STARTED THE
IMPACT ON CUSTOMERS AND THE
CONCERNS WE HAVE WITH THE BILL
THANK YOU.
THANK YOU BUT IT WAS RUMPLED
HAPPENED FOUNDER VERNON.
THANK YOU FOR CALLING ON IN THE
STAKEHOLDER PROCESS.
I'D LIKE TO PROVIDE SOME
BACKGROUND AND WHAT WE STAND FOR
AND WHAT WE CURRENTLY OFFER.
WE STARTED IN.
TWENTY THIRTEEN WITH THE GOAL OF
FIGHTING FOR FINANCIAL JUSTICE
FOR EVERYDAY AMERICANS -- AS ALL
OF YOU KNOW THERE'S ALMOST 80%
OF THE COUNTRY THAT LIVES
PAYCHECK TO PAYCHECK.
AND ABOUT 40% OF THE COUNTRY
CANNOT FIND FORTY DOLLARS AN
EMERGENCY -- INTO ME IT'S IT'S
SO INTERESTING ON ONE AND WE
COMPLAIN ABOUT PEOPLE NOT BEING
ABLE TO FIND MONEY WHEN THEY
HAVE AN EMERGENCY.
ON THE OTHER HAND WE HAVE THIS
PAY CYCLE THAT ACTUALLY HOLDS
BACK PEOPLE'S WAGES UP TO THE
WORK.
OF IT SO THAT'S A RESTART OF
DOING IS HELPING PEOPLE HAVE
ACCESS TO PAY WHEN THEY NEEDED
IT.
SINCE THEN WE'VE ACTUALLY
EXPANDED OUR SERVICE.
A WE HELP PEOPLE MANAGE THEIR
BILLS.
WE'LL OUT THERE WHEN THE BANK
BALANCE IS LOW SO THEY CAN AVOID
OVERDRAFT FEES.
WE NEGOTIATE MEDICAL BILLS THE
MATCH PEOPLE UP WITH FINANCIAL
AID SO THAT THEY CAN -- ACTUALLY
HAVE THE MEDICAL BILLS PAID OFF.
WE ALSO FIND SAVINGS FOR PEOPLE --
WHEN THEIR -- SPENDING.
THE PRODUCT WE STARTED WITH ME
DOING THIS FOR SOME OF MY OWN
EMPLOYEES A PREVIOUS COMPANY
THIS BY HAND FOR SEVERAL YEARS
AND THEN FINALLY MADE IT INTO A
PRODUCT.
BECAUSE I SAW HOW DOES HELPING
PEOPLE.
OUR SERVICE OFFERED A COMMUNITY
SUPPORTED WAIT WHAT PEOPLE
ACTUALLY HELP EACH OTHER OUT --
AND WE'VE HAD OVER TEN TEN
MILLION THANK YOU MESSAGES GO
BETWEEN OUR MEMBERS BECAUSE IT'S
A PLATFORM TO COMMUNITY WHERE
PEOPLE ACTUALLY HELP EACH OTHER
OUT.
SB FOR SENATOR DEALS WITH A
GROUP OF PEOPLE WHO ARE -- WHOSE
FINANCIAL HEALTH IS VERY FRAGILE.
EVEN SMALL CHANGES CAN HAVE A
LARGE IMPACT ON THEIR SITUATION.
AND SO IT'S IMPORTANT FOR US TO
BE VERY THOUGHTFUL ON OF THE
CHANGES THAT WE MAKE AND HOW
THIS CAN AFFECT PEOPLE.
OF THIS I'M GONNA GO OVER MY
COMMENTS AND THESE ARE FROM THE
VERSION OF THE BILL THAT WE HAD
SEEN ON TUESDAY -- SIR FIRST I'D
LIKE TO START BY SAYING THAT
OVERALL I THINK THE BILL'S VERY
POSITIVE FOR CONSUMERS -- WE
APPRECIATE THAT THE BILL
RECOGNIZES THAT THE MONEY THAT
SOMEBODY HAS ARMED IS ACTUALLY
THERE'S AND ACCESSING IT IS NOT
ALONE -- WE ALSO APPRECIATE THE
BILL RECOGNIZES THE DIRECT TO
CONSUMER MODEL THAT'S HOW WE GET
OUT THAT'S HOW PEOPLE WORK FOR
SMALL BUSINESSES.
AND EVEN GOVERNMENT EMPLOYEES
CAN GET ACCESS TO ITS WAS VERY
INCLUSIVE IN THAT WAY -- THERE'S
A NUMBER OF THE THINGS I LIKE
WITH THE BILL BUT I WILL NOT
LIST EACH ONE OF THOSE -- WE
WOULD BE REMISS OF US NOT TO
ADDRESS THE AREAS WHERE WE THINK
THERE COULD BE SOME CONSUMER ARM.
AND I HAVE -- WE HAVE THREE
AREAS OF CONCERN.
THE FIRST ONE IS WITH THE WHOLE
BACK OF 50% OF WE BELIEVE THAT
IT WILL MAKE IT DIFFICULT FOR
PEOPLE TO MAKE OF THE RENT
PAYMENTS -- THIS MONTH AS MANY
PEOPLE GOT PAID AFTER THE RENT
DUE DATE HAS GOT PAID BEFORE
THEIR AND YOUR DATE.
I'M AND THAT'S PRETTY CONSISTENT
ACROSS MONTHS AS TO WHAT YOU'D
EXPECT IS THAT ABOUT SIX TIMES A
YEAR.
PEOPLE ACTUALLY HAVE TO PAY RENT
BEFORE THEIR PAYDAY -- AND THE
CONSTRAINTS WILL ACTUALLY MAKE
IT TOUGH FOR THEM TO MAKE THEIR
OWN PAYMENTS -- RIGHT THROUGH
THE YEAR.
THE SECOND CONCERN IS ON THE
FIXED MONTHLY FEE -- THE CONCERN
IS THAT BY FIXING THE MONTHLY
FEE IT COULD CONSTRAIN THE
AVAILABILITY OF THE PRODUCT.
OR COULD AFFECT THE QUALITY OF
THE PRODUCT IS LIKE TELLING A
GROCERY STORE THAT YOU CAN ONLY
JUDGE PEOPLE FIXED AMOUNT PER
MONTH.
THE GROCERY STORES LIKELY EITHER
CUT BACK HOW MUCH THEY LET YOU
BUY.
OR GIVE YOU WORST QUALITY
PRODUCE.
AND IN TERMS OF THIS PRODUCT
LIKE MONEY TO SEND QUALITY
WHATEVER COMES FROM.
BUT THE WAY YOU CAN ACT TO
CHANGE THE QUALITIES BY EITHER
BY CUTTING BACK ON THE SPEED ARE
CUTTING BACK ON THE SUPPORT --
WHAT HAPPENS WHEN YOU RESTRICT
THE AVAILABILITY OF A GOOD
PRODUCT A SITUATION LIKE THIS IS
PEOPLE GO TO THE BAD PRODUCTS?
THE BAD PRODUCTS OVERDRAFT FEES
WHICH I THIRTY FIVE BUCKS A
TRANSACTION -- THE CFPB STUDY
SAID THAT THE AVERAGE
TRANSACTION IS ABOUT FIFTY BUCKS
SO IT'S ABOUT THIRTY FIVE
DOLLARS OF FEES FOR FIFTY DOLLAR --
USAGE AND THE OTHER BUT
ALTERNATIVE IT IS -- PAYDAY
LOANS THE CPP STUDY SO THAT'S
ABOUT FOURTEEN DOLLARS FOUR
HUNDRED DOLLARS ACCESS.
SO IT'S ABOUT FIFTY DOLLARS THE
TRANSACTION.
ON THE PAYDAY LOANS.
SO MY CONCERN OUT THERE IS THAT
IF WE RESTRICT ABILITY OF THIS
PRODUCT.
IT WILL FORCE PEOPLE INTO
OVERDRAFT FEES AND PAY LOANS.
AND OUR ANALYSIS ACTUALLY
ESTIMATES THAT THE LIKELY
ADDITIONAL FEES BY PEOPLE NOT
HAVING ACCESS TO THIS PRODUCT
WE'RE GOING THE OTHER PRODUCTS.
IS BETWEEN TWENTY FIVE HUNDRED
TWENTY TWO DOLLARS PER MONTH.
THE THIRD CONCERN IS ON THE TWO
DAY NOTICE REQUIREMENT PRIOR TO
A DEBIT.
THAT NOTICE -- PETER IS FINE IF
THE TRANSACTION HAPPENS MORE
THAN TWO DAYS.
BEFORE THE DOUBLE DATE -- BUT IF
SOMEONE IS MY THE DAY BEFORE
PAYDAY.
I WOULD STOP TO GIVE THEM TWO
DAYS NOTICE.
CAUSED YOU TO KNOW TWO DAYS
BEFORE THEY WILL USE THE PRODUCT
AND HAVING ACCESS TO THEIR PAY
THE DAY BEFORE PAYDAY IS
ACTUALLY REALLY IMPORTANT.
THAT IS THE DAY WHEN THE BAG
BOUNCES THE LOWEST -- AND IN A
LETTER WE'VE SHOWN THAT PEOPLE
USE OUR PRODUCT TO BUY GAS.
WE'VE SEEN THAT THE HOURS WORKED
PER WEEK GOES UP WITH ALMOST US
USING A PRODUCT.
PREVIOUSLY WHAT WOULD HAPPEN IS
THEY WOULD MISS WORK BECAUSE
THEY COULD NOT BUY GAS TO GET TO
WORK.
