CONFIRM I'M CALLING IN FOR-
CALIFORNIA ASSEMBLY HEARING ON
AB TWENTY WILL.
HELLO.
GOOD
MORNING MEMBERS HOME. GOOD
MORNING MEMBERS I WOULD LIKE TO
CALL THE ASSEMBLY COMMITTEE ON
BANKING AND FINANCE TO ORDER TO
START I WANT TO THANK ALL OF
THE STAFF THAT HAVE MADE A
RETURN TO THE CAPITAL POSSIBLE
A LOT OF STAFF I HAVE BEEN
WORKING TO ENSURE THEY WERE
ABLE TO APPROPRIATELY CONDUCT
THESE HEARING ON. THE BACK. DUE
TO THE CURRENT STATE HOME ORDER
OR PARTICIPATING IN PHYSICAL
DISTANCE SEEN HERE IN THE
HEARING ROOM. THROUGHOUT THE
CAPITOL BUILDING SO WE ARE ONLY
ABLE TO HAVE A LIMITED NUMBER
OF PEOPLE WATCH IN PERSISTED
PAY IN THE HEARING IN PERSON.
WE HAVE A FEW DIFFERENT OPTIONS
FOR WITNESSES AT TESTIMONY
TODAY. FOR THE PUBLIC IN THE
ROOM WE HAD A WE ARE HAVING A
PHYSICALLY DISTANT IN PERSON
HEARING. IN THIS SPACE WE CAN
ONLY ACCOMMODATE OUR MEMBERS A
MINIMAL CONTINGENT OF STAFF AND
A LIMITED NUMBER OF PUBLIC IN
MEDIA SO WE CAN MAINTAIN THE
SIX FEET. SPACING OF SPACING.
THERE'S ALSO A STRICT- PHYSICAL
DISTANCING PROTOCOLS FOR THE
PUBLIC TO ENTER AND LEAVE THE
CAPITAL AND FOR THOSE HERE
TODAY IN THE HEARING ROOM. IF
ANY MEMBER OF. THE ROOM WOULD
LIKE TO TESTIFY IN A BILL
PLEASE RAISE YOUR HAND AND I
WILL ASK YOU TO APPROACH THE
MICROPHONE AT THAT TIME. I
WOULD ASK THE PUBLIC NOT TO
TOUCH THE MICROPHONE. YOU CAN
EXIT THE GALLERY ONCE YOU ARE
DONE TESTIFYING OR RETURN TO
YOUR SEAT PLEASE BE SURE TO.
OBSERVE PHYSICAL DISTANCE UPON
LEAVING THE CAPITOL INCLUDING
LIMITING ELEVATOR USE TO ONE
PERSON AT A TIME. FOR DIALING
WITNESSES WE WILL ALSO BE USING
A MODERATED TELEPHONE SERVICE
THROUGH WHICH ANY WITNESS CAN
TESTIFY IN A BILL. THE CALLING
NUMBER FOR THIS HEARING IS.
EIGHT SEVEN SEVEN SIX NINE TWO.
EIGHT NINE FIVE SEVEN AND THE
ACCESS CODE IS. TWO FOUR TWO
SIX TWO THREE SEVEN YOU CAN
ALSO FIND THIS NUMBER YES LEAVE
BEING COMMITTEE WEBSITE AS WELL
AS ON YOUR TV ON SCREEN. IF YOU
ARE CALLING IN PLEASE TO DO SO
AS THE ALL OF THE BILL YOUR TO
DEFINE ON IS BEGINNING THEIR
BILL PRESENTATION THE OPERATOR
ON THE LINE WILL INSTRUCT AND
ON HOW TO BE. Q. BASED ON YOU
SAID OPPOSE THE BILL. ONLY
THREE WOMEN ALL BACK AND NOISE
THIS. IN YOUR STREAM BROAD AND
YOUR SMART DEVICES REDUCE THE
SOUND DISTORTS. PLEASE BE
ADVISED THAT IF YOU ARE A MAIN
WITNESS PROVIDING TESTIMONY FOR
OR AGAINST TO BUILD YOUR ROOM
YOU WILL REMAIN ON A LIVE LINE
AND WILL NEED TO MUTE YOURSELF
INTO YOUR- CALL TO SPEAK ON. IF
YOU'RE HAVING ANY PROBLEMS WITH
THE MODERATED PHONE SERVICE YOU
CAN CALL THE COMMITTEE AT NINE
ONE SIX. THREE ONE NINE THREE
ZERO EIGHT ONE AND TAFF WILL
BE THERE TO HELP. I ALSO WANT
TO NOTE THAT WE ARE ACCEPTING
WRITTEN TESTIMONY THROUGH THE
POSITION LETTER FOR ALL ON THE
COMMITTEE'S WEBSITE. THANK YOU
FOR BEARING WITH US AS WE
IMPLEMENT METHODS TO CONTINUE
TO SERVE THE PEOPLE OF
CALIFORNIA WHILE ALSO BEING
MINDFUL AND RESPECTFUL OF THE
PUBLIC HEALTH CONCERNS WE ALL
FACE. FROM COMMITTEE. IF YOU
WOULD LIKE TO RESPOND TO A ROLL
CALL. ASK A QUESTION OR PROVIDE
A COMMENT YOU WILL NEED TO
RAISE YOUR MICROPHONE SO STAFF
CAN ACTIVATE IT WHEN YOUR
RECORD. TO SPEAK. ALSO PLEASE
STAND UP AND FACE MICROPHONE
WAS SPEAKING TO ENSURE YOUR
VOICE IS AUDIBLE AND CAN BE
RECORDED. MEMBERS OF THE
COMMITTEE WHO WILL PRESENT
BILLS TODAY HAVE THE OPTION OF
PRESENTING THE BILL AT THEIR
DESK OR FROM THE MICROPHONE IN
THE BACK. OF THE CHAMBERS. IT
APPEARS WE HAVE IT IS TO
ESTABLISH A QUORUM SECRETARY
PLEASE CALL THE ROLL. MON AIR
LOAN HERE GEN GEN HERE BAUER
QUE HAN BARRICADE HAND HERE
BURKE. CERVANTES CHOI CHOICE
HERE FONG FONG HERE GABRIEL.
GRAYSON GRAYSON HERE STONE
STONE HERE WEBER WEBER HERE
WICKS WICKS HERE. THANK YOU
TODAY WE HAVE A BILLS ON THE
AGENDA WITH ONE ON CONSENT
ITEMS AB TWO SIX THREE SEVEN DO
WE HAVE A MOTION FOR THE
CONSENT CALENDAR. THANK YOU
GRAYSON AND SECONDS IS A WAX-
THE MOTION IS DUE PASSED YOUR
PREPARATIONS SECRETARY PLEASE
CALL THE ROLL. THE MOTION IS DO
PASS TO COMMITTEE ON
APPROPRIATIONS LAMONT HI THE
LOAN I CHEN. CHEN AYE BARRICADE
HIM. BAUER-KAHAN I BURKE
CERVANTES. CHOI CHOICE HI PHONE.
BOND HI GABRIEL. GRAYSON
GRAYSON AYE STONE. STONE I
WEBER. WEBER HI WICKS WICKS I.
THE CAN THE ITEM HAS NINE VOTES
THANK YOU THE ITEM MOVES
FORWARD OUR FIRST BILL UP TODAY
IS AB TWENTY ONE FIFTY FROM
ASSEMBLYMEMBER CALDERON BY SEE
HERE IN THE BACK THE CHAMBERS.
IT'S ONLY HELP AND WE WILL
START WITH YOUR AT TESTIMONY.
THANK YOU MADAM CHAIR AND
MEMBERS AB TWENTY ONE FIFTIES
PURPOSES TO LIMóN EIGHT THE
AMBIGUITY AND APPREHENSION THAT
HANGS OVER ALL DIGITAL LASTED
BUSINESSES AND THE POTENTIAL
ENFORCEMENT ACTION THEY MAY BE
SUBJECT. AB TWENTY ONE FIFTY
FOCUSES ON ONE ISSUE IN
PARTICULAR WHEN SHOULD A
DIGITAL LASTED BE CLASSIFIED AS
A SECURITY. AND PROCESS FROM
THE TERMINATION IS SIMPLY
INADEQUATE CONSISTING PATCHWORK
OF REGULATORY FRAMEWORKS COURT
DECISIONS AND EXEMPTIONS MADE
ON BY CASE BASIS. THE RATE IN
WORK USED AS THE P. FOR THE A I
NINETEEN SIX STUDENTS PROTEST
KNOWN AS HOW WE TEST. WAS NOT.
A GOOD LOOK AT THE. THE COMING
OF THE HOW DO NOT TRANSLATE
INTO. WAY TO WIDE RANGE OF
DIGITAL. AND BECAUSE HOW WE HAD
TO DO VISUAL TEST IT CAN ONLY
BE APPLIED BY A JUDGE AFTER
ENFORCEMENT PROCEEDINGS HAVE
BEEN BROUGHT. THIS MAKE
IMPOSSIBLE FOR DIGITAL OUT
BUSINESS TO ACTIVELY HAVE LEGAL
CERTAINTY ABOUT THEIR
REGULATORY RESPONSIBILITIES
LEAVING THEM TO PROCEED AT
THEIR OWN RISK OF LEGAL ACTS.
THE SEC MADE STEPS TOWARD THE
DRESS FUSION LAST YEAR THEY
RELEASED A SET OF GUIDELINES
FOR BUSINESSES SEEKING TO
COMPLY WITH SECURITIES LAW THEY
HAVE ALSO STATED THAT MAJOR
DIGITAL ASSETS LIKE GOOD POINT
OR NOT. SECURITY WOW THIS FOR
BUSINESS. WITH A REFERENCE
GUIDE IN CLEARLY INDICATES THAT
CERTAIN DIGITAL LAST. SHOULD
NOT BE TREATED LIKE SECURITIES
GUIDELINES ARE NOT A SUBSTITUTE
LEGAL CERTAINTY AB TWENTY ONE
FIFTY SIX TO CLOSE THAT GAP
DRAWING ON THE CRITERIA LAID
OUT IN THE WE TEST. AS A AS
WELL AS A GUIDELINE TO
DECISIONS TO PROVIDE A CLEAR
FIVE VICTIMS VERSION OF HOW WE-
USE ON EXISTING RIGHT SINCE
THAT IS SUITABLE TO THE WORLD-OF DIGITAL ASSETS. CALIFORNIA
HAS LONG BEEN A LEADER IN
TECHNOLOGY IN A IN A REGULAR
GEN. AB ANYONE THE TOPPER. TO
CONTINUE. THIS HAS BEEN COOL.
THAT IT IS NOT OPPOSED THE
REGULATION IT SIMPLY NEEDS
REGULATORY CLARITY FOR THE
VARIOUS DIGITAL ASSETS THAT DO
NOT FIT INTO THE EXISTING
FRAMEWORK. AB TWENTY ONE FIFTY
IS ABOUT GIVING BUSINESSES A
CLEAR UNDERSTANDING OF THEIR
LEGAL RESPONSIBILITIES IN
CALIFORNIA AND MAKING IT
POSSIBLE FOR THEM TO DO
BUSINESS IN OUR STATE. THIS
CLEARLY IS NEEDED NOW THAN EVER
WE LOOK BUILD OUR ECONOMY AND A
POST PANDEMIC WORLD. NEED TO BE
WHEN ALL WE CAN TO STIMULATE
JOB. AND ECONOMIC OPPORTUNITIES
FOR A CONSTITUENTS WALL
ENSURING ADEQUATE CONSUMER
PROTECTION THERE IS NO BETTER
WAY TO DO THAT THEN PROVIDE
CLARITY TO AN END. RED TO
ACCEPT. AND THERE IS NO BETTER
PLACE TO DO SO- THEN IN
CALIFORNIA THE NATION'S LEADER
IN TECHNOLOGY PEOPLE ALREADY
DOING THIS THE WORKING IN THIS.
FIELD EVERY SINGLE DAY NOT JUST
THESE BUSINESSES BUT CONSUMERS
WE CHOSE THIS PATH BECAUSE WE
BELIEVE THAT THIS WAS THE PATH
OF LEAST RESISTANCE WHEN IT
COMES TO GETTING MORE. CLARITY
AND-IT WAS SOMETIME REGULATION
IN PLACE WHEN IT COMES TO THESE
DIGITAL ASSETS. SEC HAS ALREADY
MADE DETERMINATIONS BASED ON
GUIDELINES ACCEPTING THINGS
LIKE THAT POINT AND IF YOU'RE A
YOUNG BUT THERE HAS BEEN
NOTHING. PLACED IN LAW BY US
PASSING THIS LAW WE RUN AFOUL
OF NO BETTER LAW THERE IN
BETTER. REGULAR SEASON THESE
SPECIFIC ARE COMMODITIES OTHER
THAN EXISTS IT'S AT WHAT IS A
EXIST IN TERMS OF HOW
SECURITIES ARE REGULATED BUT
THESE DIGITAL ASSETS DO NOT
FIT. IN THOSE CATEGORIES THE
SAME WAY THAT EXISTING
COMMODITIES IS A LASSEN OR
OTHER ASSETS THAT ARE
CONSIDERED SECURITIES DO SO
THIS IS ABSOLUTELY NECESSARY.
THIS IS SOMETHING THAT WE CAN
MOVE FORWARD. ONE IS GOING TO
BE. WEST COAST AND- ARE GOING
TO BE THE LEADER OF THE
FINANCIAL. WROTE AND IF YOU
WILL. WHAT'S NEXT IN TERMS OF
THE WORLD OF FINANCE AND IT'S
REALLY IMPORTANT FOR US TO I
JUST FRAMEWORK. TO BE A LEADER.
THAT CAN LOOK AT WHAT WE'RE
DOING AND WE'RE NOT GOING
BEYOND THE PALE BECAUSE PAUL.
THE DIRECT. BUT THE- I'M BUT
THAT LACK OF. PUTTING UP
CERTAINTY AND A LOT OF
CONSTERNATION FOR ALL OF THESE
THE- IS AB NOT THAT WE TO THIS
STEP THE STATE WITH THE A
RESPECT WE ARE FOR AN AYE VOTE
ON A TWENTY ONE FIFTY THANK YOU.
THANKS NUMBER CALDERON. AND
WE'RE GOING TO START WITH THE
WITNESSES IN SUPPORT I REMIND
THE WITNESSES. IN THE PART THAT
YOU HAVE TWO MINUTES WE WILL BE
LOOKING AT THE TIME. AND OUR
FIRST WITNESS IN SUPPORT WILL
BE TESTIFYING OVER THE PHONE.
MODERATOR THESE CONNECTORS WITH
ALLIE MEDINA WHO WILL TESTIFY
ON ASSEMBLY BILL. TWENTY ONE
FIFTY. CHIEF CONNECTED WITH AN
OPEN LINE. THANK YOU YOU MAY
BEGIN. BUT MANY MEMBER- THANKS
FOR BEING HERE TODAY I'M ALLI
MEDINA DIRECTOR OF THE
BLOCKCHAIN AVERAGE THE
COALITION HERE CORD OF EIGHTY
TWENTY ONE SIXTY. SEVEN TALKING
ABOUT THE EIGHTEEN THE NUMBER
BLOCKING COMPANIES GLOBALLY
INCREASE FROM UNDER TWO HUNDRED
OVER TWO THOUSAND. HI
CALIFORNIANS MARKET SHARE
DROPPED BY HALF. 80% PERCENT
THE TOTAL IN IN THIS INDUSTRY
WHENEVER BILLION LAST YEAR.
MEANING THAT THREE HUNDRED
MILLION OF MY SHARE HELP BRING
LOCKED ON SACRAMENTO CLEAR THE
PRICE FAT IN WHITE YOU THINK
THAT ARE LEAVING. I DON'T THEN
EVEN. TAKEN STEPS ECONOMY TO
ATTRACT THERE'S A LOT THAT.
MORE GREAT REPORT INDICATED
GREATEST PREDICTOR WHATEVER
CURRENTLY NOT CHOOSE THE BILL
OF. LIKE A CLEARANCE AND WE DO
NOT HAVE. FOR DEFINITION
CURRENTLY ABOUT LEVEL AND IN
ADDITION OBTAINING. FEDERAL AND
I FEEL THE DEAD HE THAT BE
THREE. WITH ALL YOUR HAVE. A
COMPLAINT WITH IN LIKE TO THINK.