WANT TO HAVE A PRODUCT THEY BUY
GAS TO GET TO WORK THE HOURS
THAT THEY WORK UP A WEEK GOES UP.
AND THE WAGES GO UP AS WELL --
AND SO WE'D LIKE PEOPLE TO BE
ABLE TO USE THE PRODUCT EVEN THE
DAY BEFORE PAYDAY -- DE FIX FOR
THAT SEEMS PRETTY SIMPLE IS IF
YOU DO A TRANSACTION MORE THAN
TWO DAYS BEFORE THEN YOU WE WILL
PROVIDE TO HIS NOTICE.
IF YOU DO A TRANSACTION WITHIN
THE LAST TWO DAYS WE COULD
PROVIDE DOORS AS SOON AS THEY DO
THE TRANSACTION.
SO I LIKE TO ANYBODY TRADING
THAT.
pPOSITIVE -- THERE'S A I THINK IF
YOU SPECIFIC OPTIONS THAT COULD
ACTUALLY MAKE THIS BILL EVEN
BETTER.
THANK YOU.
THANKS FOR THAT -- SO MY NAME IS
JASON LEE AND ON THE C. E. O. OF
DAILY PAY. ONE OF THE INDUSTRY
LEADERS IN THIS EMERGING
CATEGORY.
SO THIS IS A VERY COMPLICATED.
SUBJECT AREA -- AND IT'S ONE
THAT REQUIRES PRECISION IN THE
LEGISLATIVE PROCESS TO GET
COMPLETELY RIGHT.
SO ALL OF OUR COLLECTIVE NORTH
STARS ARE TO SUPPORT A NEW
INDUSTRY -- AND THAT INDUSTRY IS
MEANT TO PROTECT WORKERS AND
GIVE THEM WHAT THEY NEED WHILE
AT THE SAME TIME.
NOT UNINTENTIONALLY OPENING THE
DOOR FOR PAYDAY LENDERS TO TAKE
ADVANTAGE OF NEW LEGISLATION. TO
THAT END THE CURRENT VERSION OF
THE BILL IS CLOSER.
THEN WHERE WE WERE A FEW MONTHS
BACK BUT THERE ARE STILL SOME
REMAINING ISSUES.
ALLOW ME TO HIGHLIGHT ONE OF
THEM HERE.
SINCE I THOUGHT THAT THERE IS
ONLY A TWO MINUTE LIMITATION AB.
SO AS DRAFTED.
THE BILL LIMITS THE WORKER TO BE
ONLY ABLE TO ACCESS 50% OF HER
OWN MONEY.
SO WE AS A COMPANY AS WELL AS
YOUR CONSTITUENTS FIND THIS
LIMITATION ARBITRARY -- AND
LIKELY PUSHES THEM TO CONTINUE
TO USE PAYDAY LOANS. FOR WHAT
IT'S WORTH WE'VE COLLECTED NINE
HUNDRED AND TWENTY TWO RESPONSES
FROM CONSTITUENTS.
IN EACH OF YOUR DISTRICTS IN THE
LAST TWENTY FOUR HOURS REGARDING
THIS BILL.
AND THEY HAVE SAID QUOTE.
IT'S MY MONEY.
I BURNED IT.
I NEED THIS MONEY TO PAY MY OWN
BILLS.
NOW WE UNDERSTAND THE OBJECTIVE
HERE IS TO PROTECT A SMALL
MINORITY OF WORKERS FROM QUOTE
HAVING NOTHING LEFT ON PAYDAY.
IN THE FOUR YEARS OF OFFERING
THIS SERVICE ACROSS OVER TEN
MILLION PAYMENTS I HAVE NEVER
ONCE.
SEEN A WORKER WIND UP WITH
NOTHING ON PAYDAY.
HOWEVER.
THERE ARE SEVERAL INSTANCES
WHERE A WORKER MAY NEED. 55%
EACH WEEK.
NOW WITHOUT THAT ACCESS TO THAT
AMOUNT.
THAT WORKER MAY LIKELY BE FORCED
TO GO TO A PAYDAY LENDER.
NOW WE'VE SUGGESTED A MORE
ELEGANT WAY. TO SATISFY BOTH
YOUR CONSTITUENTS AS WELL AS A
SENATORS CONCERN.
AND THAT IS SIMPLY TO ALLOW THE
WORKER FULL ACCESS TO OUR OWN
MONEY.
WITH A SENSIBLE MECHANISM TO
RATCHET BACK HER ACCESS 250% IF
SHE IS IN FACT FOUND TO HAVE
NOTHING LEFT ON PAYDAY.
WE SUBMITTED FOR OTHER
MODIFICATIONS TO THIS BILL ALL
IN THE SAME VEIN.
OF SUPPORTING A NEW INDUSTRY
WHERE WE CAN PROTECT WORKERS
WHILE MAKING SURE THAT WE'VE
CLOSE THE LOOPHOLES FOR
UNINTENDED CONSEQUENCES AND HARM
TO THE END CONSUMER.
TODAY WE ARE SEEKING A
COMMITMENT.
FROM THE SENATOR'S OFFICE TO
WORK WITH US ON THIS POINTS TO
MAKE THIS BILL STRONGER TO MAKE
IT BETTER AND TO MAKE IT ACHIEVE
THE DESIRED PURPOSES.
ANY OTHER WINNERS THE STATE YOUR
NAME AND POSITION MADAM CHAIR
MEMBERS THAT HAVE BECOME OUT THE
NATIONAL PAYROLL REPORTING
CONSORTIUM WERE NEUTRAL ON THE
BILL WE PARTICIPATE IN THE
STAKEHOLDER PROCESS.
APPAREL COMPANIES ARE NOT
PROVIDERS OF EARNED INCOME
ACCESS BUT WERE NECESSARY
PARTNERS PARTICULARLY ON THE
EMPLOYER CITED MODEL SO WE
APPRECIATE THE STAKEHOLDER
PROCESS WE APPRECIATE THE
CLARIFICATION THAT PAYROLL
COMPANIES ARE NOT PROVIDERS.
WE MAY HAVE SOME ADDITIONAL
TWEAKS THE LANGUAGE BUT WE DO.
APPRECIATE THE LANGUAGE -- THUS
FAR WE AGREE THIS IS AN ISSUE
WITH GREAT POTENTIAL WE HAVE TO
GET IT RIGHT WE'RE COMMITTED TO
SPEND THE TIME TO MAKE SURE THAT
WE GET IT RIGHT THANK YOU.
DO YOU FEEL LOW ON BEHALF OF
BRIDGET I AM CHAIR MEMBERS
AUTHORS ABSOLUTE PRECIADO.
THE IMMENSE AMOUNT OF WORK HAS
GONE INTO THE BILL TOWARD
STRENGTH IN IT -- SPECIFIC TO
BRIDGET WE ARE ANTICIPATING
LANGUAGE RELATED TO NON RECOURSE
LIQUIDITY -- LOOKING FORWARD TO
SEE THAT AS THAT COMES ABOUT
THANK YOU. TO ST MARTIN DOUBLE
CONSUMER REPORTS SKEWS ME WE
HAVE ALSO HAVE NO FORMAL
POSITION ON THE BILL I'VE BEEN
INVOLVED IN THE STAKEHOLDER
PROCESS REALLY APPRECIATE ALL
THE HARD WORK THAT HAS GONE INTO
LEGISLATION THUS FAR BUT FROM
THE WORK OF THE AUTHOR AS WELL
AS MULTIPLE COMMITTEES.
I WE CONTINUE TO HAVE
OVERARCHING CONCERN THAT AS THE
LEGISLATURE DECIDES TO RECOGNIZE
AN EMERGING MARKET THERE IS
APPROPRIATE REGULATORY OVERSIGHT
REGIME AND THAT THERE'S
TRANSPARENCY AND DATA -- AND ARE
HEARTENED TO SEE THAT THERE'S A
COMMITMENT TO ENSURING THAT THAT
IS IN THE BILL AS WELL BUT WE
WILL CONTINUE TO WATCH.
AND MAKE SURE THAT THIS IS
PROTECTIVE OF CONSUMERS THANK
YOU.
THANK YOU MADAM CHAIR MEMBERS
MITCH SNIDER WITH CALIFORNIA
LABOR FEDERATION WERE ALSO
NEUTRAL ON THE BILL AND ALSO
WOULD LIKE TO EXPRESS OUR
APPRECIATION OF THE AUTHORS
OFFICE NO ONE ELSE THE TO WORK
SO HARD TO TRY.
TO GET THE LANGUAGE RIGHT WERE
EVERYONE NEEDS THAT DOES SEEM
LIKE IT'S GETTING PRETTY CLOSE --
FROM OUR PERSPECTIVE WE VERY
MUCH APPRECIATE ALL THE WORK
PROTECTION LANGUAGE THAT'S IN
THERE AND THINK THAT MAKES IT A
MUCH STRONGER BILL -- ART TO
REMAINING CONCERNS HAVE TO DO
WITH WORKER PRIVACY -- THE
PROPOSED LANGUAGE DOES ADDRESS
THE ISSUE OF WORKERS PERSONALLY
IDENTIFIABLE DATA PARTICULARLY
FINANCIAL DATA.
ALSO GEOLOCATION DATA THINGS
LIKE THAT FROM BEING SOLD OFF TO
THIRD PARTIES BUT WE'RE KIND OF
NEW TO THIS ARIENS ARE STILL
REVIEWING THE LANGUAGE TO MAKE
SURE THAT -- THE INTENT IS
ACHIEVED BY THE WAY THAT IT'S
WRITTEN BUT THAT LOOKS PRETTY
GOOD RIGHT NOW AND THEN THE
OTHER CONCERN WAS TO MAKE SURE
THAT -- THERE'S LANGUAGE IN
THERE THAT HELPS PROTECT.
A WORKERS.
EXPOSURE TO THE SERVICE AND THE
NUMBER OF TIMES THEY'VE ACCESS
THE SERVICE FROM BEING
TRANSFERRED OVER TO THE EMPLOYER
TO THE EXTENT THAT'S POSSIBLE
THE SAME WAY THAT -- SOMEONE
WOULD WANT THEIR PLAYER TO KNOW
THAT THEY WERE TAKING ADVANTAGE
OF A PAYDAY LOAN SERVICE THAT
THIS IS KIND OF A OF A DIFFERENT
VERSION OF THE SAME THING BUT
ARE THERE A LOT OF REASONS WHY
WORKER WOULD NOT WANT THEIR
EMPLOYER TO KNOW ABOUT THAT SO
IF.
THERE'S WAYS TO KEEP THAT
INFORMATION CONFIDENTIAL THAT
WOULD BE GREAT BUT OVERALL WE DO
SEE THIS AS A MUCH LESS RISKY
MUCH MORE.
RESPONSIBLE ALTERNATIVE TO PAY
LATE PAYDAY LENDING AND DO THINK
IT'S AN EXCITING NEW INDUSTRY
SECTOR AND LOOK FOR DAYS STAYING
INVOLVED IN THE STAKEHOLDER
GROUPS MOVES FORWARD.
THANK YOU ANY ADDITIONAL
COMMENTS.
RIGHT SEEN AND I'M ACTUALLY
GONNA ASK THE AUTHOR IF THE
AUTHOR WOULD LIKE TO COMMENT ON
ANY OF THIS BEFORE A TAKE MEMBER
QUESTIONS JUST BECAUSE I THINK
THERE'S BEEN A NUMBER.
OF THE ISSUES RAISED AND PERHAPS
I THINK SOME OF THEM MA'AM MAY
ALSO BE ADDRESSED AND SENATE YOU
DISH.
OKAY THAT THANK YOU VERY MUCH
MADAM CHAIR SO -- PART OF THAT
THE CHALLENGE WITH -- SO SO LET
ME JUST START OFF BY SAYING THAT
ONE OF THE REASONS THAT THAT
WERE HERE IN THIS POSITION IS
THAT -- THE DEPARTMENT OF
BUSINESS OVERSIGHT FELT VERY
STRONGLY THAT THERE THERE SHOULD
BE -- SOME OVERSIGHT OF THIS
KIND OF LENDING BECAUSE IT IS
NOW ON THE INTERNET AND AND
THERE ARE NO PROTECTIONS AND SO
ON THE REASON THAT WE WAITED IN
WADE.
WAITED.
INTO IT -- WAS BECAUSE AS YOU
KNOW MADAM CHAIR I'M VERY
CONCERNED THAT WE HAVE AS MANY
OUTLETS AN OPPORTUNITY FOR
PEOPLE TO BE ABLE TO GET.
THEIR CASH WHEN THEY NEED IT --
LEGITIMATELY -- AND AND THIS
JUST SEEM TO MAKE A LOT OF SENSE --
YOU EARN YOUR YOU EARN A CHECK
AND THEN YOU GET IT AT THE END
OF A PAY PERIOD BUT IN THE
MEANTIME.
YOU DON'T HAVE ACCESS -- TO THAT
MONEY AND SO ON THAT'S REALLY
THE GENESIS OF OF DOING THIS
WORK SO PART OF WHAT WE'VE BEEN
TRYING TO DO IS -- THE THE THE
CONSUMER PROTECTION
ORGANIZATIONS HAVE BEEN PART OF
THIS DISCUSSION SO THEY'VE
HELPED US -- TO PUT OUR ARMS
AROUND WHAT IS RIGHT NOW -- THE
WILD WEST WITH ALL OF THESE
DIFFERENT ORGANIZATIONS DOING
WHATEVER THEY WANT TO DO -- AND
AND WHAT WE'VE BEEN TRYING TO DO
IS TO MAKE SURE THAT WHATEVER
FRAMEWORK FOR SETTING UP.
THAT THAT WHAT YOU GET CHARGED
IT DOESN'T END UP BEING LIKE A
PAYDAY LOAN ONLY IT'S IT'S
HIDDEN SOMEWHERE RIGHT.
AND SO -- THAT'S WHY WE HAVE A
CAP ON THAT IT THAT IS CERTAIN
AND INCLUDE ANYTHING THAT YOU
WOULD CHARGE -- IN ORDER TO
ACCESS YOUR MONEY -- IF THE
COMPANY.
REQUIRES IF THE COMPANY HAS AN
EXPEDITION -- AN EXPEDITIOUS
BACK CASH -- SYSTEM THEN AB AND
THEY CHARGE YOU MORE FOR THAT IT
CAN'T IT THE TOTAL AMOUNT THAT
THEY'RE CHARGING YOU CAN BE MORE
THAN FIFTEEN DOLLARS SO THERE'S
SOME OF THEM CHARGE -- IF YOU
WANT IT SAME DAY OR THE NEXT DAY --
A A SPECIAL FEE FOR THAT SO SO
THAT'S WHERE THE FIFTEEN DOLLARS
COMES FROM FRANKLY -- WE THAT
THE 50% -- IS IS THE REASON
THAT'S A PART OF THAT THE PLAN
IS BECAUSE AT LEAST INITIALLY WE
WANT TO SEE HOW HOW THIS WORKS
AND WE WANT TO MAKE SURE THAT
PEOPLE.
DON'T GET TO THE END OF THEIR
PAY PER PAY PERIOD AND THEN HAVE
ABSOLUTELY NO MONEY AND AND FIND
THAT THEN THEY END UP.
WITH THE PAYDAY LENDER ANYWAY --
AND SO THAT THE GUARD RAILS THAT
WERE SPOKEN OF THOSE WERE WERE
CRAFTED WITHOUT TAKING AS MUCH
INPUT FROM THE INDUSTRY AND THEN
SITTING DOWN WITH THE CONSUMER
GROUPS AS WELL.
THE CONSUMER AND LABOR TO MAKE
SURE THAT ON THAT -- THAT WE'RE
DOING SOMETHING THAT THAT THAT
MAKES MAKES SENSE SO -- THERE
WAS A THERE WAS A MENTION.
OF A AND I'M LOOKING AT MY NOTES
AND I DON'T SEE IT BUT AT LEAST
ONE OF THE COMPANIES -- DOESN'T
CHARGE A FEE.
BUT YOU CAN PAY.
AS YOU CAN PAY A TIP AND YOU CAN
PAY NOTHING OR YOU CAN PAY -- A
LOT OF MONEY AND PART OF THE
CHALLENGE WITH THAT.
IS IS THAT IT IT'S PART OF A
COMMUNITY OF INTEREST RIGHT THAT
DOES THAT ARE USING THAT SERVICE
PAY FOR EACH OTHER AND HELP EACH
OTHER OUT -- AND THE CHALLENGE
WITH THAT IS IS PHAM I'M NOT
SURE WHAT THEIR HOW THEY MAKE
THEIR MONEY THEN RIGHT I MEAN
AND AND IN THE DISCUSSION THAT
WE'VE HAD WITH.
WITH ALL THE DIFFERENT GROUPS IS-IS THE MONEY BECAUSE THEY'RE
SELLING THE INFORMATION OR IS IT
JUST BECAUSE OTHER PEOPLE ARE
PAYING. FOR YOU TO BE ABLE TO
GET ACCESS TO YOUR YOUR MONEY
AND IT DOESN'T COST YOU ANYTHING --
IT THERE THERE THE SYSTEM.
THE SYSTEM DEPENDS ON A
COMMUNITY OF INTEREST AND AND
AND THAT JUST SEEMED HARD TO
REGULATE.
AND HARD TO KNOW EXACTLY WHAT IT
IS THAT THEY'RE GETTING FROM THE
CUSTOMERS AND BOB TO THE EXTENT
THAT THEY ALSO HAVE ACCESS EMAIL
AXIS -- HOW MANY TIMES THEY CAN
COMMUNICATE WITH YOU AND START
BUGGING YOU ABOUT YOU KNOW YOU
DIDN'T TAP AND NOW WE WANT SOME
MONEY AND HOW DO YOU EXPECT IT
WILL THAT WE WERE JUST
UNCOMFORTABLE WITH THAT SO?
SO -- SOME OF THE DETAILS IN
TERMS OF HOW IT'S BEEN
STRUCTURED IS TAKING EVERYBODY'S
MODEL INTO CONSIDERATION IN
TRYING TO BUILD SOMETHING THAT
D. B. O. IS ACTUALLY GOING TO BE
ABLE TO REGULATE AND THAT.
THAT -- ALSO HAS SOME PROTECTED
PROTECTIONS OF THE WORKERS AS
WELL AND THERE'S TWO DIFFERENT
FORMS OF COMMITTEE OF
COMMUNICATION ONE IS DIRECTLY
WHERE SOMEONE GETS ON THE
INTERNET THE OTHER ONE IS
THROUGH THE EMPLOYER THE
EMPLOYER CAN OFFER THIS AS A
SERVICE. TO THEIR EMPLOYEES AND
THEN -- AND THEN THEY SET UP THE
INFRASTRUCTURE THROUGH THEIR
THROUGH THEIR EMPLOYMENT --
RELATIONSHIP AND WE WANTED TO
MAKE SURE THAT WORKERS ARE
PROTECTED AS PART PART OF THAT
BECAUSE IT IT IS A IT IS.