AND REGULATORY REQUIRE AND ALL
STATES. DO YOU HAVE ANY. YOUR
CARGO WOULD TURN THE GREAT
ECHOING AXE HUNDRED COMPANIES
LACKEY ARC SEVEN SEVENTEEN
AWASH AFTER BILL CUT MANY
PERSONAL KERR THAT YOU CAN USE
IT TO. CITING AND THE DATA
COLLECTION OF. AB TWENTY ONE
THIRTY WALL LIKE YOU OR MAKE
ACTUAL EXAM FOR THE CURRENT
INDUSTRY. I RECOGNIZE THE
VISUAL ACT ARE NEW. DOWN
EXISTING FRAMEWORK KEEP WITH
AND IF. IT'S COLD PROVIDE THE
CALL YOU INDUSTRY. NEED FOR
STRONG PROTECTION ARCADE YEAH
FOR. HEALTH NATIONALLY ARE MANY
ISSUES. THE CRITICS ARE BECAUSE
ILLEGALLY HE THE COUNTRY. ONE
NINETEEN THE FACT FALL HOGAN
NINETEEN THIS IS AN OPPORTUNITY
LEAVE ONE AGAIN A CELL PATHWAY
INTO NTO TO GROW HERE AND
HOPEFULLY DAILY. THANK YOU FOR
YOUR CONSIDER AT ABOUT YEAH.
JOHN NELSON IS ON WITH AN OPEN
LINE. THANK YOU MADAM CHAIR AND
MEMBERS OF THE COMMITTEE I'M
RACHEL MELVIN ASSOCIATE GENERAL
COUNSEL REGULATORY IT CLEAN
BASED ON THE SERVING AS THE
PRIMARY WITNESS IN SUPPORT OF
ASSEMBLY BILL TWENTY ONE FIFTY.
CURRENTLY THERE REGULATORY
AMBIGUITY THAT HAMPERS DIGITAL
OUT THAT BUSINESSES OPERATING
IN THE STATE ESSENTIALLY
REQUIRING LEGITIMATE BUSINESSES
TOGETHER WHETHER THE DIGITAL
AFFECT THE ISSUER SECURITIES
WHICH IS ON REGISTERED
OFFERING. WE'RE OFFERING
WITHOUT MAILBOX BRING HEAVY AND
REPUTATIONAL. AT THE PROPOSED
LEGISLATION. A THE DIGITAL OUT
REMOVE BUT BE AND- PROBLEM HERE
DERIVED FROM THE APPLE OF THE
HOW WE TEST TO THE WHETHER I
CONSTITUTE AN INVEST CONTRA
WHICH IS A SECURE. UNDERSTATE
FEDERAL. HOW WE TESTED THE TO
CREATE AND FORTY IN THE OF
FLORIDA GLOW ALTHOUGH THIS
STILL THE LAW IT DOESN'T VERY
WELL THE COUNTRY THE DIGITAL
ASSET THE CLEAVAGE LOOKS YOU
WHETHER THEY IS AN EXPECTATION
OF PROFIT TO BE TO. FROM THE
APPLE OF OTHER. SPECIALIZED
TROOPS BLACK BUT THE ANSWERING
THE QUESTION PARTICULAR FOR.
THE LOVE OF DEFENSE OF WATCHING
THE VERY BUT IN GENERAL.
NETWORK PROTOCOL THERE NOTHING
SURE IN THE TRADITIONAL. BUT BY
AND ON IF. TO ME OF NOT USER.
THIS COURT OF A BLOCK SQUARELY
INTO. CONCERN AND IN FOR. IS
BUT BUYERS AND IT OR- AN
ANIMATE HOW WE THE FEDERAL.
LAWS IN A DEEP. NOT THERE
SIMPLY BEAR THERE WHICH TO.
WOULD BE NEAT. FOR AND OF THIS
INHERENT YOU CENTRAL THE
PROPOSAL. THE CLARIFY WHAT OF A
ME. PROVIDING DEATH NEED LEGAL
AND REGULAR CLAY. ABOUT LET'S
JUST ALSO ADDRESS THE FACT THAT
BLOCKED AFTER OFTEN HOW A TO
SOME PER. SUCH A BY MAY HAVE
THE ASSET FOR PROFIT BUT USE
THE NOW. WELL THE FEDERAL
LEGISLATORS WEEK WAIT BEFORE
THE PROBLEM THEY NOT A LAW. AND
THE AGENTS AND NOT ENGAGE IN
FOR WARM. THEIR BY LAW ENOUGH
TO GROW REBEL TO. A FINAL I
WOULD BE REMISS IF I KNOW A
CONSUMER ANGLE THIS BILL TO NOT
AND WAY OUR CONSUMER. EVEN IN
THE EVENT THAN AFTER IS NOT END
OF THE PURITY BOTTOM I GONNA
NEED WRAP UP YOUR OVER YOUR TO
ME THANK YOU. THANK YOU. MY DO
WE ANY A DISH CALL ON THE THAT
WITH LIKE TO DEFY INTO AS J. TO
NAME A FEW. AND SUPPORT
POSITION. IT IS A GENTLEMAN I
THE PHONE SHOW YOUR FOR THIS
BILL ONLY PLEASED ONE THEN IS
YOUR- AN OPERATOR PROVIDE
LINEUP AND FOR INTO YOU IF YOU
USING IS PHONE PLEASE UP THE
HANDSET BEFORE PRESSING THE NOW.
WE DO HAVE ONE. IN THE QUEUE IT
IS LINES TEEN ONE THREE LINE IS
OPEN. INTERNET PERHAPS YOU OF
SELF MUTED CHECKER LINE. I AM I
AM IT NEEDS THEIR IS THAT IF I
AM. I GOT NOT NOT FORTY ONE. NO
FURTHER A THE QUEUE AT THE TIME
FOR CONTINUE THANK YOU NOW WE
WOULD LIKE TO HAVE A-
OPPOSITION WITNESSES TESTIFY.
WELL THERE WAS NO REGISTERED
OPPOSITION BY THE DEADLINE OUR
OFFICE RECEIVE NOTICE FROM THE
CALIFORNIA DISTRICT ATTORNEYS
ASSOCIATION YESTERDAY THAT THEY
HAVE CONCERNS WITH THE BILL. I
REMIND THE WITNESS THAT YOU
ONLY HAVE TWO MINUTES. OUR
WITNESS IN OPPOSITION WILL BE
TESTIFYING OVER THEM UP OVER
THE PHONE MODERATOR PLEASE
CONNECT US WITH RAHUL GUPTA.
WHO WILL TESTIFY ON ASSEMBLY
BILL IN OPPOSITION OF US LEGAL.
TWENTY ONE FIFTY. BOOK THIS
LINE IS OPEN YOU MAY PROCEED.
GOOD MORNING MY NAME IS WILL
HOLD UP THE I AM A SENIOR
DEPUTY DISTRICT ATTORNEY WITH
THE ORANGE COUNTY DISTRICT
ATTORNEY'S OFFICE I'VE BEEN A
PROSECUTOR FOR SEVENTEEN YEARS
AND DEDICATED MY LIFE AND
CAREER TO PROTECT THE VICTIM.
OVER THE PAST THREE YEARS I
HAVE SPECIAL PROSECUTING MAJOR
FRAUD AND I WILL CRIME CASES
AND HAVE BECOME AN EXPERT IN
THE AREA OF CRYPTO. BLOCKCHAIN
AND WEBER. TODAY I'M- IN MY- IS
THE CO CHAIR OF THE HIGH TECH
COMMITTEE FOR THE CALIFORNIA
DISTRICT ATTORNEYS ASSOCIATION.
ONE THOUSAND PROSECUTORS ACROSS
CALIFORNIA THAT STRIVE TO KEEP
OUR COMMUNITY SAFE. LET ME
START BY SAYING I'M AN ADVOCATE
FOR NEW TECHNOLOGY ESPECIALLY
BLOCKCHAIN AND DIGITAL CURRENCY
UNDERSTATEMENT SECURE
REGULATION. UNFORTUNATELY THE
BILL ENDANGERS THE SAFETY OF
CALIFORNIA CONSUMERS AND
INVESTORS AND DESTROYED
EXISTING SECURITIES REGULATIONS
WE NEED AS PROSECUTORS TO
PROTECT VICTIMS OF FRAUD IN
CALIFORNIA. THIS BILL IS
RIDDLED WITH BACON AND THE US
TECHNOLOGY TERMS TO PROVIDE.
CLARITY THIS BILL LESION ALLEN
FRAUD INSIDE CRIME AT A TIME
WHERE. NEED ESTAMOS DURING A
DOWNTURN. I HAVE PERSONALLY
SEEN THE DAMAGE DONE TO VICTIMS
OF CYBER CRIME ESPECIALLY AT.