A GREAT OPPORTUNITY FOR THEM BUT
THEY DON'T HAVE TO GO OUT AND
LOOK FOR SOMETHING THEIR
EMPLOYER IS OFFERING IT AS PART
OF PART OF THEIR SYSTEM.
AND THEN THEY DO IT THROUGH
THEIR THEIR PAYROLL SYSTEM AS
WELL SO -- SO THERE'S TWO
DIFFERENT MODELS AND WE WE'VE
TRIED TO TREAT THEM BOTH THE
SAME AND AND GIVE THEM THE SAME
KIND OF FLEXIBILITY.
SO I AM PREPARED TO ANSWER ANY
OTHER QUESTIONS THANK YOU AND I
DO WANT TO JUST OFFERED THE
OPPORTUNITY TO THERE WAS A
REFERENCE MADE SPECIFICALLY.
TO THE TIP MODEL AND SO I DIDN'T
KNOW IF YOU WANTED TO BRIEFLY
ANSWER THAT BECAUSE THEY DO WANT
TO GET TO MEMBERS COMMENTS
QUESTIONS.
YOUR COMPANY OPERATES ON A
COMPLETELY TO BASE MODEL WE
DON'T CHARGE ME FEES IN ADDITION
TO TIPS THERE'S ONE OTHER
COMPANY THAT DOES TIPS AS WELL
AS FEES -- IS THE FIRST OF WE
DON'T HAVE ANY INFORMATION IN
FACT WE'VE TURNED DOWN COMPLY
RELATIONSHIPS WITH A PROCESS TO
PICTURE INFORMATION WE REFUSE TO
GET INTO THOSE.
SO WE DO NOT SHARE INFORMATION
WITH ANYBODY -- MUSIC FOR THE
PRODUCT.
THE WAVE OF AND WE THINK OF THE
SERVICE OF A WE'RE ON TAPES NOT
JUST FOR ACCESS TO WAGES BUT
ALSO FOR OUR HEALTH CARE PRODUCT.
WE NEGOTIATE DOWN MEDICAL BILLS
AND WE DON'T CHARGEFOR IT WE
TELL PEOPLE TO PASS WHATEVER
THEY THINK IS FAIR.
BOTH THE SERVICES WHETHER IT'S
ACCESS YOUR OWN PAGE OR ACCESS
TO AFFORDABLE HEALTHCARE.
WE DON'T BELIEVE THAT IT SHOULD
BE HELD BACK FROM SOMEONE
BECAUSE THEY CANNOT AFFORD TO
MAKE TO PAY A FEE.
SO IF SOMEBODY'S ON ABLE TO
AFFORD IT WE BELIEVE THAT THEY
SHOULD STILL HAVE ACCESS TO THE
SERVICE.
IF THEY ARE ABLE TO SUPPORT IT
THEN THEY CAN PAY US WHAT THEY
THINK IS FAIR.
AND IF THERE'S A SITUATION WHERE
THEY CAN HELP OUT OTHER PEOPLE
WE ACTUALLY WANT WE LIKE THAT
THAT PEOPLE HELP OTHER PEOPLE --
TO ME I THINK IT'S WE TALK ABOUT
THE AMERICAN DREAM IS THAT
PEOPLE CAN ACTUALLY LIKE COME UP
AND THAT THE RESPONSE RELEASE
COMPLETELY UP TO THE INDIVIDUAL.
REALTY THAT IS NOT COMPLETELY UP
THE INDIVIDUAL TO BE TO COME UP
LIKE WE SHOULD PERMIT TO THE
SOCIETY WERE -- COMMITTEE WHERE
PEOPLE ACTUALLY HELP EACH OTHER
OUT.
IT'S SO I KNOW THAT IT'S A NEW
MODEL PEOPLE HELPING PEOPLE --
BUT JUST BECAUSE IT'S NEW AND WE
DON'T KNOW HOW TO DEAL WITH IT
DOESN'T MEAN THAT WE SHOULD BE
UNCOMFORTABLE WITH PEOPLE
HELPING PEOPLE.
I THINK CHAU ACTUALLY WANT
PEOPLE TO HELP PEOPLE -- IT'S A
THAT'S HOW WE STRUCTURE THIS
WHERE IF YOU WANT HELP SOMEONE
WE TELL YOU THAT IS GOING HELP
SOMEBODY ELSE.
AND THAT SOMEBODY ELSE WILL
ACTUALLY SEND YOU A THANK YOU
MESSAGE -- INTO REALLY DOES FEEL
LIKE A COMMUNITY OF PEOPLE
HELPING EACH OTHER OUT.
THANK YOU AND WITH THAT I WILL
OPEN IT UP FOR QUESTIONS OR
COMMENTS -- FROM THE MEMBERS.
A SAM ROBERT CAN -- SO I WANT TO
START BY THINKING OFFER I THINK
THAT THERE'S A LOT OF GREAT
PROJECTIONS IN HERE AS WELL --
AND I THINK THAT IT'S IMPORTANT
THAT OUR CONSUMERS ARE PROTECTED
EVERY TURN ESPECIALLY WHEN IT
COMES TO THEIR EARNINGS -- I
HEARD ALL OF YOU SAY ON EVERY
BETWEEN NURSE OF GIVING UP THE
SHINS THE TRAINERS AND THE
SUPPORT THAT WERE THIS IS A SAFE
INEXPENSIVE SOLUTION AND THEN
AND WE WANT TO PROTECT IT -- AND
ONE OF MY CONCERNS IS REALLY
THAT THERE ARE A COUPLE THINGS
AND NONE OF YOU SPOKE ABOUT THE
AMENDMENT THAT RELATES TO THE
THREE ADVANCES PER WEEK AS WELL
WHICH IS ANOTHER REGULATION THAT
I THINK IS BEING ADDED TO THIS --
IS THAT THIS PUTS REGULATIONS IN
GUARDRAILS IN PLACE THAT ARE NOT
PUT INTO PLACE ON OUR PAYDAY
LOANS AND OUR OTHER I WOULD SAY
MORE PROBLEMATIC PRODUCTS.
AND SO I GUESS MY CONCERN IS
THAT.
I'M SOMEBODY WHO MY RENT COMES
DO I NEED TO PAY MY RANTS MY
RENT IS MORE THAN 50% OF MY
EARNED INCOME I CAN ONLY GET MY
50% SO THEN I GO TO A PAYDAY
LOAN.
AND THAT I WOULD ACTUALLY RATHER
OUR CONSTITUENTS BE ABLE TO GET
ACCESS TO EARNED INCOME IN A
SAFE AND INEXPENSIVE WAY AND SO
I GUESS I'M CONFUSED WHY WOULD
PUT THESE GUARDRAILS UP IN THIS
SITUATION WHEN WE'RE NOT PUTTING
THEM UP.
ON WATER ARGUABLY MORE
PROBLEMATIC PRODUCTS BECAUSE
THAT MIGHT.
MAKE A GUESS I SEE WHAT THE
OPPOSITION IS SAYING IT MIGHT
TURN PEOPLE TO MORE PROBLEMATIC --
PRODUCTS AND I SEE THAT
SPECIFICALLY IN THE 50% IN THE
THREE THE CAP ON THE THREE
ADVANCES PER WEEK ON THE THINGS
THAT WE DON'T DO IN THESE OTHER
SOLUTIONS TO HAVE THOUGHTS ON
THEM.
YEAH I'M NOT HERE TO ADVOCATE
FOR PAYDAY LOANS.
HONESTLY -- THEIR THEIR
PROBLEMATIC AND AND I THINK
THAT'S ONE OF THE REASONS THAT
WE'VE BEEN LOOKING FOR OTHER
ALTERNATIVES IS BECAUSE THEY ARE
PROBLEMATIC -- I GUESS THE THAT
THE ONLY ANSWER I CAN GIVE YOU
IN TERMS OF SOME OF THE SOME OF
THE SOME OF THE AMENDMENTS IN
TERMS OF A CAP AND HOW MANY
TIMES YOU CAN ACCESS AND HOW
MUCH MONEY YOU CAN TAKE OUT.
IS BECAUSE THERE -- THERE ARE --
ADVOCATES THAT BELIEVE THAT --
WELL.
THERE WERE EVEN MORE.
MORE STRINGENT REQUIREMENTS THAT
WE JUST DIDN'T WANT IT TAKE
BECAUSE WE WANT THIS THIS IS AN
EMERGING OPPORTUNITY AND WE WANT
IT TO BE AS FLEXIBLE AND AS USER
FRIENDLY AS POSSIBLE.
SO WHAT WE'VE BEEN TRYING TO DO
IS TO FIGURE IT WITHOUT BEING.
PATRONIZING ABOUT THE WHOLE
THING -- IS TO SET SOME -- SOME
GUARD RAILS UP SO PEOPLE CAN USE
IT AND WE WE COME BACK AND WE
TAKE A LOOK AT HOW IT'S BEEN
WORKING.
AT FOR THAT FOR THAT PERIOD OF
TIME I THINK PART OF THE
CHALLENGES IS THAT -- WE DON'T
WANT TO CONTROL HOW PEOPLE ARE
USING IT RIGHT MAY USE THE
EXAMPLE OF THE RENT -- BUT IT
IT'S THERE ARE SO MANY OTHER
THINGS THAT CAN BE USED.
FOR THAT ARE THAT KIND OF THE
NECESSITIES THAT POP UP WHICH IS
FOOD GAS EVERYTHING THAT THAT
YOU HEARD -- THAT -- IN THE END
[inaudible]
PEOPLE.
IT'S ALL ABOUT MONEY MANAGEMENT
AND AND PART OF THE CHALLENGE IS
THAT.