THE CRYPTO CURRENCY. TWENTY
MINUTES THIRTY 8% OF IDEA WERE
FOUND TO BE. MOST OF THESE DID
AFTER OP OUT THE US BANKING
HAVE NO SINGLE OF FORTY WE CAN
THE LEGAL PROCESS AND HAVE NO
EXTRA NOTE RESTRICTIONS PROVIDE
CHILDREN BEING ALL. OR CAL TO
CARRY LAW AS A EXISTED THE TOOL
PROSECUTORS HAVE CAN TO KEEP
TUMORS AND STATE FROM BEING
VICTIM. CALIFORNIA DOES FOR A
SWEET EXEMPTS FOR OTHER TYPES
OF AT AND IT SHOULD NOT DO SO
FOR DIGITAL ASSETS IN THIS BILL
CYBERCRIME THE GLOBAL PROBLEM
AND THIS BILL WOULD UNLEASH THE
FLOODGATES FOR BAD ACTORS
AROUND THE WORLD TO SET UP SHOP
HERE IN CALIFORNIA AND FLEECE
OUR CITIZENS AND WE AS
PROSECUTORS WOULD BE HELPFUL.
ON BEHALF OF CDA I RESPECT.
THIS BILL AND ASK YOU ALL DO
THE SAME. THANK YOU MISTER
GUPTA. MODERATOR DO WE HAVE ANY
CALLS WHO WOULD LIKE TO TESTIFY
AS JUST ME TO AN OPPOSITION OF
AB TWENTY ONE FIFTY. REMINDER
IF YOU'D LIKE TO QUEUE UP IN
OPPOSITION YOU MAY DO SO AT
THIS TIME BY PRESSING ONE AND
THEN ZERO. THERE'S NO ONE
COMING UP AT THIS TIME. THANK
YOU MODERATOR. MEMBERS OF THE
COMMITTEE ANY QUESTIONS FOR
EITHER THE WITNESSES ARE THE
AUTHOR PLEASE RAISE YOUR
MICROPHONE. TO BE RECOGNIZED
AND I SEE ASSEMBLYMEMBER
BARRICADE HANNAH AND THEN.
MEANT THAT IS ONLY NUMBER STONE.
THANK YOU MADAM CHAIR SO I
WOULD JUST LIKE THE AUTHOR TO
ADDRESS THE DISTRICT ATTORNEY'S.
IF SECURITIES LAWS ARE THE
PRIMARY WAY THAT THEY'RE GOING
AFTER BAD ACTORS IN THIS SPACE
AND GIVEN THE FACT THAT THE
ANALYSIS. SITES THAT OVER 80%
AND BE THERE FRAUDULENT I'M
CONCERNED THERE ISN'T A WAY. TO
PROTECT CONSUMERS. ARE THERE
ALTERNATIVES. I MEAN WE'RE NOT
WE'RE NOT PROVIDING A BLANKET
EXEMPTION FOR ALL THE TO LHASA
FOR FOCUSING SPECIFICALLY ON
WE'RE TALKING ABOUT HERE IN
THIS BILL. BUT I AM AGAIN AND
WHAT I WHAT I WOULD WHAT I
WOULD CONTEND IS. IS THAT YOU
KNOW. RIGHT NOW THERE IS A LACK
OF CLARITY IN EXISTING LAW WHEN
IT COMES TO HOW YOU PROSECUTE.
OR HOW YOU GO AFTER IN AND
CATEGORIZE THE SPECIFIC ISSUES
AND- WITHOUT THAT CERTAINTY I
THINK IT. IT I CERTAINLY FROM A
DISTRICT PERSPECTIVE COULD
UNDERSTAND HAVING A LACK OF
CERTAINTY IN A LACK OF CLARITY
BECAUSE IT GIVES YOU MORE
OPTIONS TO PROSECUTE. AN
INDIVIDUAL FROM ANOTHER
PERSPECTIVE I WOULD SAY. THAT
THERE ARE PROVIDES THE
OPPORTUNITY THAT WHEN YOU DO GO
OUT PLEASE. THERE IS
SPECIFICALLY LATE AT LAW
EXACTLY WHY. THE LAW STATES IN
CALIFORNIA AND WHAT QUALIFIES A
SECURITY WHAT I CALL. SECURITY
WHEN HE TO DO LAST WE'RE NOT
ANYTHING WHEN IT COMES TO
CONSUMER FOR. NOT IMPACT AT ALL
ALL TRYING TO DO. IS ALLOW. LAW
THE OP. TO CONSIDER ATION THIS
NEW TECHNOLOGY AND HOW IT
APPLIES. TO PEOPLE AT WORK IN
DEALING WITH EVERYTHING WITH
THAT AND I. THERE'S. THERE IN
EXIST LAW WHEN IT COMES TO THE
DID ALLOW. WE ARE PROVIDING
THAT CLEAR. WHICH I THINK IS
AND- FROM A BUSINESS FOR. ALL
DAY LONG WE HEAR ABOUT. UNDER
YEAH. CLEARLY WE NEED TO
CLARIFY ASKING FOR REGULATION
WE JUST WANT TO KNOW WHAT ARE
WE- AND WE'RE NOT DOING
ANYTHING. THAN WHAT THE AT THE-
IS. BEEN WORKING ON. SO THEY
PROVIDE GUIDE. THEY'VE EXEMPTED
BIT. THEY'VE EXAM SO THEY THEY
A. X. THING IF HIM THE STATE
DONE A THE BETTER GOVERNMENT OF
THE FED. LATER AS HE SAW HAS
AND THE REASON WHY WHICH THIS.
IS BECAUSE- THERE IS THE SEC IS
GOING TO MAKE AN ACTUAL. THERE
TO MAKE AN ACTION A DIRECT THAT
WERE MAY THIS. RIGHT NOW Y. O.
CALL. VERY FEW OTHER STATES
THEY WERE. DONE AND I NOT AWARE
OF ANY ISSUES THAT HAVE ARISEN
IN THOSE STAY. THAT ALONG THE
LINE THE DISTRICT IS OPERATE
AGAINST. I WOULD AYE AYE AYE
WITH ONE AMEND DISAGREE BUT-
WE'VE TRIED TO WORK THEM FROM
DAY ONE WHEN THEY HAD REYES
SIMPLER. AND IF THAT'S WE WILL
HAVE. TWO OF THEM AND I THINK
IT ALSO. THERE'S THAT. WE'VE
BEEN WORKING WITH DB OUR WHO IS
THE STATE RAY. IN THIS. SO AND
WE'RE NOT A CAR. WITH THEM YES.
AND THEY DID NOT RE THE SAME OF
COMES. THAT THE DA IS RAY THAT
THE DAY. ATTORNEY ESOS OF
RAISING. WHEN COMES TO THE AND
FOR THEY'VE BEEN. TO HOW DO WE
PROVIDE MORE PLAYER. SO WE KNOW
AS A REGULATOR WERE WE CAN GO
AND SO THAT BUSINESSES ARE. ON
THEY CAN'T CAN'T DO. AND THIS
IS SOMETHING THAT YOU KNOW.
IT'S GOING TO GET TO A PLACE
WITH GOING TO BE AS FOR THIS
BILL. NOT ENTERED IN MIND ABOUT
A QUESTION WE HAVE SESSION IF
YOU'RE ON THE PHONE MISTER
GUPTA SO I GUESS MY DEAR. OKAY
HI UNDER. WAS THAT. YOUR SAY
THE MECCA YOU HOW FOR GOING
AFTER THESE. BAD ACTORSIS
SECURITIES LAW SO WE CARVE OUT.
AND THESE BLOCKING TECHNOLOGIES
FROM SECURITIES LAW THEN WE
HAVE NO MECHANISM WITH WHICH TO
GO AFTER THEM MY UNDERSTANDING
RIGHT. NO THIS IS ONE OF THE
PRIMARY TOOLS THAT WE HAVE AND
THERE WAS A LOT OF TALK THAT IS
HOW WE TEST WITHOUT GETTING
INTO THE LEGAL TECHNICALITIES.
THE CLARITY IS PROVIDED BY THE
HOW WE TAX THAT HE HAS BEEN
HELD A GOOD LAW FOR SO LONG
BECAUSE IT PROVIDES THE CAT AND
IT'S RIGHT THE APPROPRIATE
BALANCE BETWEEN. BALANCING THE
SAFETY CONSUMERS AND INVESTORS
BUT ALSO BALANCING THE
INNOVATION OF BUSINESSES TO
PROMOTE NEW BUSINESS AND NEW
BUSINESS IDEAS. THE MAIN REASON
I HAVEN'T OUR OUT OF TOUCH THEN
HELLO. IN SPACE THANK. IN ANY
OTHER TYPE TECHNO. IS BECAUSE
IT NOT NEED. THE FLEXIBILITY TO
HOW TEST OUR IT TO A TO ANY
TYPE OF BUSINESS AND I CAN TELL
YOU AS THE KEY. I SPOKE THE TV
WITH WELL THIS SPEAKING TO.
MISTER SOL. AND THEY
SPECIFICALLY HOW NOT TAKEN UP
ON THIS BILL AND THEY AGREE TO
ME THEY HAVE A E. EDIT OR
COMMENTS TO THE OF THIS BILL
AND THIS BILL IS RIDDLED WITH
ON CLARITY MEANING. VERY IN
THIS BILL DEATH. FULLY
OPERATIONAL MORE ACTIVE BONDS
OFFICE THE DEFINING THEY SAID
THE WORKING ON IT I. TO DEFINE
IN NO WHAT CENTRAL THIS ALL THE
TECH TERMS ARE THAT RELATE TO
BLOCK CHAIN THEY HAVE IT IF
THEY THEY HOPE TO GET THAT.
LATER THIS BILL PROVIDE NO.
THIRTY FOUR ONE. THE
PROSECUTION BY THE AT THE STATE
AND THE REASON THIS IS BETTER
LEFT AT THE KEY IS BECAUSE-
THEY CAN PROVIDE NATIONAL
GUIDANCE FOR EVERYONE ON THE
TECHNOLOGY. FROM THE CALIFORNIA
PERSPECTIVE THE HOUSE HAS
SERVED US WELL FOR ALMOST A
CENTURY AND IN SPEAKING TO ALL
THE SECURITY EXPERTS THAT I
SPOKE TO AND- JUST TO BE FAIR I
SPOKE TO. CRYPTOCURRENCY
BLOCKCHAIN EXPERTS AS WELL I
SENT THEM THE TEXT OF THE BILL
AND THEIR CONTENT THIS WAS THIS
DID NOT PROVIDE THEM ANY
GREATER CLARITY. SO ALL I'M
SAYING TO YOU ALL HERE TODAY.
LET'S TAKE ALL LET'S HAVE MORE.
BUT HAVE MORE CHANCE. BE LET
OFF ARE. MR CALL. ARE SORRY AS
MEMBER RUNS PUT WORK VERY. AND
THIS. TURNS IN DEPTH. OF THE
TECHNOLOGY SO THAT THEY CAN BE
VETTED BY NOT JUST THE DA'S
OFFICE BUT ALSO THE PUBLIC AN
EXPERT SO THAT WE CAN HAVE A
GOOD BILL THAT'S RIGHT TO GOOD
BALANCE BETWEEN. SECURITIES LAW.
CONSUMER AND INVESTOR AND
PROMOTING INNOVATION RIGHT NOW
EXISTING SECURITY WHAT DOES
THAT WE DON'T NEED TO SWEEPING
EXEMPTION JUST FOR DIGITAL ACT
THAT ARE NOT EVEN TO FIND IT
DOESN'T DEFINE CLEAR WHAT DO I
HAVE TO TALK THANK YOU SIR GIVE
THAT YOU ANSWER A QUESTION AND
I SO I WILL. THE BILL TODAY I
RESPECT YOUR CONCERN ABOUT GAPS
IN PROTECTING CONSUMERS
ESPECIALLY GIVEN WHAT THE
ANALYSIS AS ABOUT THE NUMBER OF
CONSUMERS WHO ARE ITEMIZED IN
THIS SPACE. SO THAT THE AUTHORS
COMMITTED TO BEING TO THE HOW
IT GEN AND CLARIFYING A LOT OF
THE LANGUAGE. SO I WOULD URGE
THE DISTRICT ATTORNEYS
ASSOCIATION TO CONTINUE TO WORK
WITH THE AUTHOR SOUNDS LIKE HE
IS. OPENS FINDING HEAD. I CAN'T
SEE. AND WHO. BY THE TIME IT
GETS TO THE FLOOR WE CAN GO TO
A PLACE WHERE IT. STRIKES
ACOSTA COUNTRY TECH CONSUMERS
AND- BUSINESSES THRIVE. FIGURE
AT ALL I WILL SAY I WAS I WAS
ON THE PHONE YESTERDAY WITH THE
VIDEO. WE'RE STILL WORKING ON
TERMS WERE WORKING DIRECTLY
WITH THIS COMMITTEE WILL
CONTINUE WORK THIS BUT THIS
COMMITTEE. ON ANY OTHER CLEARLY
THAT NEED TO BE PROVIDED IN
TERMS OF TERMS. BUT I ALSO WANT
TO RAISE CAUTION. THAT PUTTING
TO MENTION DEFINITIONS ON TOO
MANY DIFFERENT TERMS. THAT ALSO
I VIEW AS A POISON PILL BECAUSE
YOU'RE SETTING YOURSELF. UP FOR
FAILURE LONG TERM. BEING TOO
PRESCRIPTIVE. AROUND A
TECHNOLOGY THAT'S GOING TO
CONTINUE. TO EVOLVE AND CHANGE
AND I WOULD JUST ADD THAT.
CUSTOMERS THAT ARE INJURED BY
PRODUCTS AND OFFERINGS OF AN
ASSET. BEEN A I'M CAN STILL.
YOU SALEABLE LEGAL. PUTTING
BETTER. RESERVE THE TRADE
PRACTICES LAW. THANK YOU NICK
WE HAVE ASSEMBLYMEMBER STONE.
THANK YOU THAT MAKES ACTUALLY A
LITTLE MORE NERVOUS ABOUT THIS
BECAUSE THE PROBLEM WITH THE
LACK OF CLARITY HERE. IS THAT
ABSENCE APPROPRIATE DEFINITIONS
FOR WHAT WE'RE TALKING ABOUT
WITH THE DIGITAL ASSET
REGULATORS ARE FALLING TO THE
SECURITIES LAWS BECAUSE THAT'S
KIND OF ALL THEY HAVE AND I
THINK WHAT THIS SPACE IS
LOOKING FOR IT IS CLEAR
DEFINITION OUT WHAT IS SECURITY
IS OR ISN'T AND IF WE'RE NOT.