IS THAT IF YOU KNOW WHAT IF IF
YOUR CHECK ISN'T ENOUGH AT THE
END OF THE DAY TO COVER ANY
EMERGENCIES THEN IT'S NOT GONNA
BE IT ENOUGH AT THE END EITHER
AND SO.
WHAT WE'RE TRYING TO DO IS TO
CREATEAN OPPORTUNITY FOR PEOPLE
TO BE ABLE TO ACCESS SOME CASH
TO BE ABLE TO TAKE CARE OF
THINGS?
THAT WILL.
COST THEM A LOT OF MONEY IF THEY
DON'T PAY.
BECAUSE OF THE LATE FEES BECAUSE
OF OF PENALTIES -- BUT ALSO
LEAVE THEM WITH WITH THE MONEY
THAT THEY'RE GOING TO NEED TO BE
ABLE TO TAKE CARE OF THE REST OF
THE OBLIGATIONS THAT THEY HAVE
THROUGHOUT THE THROUGHOUT THE
MONTH SO -- I MEAN YOU RAISE A
GOOD QUESTION.
BUT WHAT WE'VE BEEN TRYING TO DO
IS TO WORK WITH THE CONSUMER
GROUPS AS WELL THAT SAY WE'RE
REALLY CONCERNED ABOUT THIS AND
WE WANT TO MAKE SURE THAT --
THAT PEOPLE AREN'T AREN'T TAKING
OUT ALL THE MONEY THAT THEY'RE
GOING TO GET BY THE END OF THE
END OF THE MONTH AND THEN
THEY'RE AT THEIR AT A PAYDAY
LENDER BECAUSE THEY GOT A WHOLE
MONTH NOW OR ANOTHER TWO WEEKS
THAT THEY NEED TO GET THROUGH.
IN ORDER TO BE ABLE -- TO AND
PAY THINGS IN ORDER TO BE ABLE
TO MAINTAIN THEIR THEIR
LIFESTYLEOR TO BE ABLE.
TO FEED THE KIDS OR WHATEVER IT
IS THAT THEY'RE DOING SO -- I
DON'T HAVE THE PERFECT ANSWER
FOR THAT EITHER THEN IT'S IT'S
PART OF WHAT'S BEEN NEGOTIATED
OVER A LOT OF CONVERSATIONS YEAH
AND I GUESS IT COMES ON A
PHILOSOPHICAL QUESTION OF
WHETHER OR NOT WE SHOULD BE
CONTROLLING.
ACCESS TO THAT CAPITAL OR NO
THAT'S EXACTLY REGS.
WHICH WE CAN ALL PROBABLY COME
TO DIFFERENT CONCLUSIONS ON I DO
HAVE ONE ADDITIONAL QUESTION
WHICH IS PACKED OF IS THE
SPONSOR AYE.
IT'S MY UNDERSTAND HAS GIVEN IS
A FOR PROFIT COMPANY RIGHT
CORRECT I'M IN THIS READS TO ME
FROM THE ANALYSIS LIKE WORK HARD
TO FIND YOUR BUSINESS MODEL INTO
LAW WHICH GIVES ME A LITTLE
DISCOMFORT CAN YOU ADDRESS THAT.
I THINK I CAN I CAN ANSWER THAT
AND THEN CENTER IF YOU CAN
ANSWER THAT BECAUSE THIS WAS THE
ISN'T LAST HEARINGS AS WELL --
WE DID TAKE THE STEP TO SPONSOR
THE BILL -- AS A MATTER OF FACT.
OUR APPROACH AND WERE UP.
PRODUCTS DO NOT EVEN RELATE TO
OR ONE OF THE PRODUCT IS NOT
EVEN RELATE TO WHAT IS IN THE
BILL WHICH IS THE DIRECT TO
CONSUMER SOLUTION WE DON'T EVEN
HAVE THAT -- AS A COMPANY -- AS
FAR AS THE THE INCOME AXIS IS
CONCERNED -- IF YOU LOOK AT THE
FREQUENCY OF ACCESS IF YOU LOOK
AT THE PERCENTAGE OF ACCESS.
VIA GIVING.
SELF IMPOSED RESTRICTION WITH A
GUARD RAILS 50% OF NET INCOME.
THE BILL TALKS ABOUT 50% OF
GROSS INCOME WHICH IS ALMOST 70%
OF NET INCOME.
SOUL BE CHARGE A FIVE DOLLAR FEE
FOR THREE AXIS IS NOW IN OUR
BUSINESS MODEL.
THE BILL TALKS ABOUT FIFTEEN
DOLLARS IN A MONTH SO THERE ARE
SIGNIFICANT DIFFERENCES AND I
THINK THERE'S BEEN A PRETTY
ROBUST.
AND OF VERY PARTICIPATING
PROCESS WE DID INITIATE AND
START THE PROCESS BUT TO
CLASSIFY IT AND SAID THAT YOU
KNOW -- BUT SOME STAKEHOLDERS
THAT IT IS A ONE COMPANY BILL AT
THINK IT DOES A DISSERVICE TO
ALL THE WORK THAT HAS BEEN DONE.
ON THIS BILL FOR MONTHS AT THIS
POINT OF VIEW WE HAVE DONE
NOTHING EXCEPT SUPPORT THE BILL
AND AND THE SENATOR HAS BEEN
WHILE WORKING.
DILIGENTLY WITH ALL THE
STAKEHOLDERS AND TAKING THEIR
INPUT -- IN THE BILL.
THAT'S ABSOLUTELY TRUE.
LET ME AMPLIFY ON THIS POINT
HERE -- ACTUALLY THAT'S ONLY BY
WAY OF THE SORRY -- I I THOUGHT
THE QUESTION WAS ON THE 50%
SORRY ABOUT THAT BUT THE DEATH
CHANCE TO SCRAP.
IT WITH THE WOULD YOU LIKE TO
HEAR FROM THE WINNERS ON THIS
[inaudible]
CHORE.
SORRY ABOUT THAT.
YEAH.
ADDRESS THE POINT.
I JUST WANNA AMPLIFY I THINK
PROBABLY WHAT THE SENATORS ARE
HE SAID -- IN THAT CONTEXT.
SO YEAH WE DO A VERY STRONG VIEW
ON THIS AS YOU CAN TELL.
THAT -- THAT THE CONSUMER AND
THE WORKER WILL BE HARMED.
IF THEY DON'T HAVE ACCESS TO ALL
THEIR MONEY NOW WE KNOW THAT
BECAUSE WE'VE BEEN AT THIS
BUSINESS FOR FOUR YEARS.
AND WE'VE SEEN EVERY SINGLE
PAYMENT GO THROW AS I SAID
BEFORE NEVER ONCE HAVE I HAD A
SINGLE PERSON.
ACROSS ALL OF THE USERS
INCLUDING IN CALIFORNIA EVER
RECEIVE NOTHING ON PAYDAY.
SO HERE I JUST OR TICKET WHAT
ARE ISSUE IS.
WE DO BELIEVE THAT WITHOUT THAT
FULL ACCESS PEOPLE WILL GO TO
SUB OPTIMAL OR INFERIOR.
OTHER SOURCES OF CAPITAL BECAUSE
AT THE END OF THE DAY THE
UTILITY BILL OR THE RENT IT HAS
TO GET PAID.
BECAUSE THE CONSEQUENCES OF NOT
PAYING THAT ARE DIRE.
IN SO.
THE ABILITY TO ACCESS ALL OF
YOUR INCOME WHEN YOU WANT.
WE BELIEVE ALLEVIATE THAT
PRESSURE.
I THINK THERE IS THAT.
SORT OF AN UNDER TO A A SUBTEXT
HERE AS WELL -- UNITE I FOLLOWED.
EIGHTY FIVE THIRTY NINE AND IF
THIS BILL.
REALLY DID PUT A DENT IN THE
PAYDAY LENDING INDUSTRY.
I'M GUESSING WE WHAT HURTS MY
POSITION FROM THAT.
WE'VE NOT HEARD ANY OPPOSITION
BECAUSE THE REALITY IS IF PEOPLE
ARE LIMITED TO ONLY HALF OF
THEIR INCOME.
THEY WILL STILL.
GO TO A PAYDAY LENDER BECAUSE
THAT IS THE ONLY AVAILABLE
SOURCE OF CAPITAL FOR SOMEONE
WHO JUST IS IN THAT DESPERATE OF
THE SITUATION.
I TAKE VERY MUCH THIS ANALYSIS
THAT WE DON'T WANT PEOPLE TO
WIND UP AT THE END OF THE PAY
PERIOD WITHOUT ANYTHING.
WHICH IS WHY WOULD I THINK A AN
ELEGANT SOLUTION WOULD BE GIVE
PEOPLE ACCESS.
AND IF THEY ARE IN THAT POSITION
REPEATEDLY.
TWICE EVERY SIX MONTHS.
THAT THEY WERE THEN BE A RATCHET
BACK 250% OF THE EARNED INCOME
AMOUNT.
OUR AND I'M GOING TO WRAP IT UP
AND WE HAVE OTHER MEMBERS WITH
QUESTIONS TOO SO YEAH I KNOW
THANK YOU AND I THINK ONE OF I
JUST YOU KNOW.
I GUESS MY CONCERN AND WE HAVE A
QUESTION ON THE CHAIRS BILL
WHICH WAS FIVE THIRTY NINE I
THINK YEAH -- ABOUT MAKING SURE
THAT AS WE DECREASE THE ACCESS.
TO BAD PRODUCTS WHICH WE I
SUPPORTED I CONTINUE TO SUPPORT
WHICH IS IMPORTANT WE NEED TO
MAKE SURE THAT THE ON BANKS HAVE
ACCESS TO CAPITAL AND I THINK
THAT'S ONE OF THE PARTIES HERE
IS DOING THAT IN A SAFE WAY BUT
ENSURING THAT PEOPLE HAVE ACCESS
TO CAPITAL.
EVEN AFTER AND BANKED IN THAT
THIS IS ONE OF THE SOLUTION SO I
THINK YOU FROM BEING IN THE
SPACE AND HOPEFULLY WE CAN GET
TO A CONCLUSION.
THANK YOU AND I THINK.
AS A MEMBER GRAYSON YES.
THANK YOU CHAIR -- I I WANNA
THINK -- THE SENATOR FOR YOUR
GOOD WORK ON THIS.
I THINK IT'S JUST ONE OF THE
ANSWERS THAT WE CAN LOOK FOR FOR
ACCESS TO CAPITAL.
ESPECIALLY IN THIS PARTICULAR
CASE WHERE IT'S NOT ALONE IT'S
ACTUALLY -- TAPPING INTO EARNED
INCOME.
AND I ALSO WANT TO POINT OUT IF
I UNDERSTAND THIS CORRECTLY THIS
IS NOT THE END OF CONVERSATION
FOR THE BILL.
THERE'S GOING TO BE PLENTY OF
OPPORTUNITIES FOR THIS BILL TO
BE WORKED ON AND FOR
CONVERSATIONS TO TAKE PLACE --
TO HELP IMPROVE THE BILL AS IT
MOVES FORWARD IN THE PROCESS --
ALSO I WOULD JUST LIKE -- TO
MAYBE FIND OUT NOT TODAY IN HERE
BUT IT'S QUITE INTERESTING THAT
THE BOLD STATEMENTS BEING MADE
MULTIPLE TIMES THAT A NOT ONE
TIME IS SOMEONE.
ENDED UP ON PAYDAY WITH NOTHING
IN THERE -- IN THEIR PAYCHECK
BECAUSE THEY'VE TAKEN IT ALL OUT.
A IS THERE MONITORING TAKING
PLACE -- ON PEOPLE WHO ARE PART
OF THIS PROGRAM.
AS FAR AS YOUR MONITORING HOW
MUCH THEY MAKE AND HOW MUCH
THEY'RE PAYING OUT AND HOW THEY
WERE -- ABLE -- TO HOW YOU'RE
ABLE TO TELL WHEN SOMEONE HAS --
COME TO A PLACE WHERE THEY HAVE
ZERO AMOUNT OF MONEY LEFT IN
THEIR PAYCHECK SO -- WITH THAT I
DON'T NEED AN ANSWER TODAY.
ALL RIGHT THANK YOU AND ASSEMBLY
MEMBER WEEKS AND THEN WEBER.
THANK YOU -- THANK YOU FOR
COMING AND THEY JUST -- ONE
QUESTION THE FIFTEEN DOLLAR A
MONTH -- CAP -- FOR SOME PEOPLE
DOESN'T SEEM LIKE A LOT OF MONEY
FOR SOME PEOPLE THAT IS A LOT OF
MONEY -- I AND I KNOW THE THE%
NATIONAL CONSUMER LAW CENTER
SENTINEL OTHER OF OPPOSITION AND
OF THAT IT REACHED IN TIME BUT
THEY HAD SUGGESTED FIVE DOLLARS
A MONTH IS A CAB -- CAN YOU JUST
TALK THROUGH HOW YOU COULD HAVE
GOT TO THAT FIFTEEN DOLLAR MONTH
HE IN JUST FOR A FOR A REAL LOW
INCOME FOLKS IS THERE A WAY THAT
WE CAN.
REDUCE THAT FEED MORE.
WELL YOU HEARD YOU HEARD TODAY
THAT -- SOME OF THE PROVIDERS --
CHARGE A LOT LESS -- IT WAS
NEGOTIATED FRANKLY -- WHEN WE
WROTE THE BILL IT WAS --
FOURTEEN WE PICKED IT OUT OF THE
AIR BECAUSE WE'RE TRYING TO
ESTABLISH SOMETHING FROM WHICH
WE COULD WE COULD TALK -- AND IN
THE END -- THAT THE MODELS WERE
ALSO DIFFERENT THAT -- SET TO
THERE'S A COUPLE OF THINGS ONE
IS HOW MANY TIMES CAN PEOPLE
ACCESS -- MONEY FROM THEIR CHECK
AND AND THE IDEA WAS TO ALLOW
THEM.
TO THE THE THE ISSUE WAS THEY
CAN USE IT EVERY DAY IF THEY
WANT TO WRITE THEY CAN TAKE OUT
EVERY SINGLE DAY.
AND WHAT WE WANTED TO DO IS KIND
OF SET SOME GUARDRAILS AROUND IT
SO THAT WE CAN GET SOME GOOD
DATA ABOUT HOW PEOPLE ARE USING
IT -- AND TO ANSWER.
MR GRAYSON'S A QUESTION IS THAT
THERE IS NO MONITORING BECAUSE
WE DON'T HAVE A SYSTEM IT'S THE
REASON THAT THIS BILL WAS
PROPOSED -- AND AND SO NOT
EVERYBODY WILL CHARGE FIFTEEN
AND AND SOME CHARGE PER MONTH
SOME CHARGEPER EVENTS AND
BANDAIDS X. M..
EXTRACTION OF MONEY -- OUT OF
THEIR CHECK AND SO WEAK IF WE
BASICALLY AGREED THE FIFTEEN
DOLLARS WAS -- WAS THE MAX THAT
WE THOUGHT WAS APPROPRIATE SOME
OF THE THE LENDER AT NIGHT IT'S
NOT ALONE SOME OF THE COMPANIES.
CHARGE YOU EXTRA IF YOU WANT THE
MONEY [inaudible]
EXPEDITED AND OTHERWISE IT
THERE'S A TURN AROUND THAT THAT
MAY BE A COUPLE OF DAYS AND SO
WE WANTED TO MAKE SURE THAT THAT
CAPTURED.
THAT CHARGES WILD SO IF YOU ADD
EVERYTHING UP IT CAN'T BE MORE
THAN FIFTEEN DOLLARS SO IF YOU.
IN DESPERATE NEED OF YOUR MONEY
AS IN TODAY OR TOMORROW AND
YOU'RE WILLING TO PAY THE EXTRA
SEVEN DOLLARS AND NINETY FIVE
CENTS -- THEN TOWED AT THE TOTAL
AMOUNT CAN'T BE MORE THAN
FIFTEEN DOLLARS BUT GENERALLY
SPEAKING I THINK MOST OF THEM
CHARGE ME MUCH LESS THAN THE
FIFTEEN DOLLARS -- IT BUT YOU
MAY YOU MAY HAVE TO PAY EVERY
TIME YOU TAKE MONEY OUT VERY
SIMILAR TO LIKE.
A LIKE AS IN IN AN ATM.
OKAY THANK YOU.
NUMBER WEBER.
YES I DO WANT TO THANK YOU --
FOR FOR BRINGING THIS BILL
FORWARD I I CAN SEE THAT THERE
WAS A TREMENDOUS AMOUNT OF WORK
AND I ONE THINK I CHEER FOR THE
HARD WORK AND DILIGENCE IN
TRYING TO MAKE THIS HAPPEN -- IN
TERMS TO YOUR YOUR YOUR
ORGANIZATION IS JUST STRICTLY
FOR YOUR EMPLOYEES IS THAT
CORRECT OR IS THIS OPEN TO THE
PUBLIC IT WOULD STARTED I WAS
DOING IT BY HAND. FOR MY
EMPLOYEES AND THEN THEY TELL
THEIR FRIENDS ABOUT IT SO I
STARTED FOR THEIR FRIENDS AND I
OPENED UP FOR EVERYBODY ELSE
OKAY AND IS A LOCATED WHERE.
WE ARE IN PALO ALTO OKAY I
STARTED WHEN I WAS LIVING IN
CINCINNATI OHIO WE DO IT TODAY
FOR EMPLOYEES OR FIFTY THOUSAND
COMPANIES.
OKAY BUT IT BUT IT COMPANIES DO
THAT IT'S IT'S WITHIN THEIR
COMPANY IS THAT CORRECT.
HIS SISTER NEW YOURS DIRECT HOW
DOES WHAT IS CALLED DIRECT TO
CONSUMER MANY COMPANIES
PROMOTERS TO THEIR EMPLOYEES
OKAY SO THEY WOULD TELL THEIR
EMPLOYEES WITH POSTERS IN THE
BREAK ROOM AND THINGS LIKE THAT
OKAY SOUNDED.
OKAY THANK YOU I WANT TO THANK
YOU FOR THIS I I PROBABLY I
THINK I'VE BEEN ON THIS
COMMITTEE LONGER THAN ANYONE --
SITTING HERE AND THIS IS ALL
BEEN AN ONGOING CHALLENGE AND A
AN UNBELIEVABLE CHALLENGE WITH
REGARDS TO PAYDAY LOANS AND ALL
THE OTHER KINDS OF THINGS AND AS
I LOOK AT THIS I REALIZE THAT
THIS IS NOT PERFECT IF IT WERE
PERFECT -- PROBABLY WOULD HAVE
DONE IT LONG TIME AGO.
BUT ITREQUIRES OBVIOUSLY A LOT
OF INPUT AND IT HAS THUS FAR IN
TERMS OF ALL THE STAKEHOLDERS
THAT HAVE BEEN THERE AND WE CAN
PROBABLY PICK THIS THING TO
DEATH.