TO FRAMEWORK FOR INVESTIGATING
AND PROSECUTING FRY IN THIS
CATEGORY. THERE JEFF I WE'RE
BECAUSE WE'RE REALLY JUST
EXEMPTING THEM FROM A TOOL THAT
THAT THEY ARE USING. THESE ARE
MORE LIKE. OTHER CURRENCIES IN
PEOPLE INVESTING CURRENCIES ALL
THE TIME THEY ARE USES IT
INVESTMENT PRIMARILY YES THEY
USE FOR IT FOR EXCHANGE OF
GOODS OR GOODS AND SERVICES BUT
MOSTLY THEY'RE IN INVESTMENT
AND THEIR TRADED THAT MOST
PEOPLE WHO ACQUIRE THESE ARE
OUR TRADING THEM FAIRLY
ACTIVELY TRYING TO MAKE EVEN
MORE MONEY. ON THEM AND- FOR
SOMEONE WHO SOPHISTICATED OR
SOMEONE WHO UNDERSTANDS THE
RISKS YOU KNOW THAT THAT'S
REALLY NOT AN ISSUE. BUT WE DO
HAVE IT THERE'S LESS OF A
SITUATION WHERE SOMEONE IS
TRYING TO SELL WHAT WE THINK OF
AS A TRADITIONAL SECURITY. BE
BECAUSE THAT IS. THAT IS AN
INVESTMENT IN AN ORGANIZATION
THAT MAY OR MAY NOT BE VERY
WELL MANAGED THERE MAY NOT
SURVIVE IN A COULD BE SO BE
SOLD A BILL OF GOODS AND REALLY
LOSE A LOT OF GROUND. SO THE
CLEAR DIFFERENCE HERE BETWEEN A
SECURITY AND WHAT WE'RE TALKING
ABOUT HERE WITH THE JULY SINCE
AND I UNDERSTAND THAT AND I'M
NOT SURE. TYING THINGS TO THE
HOW WE TEST BECAUSE YES IT'S
BEEN LONG STANDING WITH RESPECT
TO SECURITIES BUT REALLY
TALKING ABOUT. A BIT OF A
DIFFERENT ANIMAL. I'D BE A LOT
HAPPIER IF WE WERE HANDING TVO
THE AUTHORITY TO FIGURE OUT
WHAT IT REGULATORY SCHEME WOULD
BE AND- I THINK IF WE JUST FALL
BACK- YOU KNOW IN ALL DUE
RESPECT MISTER CALDERON BUT
YOUR STATEMENT THAT IF WE OVER
DEFINITE. DEFINITIONAL ICE
THINGS. WE CREATE. A MASS. I'VE
COMPLETELY THE OTHER WAY AROUND
IT'S THOSE DEFINITIONS THAT
PROVIDE THE CLARITY OF ME LIKE
YOU'RE- YOU'VE THROWN. YOUR
SPONSORS OF THROWN SOME SOME
WORDS IN HERE THAT THEY MAY
UNDERSTAND WITH LEGAL SYSTEM
DOESN'T. FULLY OPERATIONAL
NETWORK I HAVE NO IDEA WHAT
THAT MEANS. AND I DON'T THINK
ANYBODY DOES REALLY EITHER AND
IT'S NOT THE FACT THAT IT'S A
NETWORK YOU'D BE BETTER OFF
DEFINING WHAT A DIGITAL ASSET
IN THIS CASE IT. DIGITAL
CURRENCY BECAUSE THAT THE
NARROW. SET OF. PRODUCT REALLY
THAT WE'RE- ABOUT HERE THERE
ARE. OTHER DIGITAL ASSETS HERE
THAT COULD GET SWEPT UP AS
WE'RE TRYING TO EXEMPT THE
JEWEL CURRENCIES. FROM THAT
FROM BEING CATEGORIZED AS A
SECURITY SO. THAT'S REALLY ONE
OF MY WORRIES HERE IS THAT
INSTEAD OF PROVIDING CLARITY
WE'RE PROVIDING CLARITY BY JUST
SAYING DON'T WORRY ABOUT THIS
SET OF RULES. WELL HAT'S NOT A
REPLACEMENT FOR PROTECTIONS FOR
CONSUMERS SHOULD SOMETHING GO
WRONG AND SHOULD THEY BE TALKED
INTO ACQUIRING. THESE
CURRENCIES AND THEN THE BOTTOM
FALLS OFF THESE ARE VERY VERY
VOLATILE CURRENCIES THEY GO UP
AND DOWN ALL TIME YOU CAN
WATCH. THE LITTLE SUB MARKETS
THAT THEY HAVE THESE THINGS.
THAT IN THE THEY FLUCTUATE
REALLY ALL OVER THE PLACE BUT-
MY FUNDAMENTAL QUESTION HE IS
THOUGH AND I DON'T THINK YOU
WOULD SIT IN YOUR OPENING
THERE'S A QUESTION ABOUT.
THEATER ENTRY REBUTTABLE FOR
SOME. AND THE RECORD CAN BY
COMMITTEE WHICH I GREATLY OKAY.
MAKE THAT STAND ACTUALLY WILL
CLEAR AND SEE EVIDENCE IN THE
CASE IS. WORKABLE ARE YOU
TAKING THAT AS AN AMENDMENT SO
YEAH SO WHAT WORKING WITH THE
COMMITTEE THEY PROVIDED A
PREPONDERANCE OF EVIDENCE WITH-
WITH A LITTLE BIT BEYOND THAT
WE PRESENTED THAT TO THE TV
OUT. AND SO WE'RE GONNA
SUGGESTION BACK FROM THE V. L.
BUT ULTIMATELY WHAT IT IS RIGHT
NOW WILL NOT. CHANGE WERE
WAITING FOR OUR FEEDBACK BACK
IN THE BE ON A SPECIFIC THESE.
OKAY BECAUSE IF THIS IF THIS
SEVEN ENTRY STANDARD STAYS I
CAN'T SUPPORT IT WILL NOT THAT.
IT IS GOING TO CHECK OKAY I'M
GONNA SUPPORT IS THAT AT THIS
POINT. BUT I THINK YOU'RE ON
THE WRONG TRACK WITH THIS BY
JUST CREATING A BROAD EXEMPTION
AND ESPECIALLY WITHOUT.
ACTUALLY DEFINING WHAT WE ARE
TALKING ABOUT YOUR DEFINING
CONTACTED BEHAVIORS RATHER
THAN. ASSET ITSELF. AND THAT'S
WHY I THINK YOU SHOULD GO IF
THIS IS ULTIMATELY GOING TO BE
SUCCESSFUL IN FOR BOTH PROTECT
CONSUMERS. AND PROVIDE CLARITY
FOR THE INDUSTRY THAT'S
DEVELOPING AROUND DIGITAL
CURRENCIES AND HOW BY I THINK
THAT WOULD BE A MUCH BETTER WAY
TO GO. THANK YOU MATTER THEY
GET THEM YES REMEMBER WICKS
THANK YOU. THANK YOU MISTER
CALDERON AN IBM. CHECK THE
INTENT OF THIS FOR YOUR THIS IS
A NEWER TECHNOLOGY AND WE HAVE
TO FIGURE OUT HOW THAT THAT
INTERACTS WITH THE RULE OF LAW
AND SO I THINK THAT'S IN THE
RIGHT DIRECTION I DO WANT TO
EXPRESS OF THE CONCERNS THAT.
BOTH MISTER BACK OF OUR HAND
AND MARK STONE- EXPRESSES WELL
I'LL BE SUPPORTING THE BILL
TODAY SITE WANT TO SUPPORT THE
CONVERSATION TO CONTINUE ON BUT
DO WANT URGED WE AT GRAMMAR AND
CLARITY RUN SOME OF THE LET US
AND I WAS NOT AWARE THE
OPPOSITION. TODAY SO I DESK AND
AS WELL. EVEN WORK WITH OFF THE-
SOME OF THESE CONCERNS THE MY
COLLEAGUES WHO ARE LAWYERS WAY
BETTER TO DO IT THAN I DO- SOME
OF THOSE ISSUES SO APPRECIATED.
THANK YOU THINK ANY ADDITIONAL
MEMBER COMMENTS OR QUESTIONS.
IRATE I THINK YOU US ONLY EVER
CALDERON A WE RECEIVE NOTICE OF
THE OPPOSITION I YESTERDAY I
WAS BRIEFED ON AT ABOUT SEVEN
O'CLOCK LAST NIGHT AND SO
UNFORTUNATELY THE ANALYSIS IS
NOT ABLE TO THAT- THE ANY KIND
OF. PROVIDE A DISCUSSION ABOUT
OPPOSITION- I DO THINK THAT
MISTER GUPTA HAS RAISED SOME
IMPORTANT ELEMENTS THAT NEED O
BE CONSIDERED- IN THE BILL AND
I TRUST THAT THE AUTHOR IS
GOING TO KEEP THE CONVERSATION
GOING IN ENGAGED WITH. LEE WITH
DISTRICT ATTORNEYS ASSOCIATION
OF OUR STATE- I HAD A PROTECT
CONSUMERS AND ALSO TRY TO GET
TO A PLACE WHERE WE'RE
SUPPORTING- YOU KNOW YOU'RE
INTO TO FAIL. SO WITH THAT I DO
HAVE A AND I RECOMMENDATION-
AND AGAIN I REALLY REALLY
ENCOURAGE JUST CONVERSATION-
WITH THE OPPOSITION WHO I THINK
HAS. MADE SOME- IMPORTANT
DISTINCTIONS ABOUT WHERE THIS
COULD LEAD IF IT'S NOT DONE IN
IN SUCH A WAY THAT- CONSIDERS
THEIR EXPERIENCE AND BACKGROUND
WITH PROCESS SOME OF THESE
CASES. SO WITH NO FURTHER
QUESTIONS THAT I'D LIKE TAXES
ONLY NUMBER CALDERON IF YOU
WOULD LIKE TO CLOSE. THIRTY
MEMBERS APPRECIATE YOUR
COMMENTS I APPRECIATE THE
COMMENTS AND CONCERNS RAISED BY
THE OPPOSITION WILL CONTINUE TO
WORK WITH THEM WE WILL CONTINUE
TO WORK. WITH THE D. B. L. AND
THE NEXT TIME YOU SEE THIS IS
MOST LIKELY GOING TO LOOK
DIFFERENT TO PROVIDE A LOT MORE
CLARITY. AND ON SOME OF THE
THINGS THAT WE TALKED ABOUT
HERE TODAY TO THANK YOU TIMES
LIKE. AND I BOTH. ENGINE TO BE
CLEAR AS I ARE HELD. ARE YOU
ACCEPTING THE AMENDMENTS IN THE
COMMITTEE ANALYSIS. YEAH THANK
YOU. IRATE WITH THAT DO WE HAVE
A MOTION AND A SECOND. AND WE
HAVE ASSEMBLY MEMBER AT GRAYSON
MAKING THE MOTION AND ASSEMBLY
MEMBER WEEKS MAKING THE SECOND.