BETWEEN WHETHER IT'S FIFTEEN
DOLLARS OR FIVE OR SEVEN EVERY
OTHER WEEK.
OR YOU KNOW WHETHER IT WOULD
HAVE TO GET 250% OF WHATEVER
UNDERSTAND WHY YOU DON'T WANT
FIFTY BECAUSE I THINK IF YOU
TAKE ALL YOUR MONEY OUT --
YOU'RE AT ZERO AND THEN YOU
MIGHT NEED SOMEBODY THE NEXT
WEEK YOU HAVEN'T EARNED ANY YET
I MEAN YOU KNOW I CAN SEE ALL
THESE THINGS OCCURRING.
AND I KNOW WE TRY TO DO OUR BEST
TO TRY TO PROTECT EVERYBODY
WHICH WE KNOW WOULD NOT ABLE TO
DO BECAUSE EVERYBODY'S GROWN
OUGHT TO BE ABLE TO MAKE THE
DECISIONS BUT THEY DON'T SELL WE
WE UNDERSTAND THAT.
TOO SO WE FIND OURSELVES IN THIS
VERY DIFFICULT POSITION OF
HAVING TO MANAGE OTHER PEOPLE'S
BEHAVIOR THE L. L. UP OUT OF
SOME GOOD.
THIS IN OUR OWN HARD TO MAKE
SURE THAT FOLKS ARE JUST
DEVASTATED BY THESE AGENCIES IN
WITH A LACK OF RESOURCES AND NOT
ABLE TO DO VERY MUCH SO.
I APPRECIATE WHAT YOU'VE DONE I
THINK IT'S SO.
OF A FANTASTIC JOB BASED ON WHAT
I'VE SEEN OVER THE LAST SEVEN
YEARS ON THIS COMMITTEE.
OF WRESTLING WITH THIS ISSUE AND
HAVING COMING UP WITH VERY FEW
SOLUTIONS THAT MAKE US FEEL ANY
BETTER WHEN IT'S ALL OVER
BECAUSE WE STILL ARE.
SOMETIMES FEEDING THE MONSTER
AND WE MAY BE FEEDING HIM AGAIN
IN A SMALLER WAY.
I THINK THE FACT THAT IT HAS A
SUNSET OF THREE YEARS WILL GIVE
US A CHANCE TO SEE IF THIS
REALLY WORKS IF IT BEGINS TO
ADDRESS THE ISSUE.
AND THAT HAVING BEEN SAID I
WANNA MOVE THE BILL.
THANK YOU WE HAVE A MOTION AND A
SECOND ANY OTHER ASSEMBLY ARE
CHOI.
THANK YOU CHAIR AND THE I HEAR.
BOTH THE SIZE SO AND IN GENERAL
THE CONCEPT THAT THING I
UNDERSTAND THE MANY PEOPLE WHO
ARE.
LEAVING -- ON PAYCHECK TO
PAYCHECK A BASS HE SAID AND THEN
WHEN THEY NEED MONEY THEY HAVE
TO GO TO A WHAT THE PAYDAY
LENDER AND THE MORE FEES
ETCETERA SO IN CONCEPT THE USING
THEIR OWN MONEY.
I IS -- A TRACTIVE -- BUT THEY
DO HAVE OF A FEW QUESTIONS OF
THAT MAY BE -- ALREADY MENTIONED
ABOUT THE ARE THESE SOMETHING
THAT THE WHY ARE WE TRYING -- TO
INTRODUCE OF THROUGH OF BEER IF
THIS IS SUCH AN ATTRACTIVE A
PROGRAM -- THE COMPANIES.
THE LOCK CODE MR LEAD THAT THEY
YOU CAME TO BRIEF ME.
AND YOU CAN NOW SELL YOUR
PRODUCT TO COMPANIES AND THEN
THEY CAN IMPLEMENT AS I'M NOT
GONNA.
A RECRUITMENT AND INCENTIVE FOR
THE EMPLOYEES SAY.
AND THAT THEY CAN THEY CAN BUY
INTO YOUR PROGRAM AND TO MAKE IT
AVAILABLE SO WHY STATE HAS TO
COME IN.
AND DAY.
OUT.
ALLOW MEANT IS THAT A MANDATE
FOR THE COMPANY TO IF THE PAST
IS. ONE FOR IF WHAT'S NOT.
NO THIS IS NOT A MANDATE THIS IS
THIS IS JUST THAT A WAY. TO BE
ABLE TO HAVE THE DEPARTMENT OF
BUSINESS OVERSIGHT THAT
REGULATES ALL FINANCIAL
TRANSACTIONS YEP TO HAVE US THEM.
HI I SEE OKAY YEAH THE US OUT.
MY UNDERSTANDING OF THIS ONE WAS
THAT THEY A SOFTWARE WILL BE
SITTING ON TOP OF A COMPANY SO.
APPARENT SYSTEM THAT'S WHAT YOU
SAID RIGHT SO IS A VISIBLE AND
ON HOW MUCH MONEY I HAVE EARNED
UP TO DIS MORE MOMENT.
AND A 50% OR BEAT NET INCOME
WOULD BE HOW MUCH SO THE PROGRAM
ORDER.
OUR SELF MONEY TO CELLPHONE WHY
A GOVERNMENT AGENCY IS A NEEDED
OVERSIGHT THIS CONTROL THIS
COMBO -- TRANSACTIONS SO SO
THAT'S MY QUESTION AND BECAUSE
IT DOESN'T AND OF THE GOVERNMENT
THE ENTITY THAT WOULD COSTA IN
ALL MONITORING -- ETCETERA AND
THE THE TWO THOUSAND DOLLARS --
VIOLATION -- FOR CIVIL PENALTY
THE FORTY I A A PROVIDE IS A
WORKABLE SITUATION.
THAT WOULD BE I'M I'M CURIOUS --
AND I'M SURE THERE ARE SOME
ALTHOUGH -- STATE SAID THAT HAVE
BEEN LEGISLATED ON THIS ONE IN A
WILL COME A EXPERIENCE.
WITH THE OVERSIGHT WAS THE
NEEDED.
OUR OR OUR THIS UP -- OUR NICELY
CHEN NEED TO BE INVOLVED.
WHY ARE WE TRYING TO LEGISLATE
THAT THIS KIND OF A?
VERY ATTRACTIVE OPENED UP --
PRODUCT.
AT THE FOR THE EMPLOYEES.
AND THE MY FINAL QUESTION WOULD
BE.
I KNOW THIS IS ALL ABOUT THE
FINANCIAL -- IT.
THE MANAGEMENT OF THE OWN MONEY
IN THIS IS OUR LIKE -- ALLOWING
THE EMPLOYEES SO TO ADVANCE.
IN OTHER WORDS SOME MONEY THEY
HAVE EARNED A AND THAT NOW USE
IT.
BEFORE THE PAYDAY.
AND BY DOING SO THIS ONE IS A
TRYING.
TO PROVIDE A CAR FOR ACCESSING
ONE A 50%.
I SAW THAT THERE BE SOME MONEY
LEFT OVER THE PAYDAY SO.
HOWEVER [inaudible]
THIS ORDER.
PERPETUATE THE THEO FINANCIAL.
IN ALL BAD THE MANAGEMENT.
SO ARE -- I DON'T KNOW WHETHER
THIS WILL SOLVE THAT THE PROBLEM.
ANYBODY CAN ANSWER SO DOCTOR TRY
LET ME LET ME BE THE LET ME
ANSWER THIS REALLY BRIEFLY
BECAUSE I CAN SEE THAT -- WE'RE
GONNA LOSE COMMITTEE MEMBERS BUT
AT THE IT IS THAT THE STATE OF
CALIFORNIA REGULATES ALL
FINANCIAL TRANSACTIONS AND THEY
DO IT IN A WAY TO MAKE SURE THAT
THAT PERSON IS IS LICENSED.
THE TO DOING THAT TRANSACTION
THAT THEY ARE LIVING UP TO THE
HIGHEST.
STANDARDS WHICH ARE ETHICAL AND
AND AND AND LEGAL OBLIGATION
THAT THE STATE'S PUT ON IT THIS
IS THIS IS A NEW PRODUCT THAT
HAS COME OUT THAT HERE TOO FOR
HAS NOT BEEN PART OF THE OF THAT.
UP REGULATORY OVERSIGHT SO -- SO
THE DEPARTMENT OF BUSINESS
OVERSIGHT WAS CONCERNED THERE
THE REGULATORY AGENCY THAT OB
THAT THEY DIDN'T KNOW WHAT WAS
HAPPENING IN THIS SPACE AND SO
THEY HAD.
A NUMBER OF DISCUSSIONS AND SAID
WE REALLY THINK THAT IT'S BEST
IF YOU'RE REGULATED BECAUSE THEN
YOU CAN DO REPORTING TO US AND
WE CAN MAKE SURE THAT YOUR
PRODUCT.
IS -- LIVING UP TO THE HIGHEST
STANDARDS POSSIBLE AND SO THAT'S
THE REASON THAT WE'RE HAVING
THIS DISCUSSION IS BECAUSE THE
DEPARTMENT OF BUSINESS OVERSIGHT
WAS CONCERNED ABOUT -- HOW THE
MODELS OPERATE AND HOW THEY AND
AND WHETHER CONSUMERS ARE
GETTING GOOD VALUE FOR THEIR
MONEY AND WHETHER IT WORKS WELL
AND SO WHAT WE'RE TRYING TO DO
IS TO MAKE SURE WE'RE TAKING
INTO CONSIDERATION ALL THE
DIFFERENT PRODUCTS PRODUCTS THAT
ARE HERE AND THAT'S THE REASON
THE?