THE MOTION IS DO PASS AS
AMENDED TO APPROPRIATIONS
COMMITTEE. SECRETARY PLEASE
CALL THE ROLL. ASSEMBLY BILL
TWENTY ONE FIFTY THE MOTION IS
DO PASS AS AMENDED TO COMMITTEE
ON APPROPRIATIONS LOAN I. LOAN
HI CHEN. CHEN NOT VOTING BAUER
QUE HAN. BAUER-KAHAN I BURKE.
BURKE HI CERVANTES. CHOI. CHILE
NOT LOADING FONG. PHONE NOT
VOTING GABRIEL. GRAYSON GRAYSON
AYE STONE. STONE HI WEBER WEBER
HI WICKS WICKS HI. THE ITEM HAS
SEVEN VOTES. THANK YOU THE ITEM
HAS SEVEN VOTES IT DOES GET OUT
OF COMMITTEE BUT WE WILL PLACE
THIS A BILL ON CALL FOR
ADDITIONAL MEMBERS AT TO ADD ON
THINK YES I OVER CALDERON THE
SECOND BILL HAVE TODAY ON OUR
AGENDA IS AB. TWENTY ONE NINETY
SIX FROM ASSEMBLY MEMBER. SALAS.
THANK YOU AND I WE HAVE A
MOTION BY ASSEMBLY MEMBER PERKS
AND AS A SECOND. BY SELLING OR
A BARRICADE IN. THANK YOU MADAM
CHAIR DO YOU MIND IF I SPEAK
WITHOUT A MASK IT'S YOUR
COMMITTEE THAT IS OKAY. THANK
YOU HI THIS IS SIMPLY AN
EXTENSION I FIRST WANT TO START
BY THANKING THE COMMUNITY DO
ACCEPT THE COMMITTEES
AMENDMENTS TO MAKE THIS AB-
FIVE YEAR SUNSET AND IT IS
SIMPLY AN EXTENSION OF A PILOT
PROGRAM THAT SERVES TO PROVIDE
RESPONSIBLE LENDING FOR NUMBER
BUSINESSES AND SO MANY OF OUR
COMMUNITIES LAST NIGHT WHAT
THANK YOU. THAT WAS LIKE TO THE
POINT- SAID NOW WE'RE GOING TO
GO TO THE MODERATOR DO WE HAVE
A I WANT TO REMIND THE
WITNESSES THAT YOU HAVE TWO
MINUTES EACH FIRST WITNESS IN
SUPPORT WILL BE TESTIFYING OVER
THE PHONE MODERATE CONNECT.
NICK BURKE LINE IS OPEN YOU MAY
PROCEED. THANK YOU MADAM CHAIR
AND MEMBERS OF THE COMMITTEE-
MY NAME IS NICK PORK AND I'M
THE LEADER OF THE CONSUMER
FINANCE PROGRAM AT THE PEW
CHARITABLE TRUSTS. SINCE TWO
THOUSAND ELEVEN WE HAVE
RESEARCHED ACADIAN SMALL DOLLAR
LOAN MARKET INCLUDING SURVEYS
NUMEROUS FOCUS GROUPS AND
EXTENSIVE REVIEW OF ACADEMIC
AND REGULATORY DATA. OUR
RESEARCH SHOWS THAT THE MOST
IMPORTANT CRITERIA FOR CONSUMER
SUCCESS WITH SMALL LOANS ARE
THESE. HAVING ENOUGH TIME TO
REPAIR. TO SMALLEST PAYMENTS.
THREE AMORTIZATION THAT IS EACH
PAYMENT REDUCES THE PRINCIPAL
AND FOR FAIR PRICES. WHICH
MEANS IN THIS CONTEXT ACOSTA
THAT IS A MERE FRACTION OF WHAT
PAID A ANOTHER SUBPRIME LENDERS
CHARGE SIMILAR CUSTOMERS. THE
PILOT PROGRAM IN QUESTION MEETS
THESE CRITERIA THEREFORE BASED
ON OUR ANALYSIS PIECE SUPPORT
MAKING THE PILOT PROGRAM.
PERMANENT SADLY CALIFORNIA'S
FLOODED WITH DANGEROUS WAYS TO
BORROW MONEY INCLUDING FEE
BASED OVERDRAFT UPON AND RENT
TO OWN. AND OF COURSE PAYDAY
LOANS IN CALIFORNIA THE TYPICAL
CUSTOMER WHO BORROWS TWO
HUNDRED FIFTY FIVE DOLLARS
RETAIL IS SEVEN HUNDRED NINETY
FIVE DOLLARS TO THE LENDER BY
THE TIME THEY FIND THEIR WAY
OUT OF THAT DEBT SIX MONTHS
LATER. THAT'S FOUR THIRTY FORTY
THOUSAND FINANCE CHARGES. BUT
UNDER THE PILOT PROGRAM THE
SAMEPERSON COULD BORROW DOUBLE
THE AMOUNT AND PAY ONLY ABOUT
NINE DOLLARS IN CHARGES THAT
SIX TIMES LAST. AND THE BENEFIT
OF CLEARLY DISCLOSED PROPERLY
AMORTIZING INSTALLMENT
PAYMENTS. WHILE MOST PAYDAY
LOAN. AS OF 310024100% MOST
PILOT LOANS HAVE A P. R.'S FIT.
DB OVER SHOW THAT THE- EVERY
MAN LOW AND MOST PILOTS. WERE
INCREASING THEIR CREDIT SCORES.
THE PROGRAM IS NOT PERFECT AND
IT DOES NOT NEED ALL THE
RECOMMENDATIONS THE PEW HAS
PUBLISHED BUT THE PROGRAM IS
SOUND. IRONICALLY ONE OF THE
GREATEST WEAKNESSES MAYBE IT'S
FIXED INTEREST RATE STRUCTURE
WHICH MAY THREATEN ITS
LIABILITY OVER TIME ONE
POSSIBLE MEASURE TO BOOST THE
PILOTS. AND IMPROVE ACCESS TO
AFFORDABLE CREDIT WOULD BE TO
KEEP THE CURRENT FEE STRUCTURE
IN THE PROGRAM BUT CHANGE THE
INTEREST RATE STRUCTURE TO
MATCH AB FIVE THIRTY NINE SET
FOR CONSUMER FINANCE LOANS LAST
YEAR. THAT NEARLY ENOUGH TO LAW
WHICH OF COURSE CHAIRWOMAN
LIMóN SPONSORED CAPPED
CONSUMER FINANCE INTEREST RATES
AT THE SIX TEN PLUS THE- FUNDS
RATE. IN EITHER ON SECURED LOAN
MADE TO PEOPLE OR NO CREDIT
SCORES. WE FIND THE DELINQUENCY
RATES A MODEST CREDIT SCORES
INCREASED- LOCAL ACROSS THE
BOARD WERE WIDELY. AND LOAN
COSTS ARE LOW COMPARED TO THE
OTHER OPTIONS ON THE MARKET.
BASED ON THIS ANALYSIS AND ON
YEARS OF RESEARCH IN THIS FIELD
Q. SUPPORT MAKING THE PILOT
PROGRAM PERMANENT THANK YOU.