BILL IS BEFORE YOU.
THANK YOU ANY OTHER.
YEAH I HAVEN'T RECEIVED ANY
OTHER FEEDBACK ON MY NUMBER BY
ANY OF THE OTHER STATES -- THAT
HAVE -- ALREADY THIS KIND OF
WELL.
PRODUCT THOUGH INTRODUCED ON AND
THEN HOW WE STILL WORKING.
AND THEN ALSO -- FIFTEEN DOLLARS
HAS BEEN DEBATED WHETHER THAT'S
A GOOD FOR YOU ARE NOT.
BUT WHY -- AM I SUPPOSED TO PAY
FIFTEEN DOLLARS EVERY MONTH.
RATHER THAN WHEN I ACCESS TO MY
IN ALL EARNED INCOME THEN MAYBE
YOU CAN TIED ME 1% OR WHATEVER.
AT THAT TIME FIXED AMOUNT THE
FORD FENCING SUCH A HANDLING FEE.
BUT SOMETIMES I MEAN I NEED --
BUT TO ADVANCE SET AND ONCE I
AND ROLLED I HAVE.
TO PAY YOU IN A FIFTEEN DOLLARS
EVERY MONTH ACCORDING TO THIS
BILL.
SAID THAT THE SONG IF WE CAN
JUST BRIEFLY ANSWER I THINK THE
HEARING FROM ASSEMBLY MEMBER
CHOI AS ARE THERE OTHER STATES.
ON THAT REGULATE THIS PRODUCT
pAND IF SO ARE THEY SIMILAR NOT
BRIEFLY UGH TO THE JOBS ARE AT
PRESENT IS NO THE STATE THAT
YOU'RE AWARE OF THAT IS WORKING
ACTIVELY ON LEGISLATION. FOR OWN
INCOME ACCESS SO CALIFORNIA
WOULD BE THE FIRST STATE.
ARE THE FIFTEEN DOLLAR IS AN
OPTION YOU KNOW IT'S A ONE TO
PROGRAM SO YOU DON'T HAVE TO
PARTICIPATE.
AND THE FIFTEEN DOLLAR IS A
NONRECURRING FEE AND IT IS UP TO
FIFTEEN DOLLARS IT IS NOT A
COMMITMENT THAT YOU WILL BE
CHARGED FIFTEEN DOLLARS THAT'S
THE MAXIMUM.
SO THE SERVICE PROVIDERS HAVE
THE OPTION TO CHARGE LESS BUT
THEY CANNOT CHARGE MORE THAN
FIFTEEN DOLLARS ON A NON
RECURRING BASIS.
OKAY.
THANK YOU ANY OTHER MEMBERS.
OKAY SEE NO I DIDN'T.
SAY NO ADDITIONAL QUESTIONS OR
COMMENTS I WANT TO THANK THE
AUTHOR I'M AS IT'S BEEN STATED I
THINK REPEATEDLY.
THIS THERE ARE THREE COMMITTEES --
AND THE AUTHORS OFFICE WORKING
ON NOW.
THIS PARTICULAR THERE'S BEEN IN
THIS PARTICULAR BILL I JUST AS A
REMINDER THERE ARE A NUMBER OF
AMENDMENTS -- BETWEEN PAGES
SEVEN AND NINE OF THE ANALYSIS
THAT HAVE THAT ARE BEING TAKEN
THAT -- THERE THERE'S A
COMMITMENT TO TAKE THESE
COMMITTEES AND YOU DISH.
AND I KNOW THAT ASSEMBLY DO DISH --
MAY ALSO HAVE CONVERSATIONS AND
AMENDMENTS -- THERE THAT ARE
PERTINENT TO THAT COMMITTEE BUT
I WANT TO THANK ALL OF THOSE
INVOLVED.
I THINK THAT THE CONVERSATIONS
HAVE GENERATED.
A NUMBER OF ADDITIONAL QUESTIONS
OR OF CONSIDERATIONS FOR ALL OF
US. TO THINK ABOUT WHEN WE WHEN
DISCUSSING THIS PARTICULAR BILL
BUT YOU KNOW IT'S NOT LOST ON ME
THAT IN THIS CONVERSATION THERE
SEEM TO BE SOME.
AGREEMENT THAT.
THERE ARE BAD PRODUCTS THAT HURT
THE PEOPLE OF CALIFORNIA AND
THAT THIS IS AN ALTERNATIVE TO
THOSE BAD PRODUCTS AND SO I I
JUST IT'S NOT LOST ON ME THAT I
HAVE NOT HEARD ANYONE ARGUE THAT
IN THIS COMMITTEE ON ANY SIDE OF
THIS ISSUE -- AND I THINK IT'S
IMPORTANT TO UNDERSTAND WHERE
THIS COULD BE GOING THIS IS
INDEED A NEW PRODUCT AND NEW.
CAR CONCEPT OF HOW WE GIVE FOLKS
ACCESS TO CAPITAL -- BUT IT HAS
A NUMBER OF GUARD RAILS IN IT
THAT DIDN'T EXIST SO WHEN IT
CAME. TO ME ONE OF THE THINGS I
THOUGHT ABOUT IS.
THIS PRODUCT IS A NAY EXIST
INDEPENDENT OF THIS BILL DO WE
WANT A PRODUCT TO EXIST WITH
GUARD RAILS OR COMPLETELY WITH
OUR CARD BILLS AND I THINK THAT
THAT'S WHERE WE'RE AT THE
ABILITY I'M NOT JUST FOR THE D.
B. O. TO REGULATE BUT ALSO TO
COLLECT.
DATA AND INFORMATION THAT I
THIS BILL SUNSETS IN IN THREE
YEARS MANY OF THE PEOPLE IN THIS
ROOM WHETHER THEY'RE ON BANKING
OR THERE AND MEMBERS OF THIS
THAT OF THE LEGISLATURE WILL
LIKELY.
BE AROUND TO HAVE A CONVERSATION
HOPEFULLY BE AROUND TO HAVE A
CONVERSATION ABOUT THIS IF IT
WORKS IF IT DOESN'T WORK --
EIGHT GIVES US THE ABILITY TO
BETTER UNDERSTAND WHAT WE DON'T
WANT IS THIS PRODUCT TO BECOME.
ONE OF THE THE THE PRODUCTS
THAT'S BEEN MENTIONED HERE --
AND NOT A NUMBER OF YEARS DOWN
THE LINE WHERE WE REFLECT AND
SAY WE SHOULD HAVE PUT GUARD
RAILS AND SOONER WE SHOULD HAVE
NOT ALLOWED THOSE AT GUARD RAILS
AT TWO A B. LIMITED WE SHOULD BE
REVISITING AND I THINK THAT THIS
IS WHAT THE BILL DOES -- AND I I
THINK THAT IN IN TERMS OF THE
PRIVACY CONCERNS I DO WANT TO
KNOW THAT THAT'S COME UP A
NUMBER OF TIME BUT THAT IS AN
AMENDMENT THAT'S BEING TAKEN --
ADDITIONALLY AMONGST THE THE
MANY AT AMENDMENTS THAT ARE
BEING TAKEN -- WE DO I DO HAVE A
AN IRAQ -- ASK FOR THIS BILL AND
WILL BE VOTING IN SUPPORT AND
THANK ALL OF THE OFFICES THE
AUTHOR AND ALL THE OFFICES
WHO'VE BEEN INVOLVED.
IN THIS PARTICULAR --
CONVERSATION AS YOU'VE NOTED.
IT HAPPENED OVER THE WEEKEND
DURING THE WEEKS LOTS OF STUFF
HAPPENING TRYING TO GET THIS AT
TO A PLACE WHERE WE DID MORE
THAN WHERE WE STARTED AND I
THINK THIS BILL DOES THAT.
SO WITH THAT WOULD YOU LIKE TO
CLOSE AND ARE COMING AT ALL ALL
ALL EXCEPT YOU'RE YOU'RE
WRAPPING UP AS MY CLOTHES AND
THANK YOU VERY MUCH FOR THIS
ROBUST TEARING AND I
RESPECTFULLY ASK FOR AN AYE VOTE.
THANK YOU.
SO WE'LL GO AHEAD AND CALL THEM
[inaudible] FOR THAT.
MOTIONS TO PASS REFER TO
COMMITTEE ON JUDICIARY.
LEóN HI LEóN I CHAN.
CHEN I CAN'T.
CAN I BURKE [inaudible]
CERVANTES.
CERVANTES I CHOI.
CHOI I GABRIEL.
CABLE I GRAYSON.
MASON I'M.
STONE.
STONE I WEBER.
WICKS.
WHAT'S I THE BILL IS OUT WITH
NINE VOTES AND WE WILL GO AHEAD
AND WAIT FOR ANY OTHER MEMBERS
IN CASE YOU'D LIKE TO ADD ON THE
ONLY.
A NEW ERA -- ONE STAFF WRITER
ACTOR HAS.
FAILED [inaudible]
YEAH [inaudible]
YEAH.
YEAH SHE SAID [inaudible]
YEAH.
I'M SORRY.
OKAY I I SAID THAT YOU CAN.
YEAH LITTLE KIDS.
YEAH OKAY YEAH THEY WANT TO SEND
IN SOMEONE.
THAT THINK ISN'T [inaudible]
THANK YOU
.
ALL RIGHT SO ADDING ON TO SENATE
BILL.
FOUR SEVEN TWO DO PASS.
RE REFER TO COMMITTEE ON SENATE
I'M SORRY AND ASSEMBLY JUDICIAL.
MELENDEZ WEBER HI WEBER AYE
THANK YOU