THANK YOU OUR SECOND WITNESS IN
SUPPORT IS VAN COLLUDED SKI WHO
WILL BE ALSO BE ABLE TO TESTIFY
OVER THE PHONE AB MODERATOR CAN
YOU PLEASE CONTACT US WITH VAN
PALLADIAN SKI AND I'M SO SORRY
FOR MY MISPRONOUNCING OF THE
LAST NAME. ONE IS OPEN YOU MAY
PROCEED. THANK YOU MADAM CHAIR
AND MEMBERS OF THE COMMITTEE MY
NAME IS CENTRAL KENTUCKY ON THE
GENERAL COUNSEL FOR WE ARE YOU
OFFICIALLY CERTIFIED COMMUNITY
DEVELOPMENT FINANCIAL
INSTITUTION AND USE THE
TECHNOLOGY IN THE FINAL TO
PROVIDE AFFORDABLE CREDIT
BUILDING LOANS TO WORKING
FAMILIES UNDER THE PILOT
PROGRAM. A BAR HAVE AN AVERAGE
INCOME OF THIRTY FOUR THOUSAND
DOLLARS PER YEAR 40% OF OUR
APPLICANTS HAVE NO CRITICAL HI
YEAH MICHAEL SCORE THOSE ARE
AND THEY DO. NOT HAVE A PRIVATE
SCHOOL. EVERY IS LESS THAN FIVE
EIGHT FIVE HUNDRED EACH. ARMY
IS NEVER BEEN MORE THAN DOING
THE NINETEEN FIRST THE PILOT
PROGRAM IS THAT SHE CAN PRESS
ABOUT COME. TWO THOUSAND ELEVEN
THE PILOT PROGRAM HAD MADE ONE
POINT FOUR MILLION LONG. 59% OF
PARTS OF THEIR CREDIT SCORES
BUT WHICH ONE POINT AND ALSO
HAVE BEEN VERY WELL. THANK YOU
FOR THE TV THERE'D BEEN A TOTAL
OF ONLY EIGHT CONSUMER
COMPLAINTS FILED OUT OF TOWN
AND. THIRTY ONE THOUSAND NINE
ONE. BETWEEN TWO THOUSAND SIX
AND THOUSAND. SEPARATE ONE TWO
NINE. ALL ALTHOUGH TO COMPLAIN
TO A DIFFERENT. LIKE A LOW
LEVEL OF COME OVER ANYTHING BUT
LACKS NOW LAST YEAR WE GO AGAIN
SIXTEEN ABOUT FINER PARTNERS IN
THE DITCH THAT MADE UP A STORM
OF PEACH. UNLIKE FINALS ARE NOT
A LOT RIGHT LONG CALCULATE
NEGOTIATE WON'T TURN AND IT
FEELS LIKE AND SHE GOT CAPS
NEVER PASSED ON TO THE BAR AND
NOT TIED TO ANYONE ABOUT. BY
DESIGN THESE RESTRICTIONS ARE
MUCH STRICTER THAN DOUBLE.
CLICK WITH. ONE THERE IS A
PILOT PROGRAM DRAMATIC IMPROVED
ACCESS MORE FOR. TURN TO A LONG.
WHY DO YOU DEFINE IS THE RATIO
PAID A LONG STORY. TO STORES
OFFERING I DID PROGRAM LONG NOW
TWO POINT FOUR TO ONE. WITHOUT
TWENTY YEARS DURATION EIGHT.
FOR WHAT 30% OF OURS REPEAT
HOURS FROM TWO THOUSAND
FOURTEEN TO TWO THOUSAND
NINETEEN AND I HAVE A CREDIT
SCORE BY THE TIME OF THE SECOND
ONE. OUTDOORS MODEL. THEY WHICH
REGIONS OF THE MOST UNDERSERVED
POPULATIONS INCLUDING MANY
WITHOUT COURTS MEASURING ONLY
THOSE WHO HAD A CREDIT SCORE BY
THE SECOND LAW 71% OF ALL AS
OUR PEOPLE ARE INCREASED BY AN
AVERAGE. NINE POINT IN THE
CREDIT SCORE. FINALLY ONE THREE
HAVE BEEN VERY WELL. IN CLOSING
THE PILOT PROGRAM SHOULD BE
MADE PERMANENT BECAUSE ACCESS
TO CAPITAL IS MORE IMPORTANT
THAN EVER TO CALL THE NINETEEN.
MANY LENDERS HAVE STOPPED
RUNNING ALL TOGETHER IN
UNDERSERVED IN UNDER BANK
COMMUNITY BEING HIT THE HARDEST
BUT THAT SHOULD CHANGE.
REMOVING UNCERTAINTY 28-7
ASKING TO WRAP UP PLEASE YOUR
TIME IS UP. AT AND BUYERS
CONCERNED WE RESPECTFULLY ASK
FOR YOUR AYE VOTE THANK YOU.
THANK YOU. MODERATOR DO WE HAVE
ANY WITNESSES ED IN SUPPORT WHO
WOULD LIKE TO TESTIFY IT SIMPLY
AS ME TO IN SUPPORT OF AB
TWENTY ONE NINETY SIX. ONCE
AGAIN IF YOU'D LIKE TO QUEUE UP
IN SUPPORT YOU MAY PRESS ONE
AND THEN IS THERE AT THIS TIME.
WE'RE GOING TO GO TO LINE
TWENTY SEVEN TWO SEVEN YOUR
LINE IS OPEN. TWENTY SEVEN YOUR
LINE IS OPEN YOU MAY HAVE SELF
MUTED. GONE AND WILL GO TO LINE
NUMBER SIXTY NINE SIX NINE YOUR
LINE IS OPEN. YEAH THANK YOU
MADAM CHAIR- TALK THANK YOU YOU
TOO YOU CAN ANY. BUDGET IS
COMMERCE IN SUPPORT. THANK YOU
PLEASE ALLOW US A FEW MOMENTS
TO GET WE HAVE A LARGE WE HAVE
A LARGE NUMBER OF PEOPLE
QUEUING UP ONE MOMENT PLACE.
WILL GO TO A LINE NUMBER EIGHTY
FIVE EIGHT FIVE YOUR LINE IS
OPEN. THANK YOU MADAM CHAIR AND
MEMBERS OF THE COMMITTEE. MY
NAME SOME OF YOUR PRESIDENCY OF
THE STONES THE FINER. LARA I
WOULDN'T SUPPORT OF AB TWENTY
WOMEN'S. KILL WILL GO TO LINE
NUMBER SEVENTY FOUR SEVEN FOR
YOUR LINE IS OPEN. SEVEN FOR
YOUR LINE IS OPEN. HELLO ONE
WILL GO TO LINE NUMBER FIFTY
TWO FIVE TO YOUR LINE IS OPEN.
CAPTAIN MADAM CHAIR MEMBERS
JASON BRYANT ON BEHALF OF-
CALIFORNIA'S BEEF. AND CATTLE
PRODUCERS REPRESENT BY THE
CALIFORNIA CATTLEMEN'S
ASSOCIATION WORKS FOR THE BILL
THANK YOU. WHAT A LINE NUMBER
FIFTY FIVE ZERO YOUR LINE IS
OPEN. THANK YOU MADAM CHAIR AND
MEMBERS OF THE COMMITTEE MY
NAME IS DURING MY HAMILTON
EXECUTIVE DIRECTOR OF ON
TIMOTHY KNOWING ON COMPANIES
THAT ACTUALLY AND WE WAIVE IN
SUPPORT OF FAILED TWENTY ONE
INETY SIX. THANK YOU. THANK
YOU WILL GET A LINE ONE HUNDRED
AND THIRTY FOUR ONE THREE FOR
YOUR LINE IS OPEN. BUT MORNING
MY NAME IS DAVID THREE AT A
LOCAL SAUNDERS AND PRESIDENT
CEO. OF THE FARMWORKERS
INSTITUTE OF EDUCATION AND
LEADERSHIP DEVELOPMENT FIELD.
FOUNDED BY SISTER TRAVIS. WE
WAVE IN SUPPORT OF THE MOTION.
THANK YOU WILL GO TO LINE
NUMBER FORTY EIGHT FOUR EIGHT
TWO YOUR LINE IS OPEN. I AGREE
WELL WITH UPW ACT AND STATE
COUNCIL IN SUPPORT. GIVEN OVER
THE LINE NUMBER SIXTY THREE SIX
THREE YOUR LINE IS OPEN. THANK
YOU BUT THIS IS KATELYN SOCCER
SENIOR VICE PRESIDENT OF
BUSINESS DEVELOPMENT A DOOR
LOOKS DOLLARS EXPRESS INK AND I
IN SUPPORT OF THIS BILL. AND
THAT EXHAUST THE QUEUE AT THIS
TIME IN SUPPORT PLEASE CONTINUE
THANK YOU. I NEXT WE HAVE
WITNESSES IN OPPOSITION I
REMIND THE WITNESSES THAT YOU
ONLY HAVE TWO MINUTES EACH OUR
FIRST WITNESS IN OPPOSITION
WILL BE TESTIFYING OVER THE
PHONE MODERATOR PLEASE CONNECT
AS WITH ADAM BROWN'S. WILL
TESTIFY AT AN OPPOSITION OF
ASSEMBLY BILL TWENTY ONE NINETY
SIX. THANK YOU SURELY MOM VICE
CHAIR CAN IN MEMBERS OF THE
ASSEMBLY BANKING AND FINANCE
COMMITTEE FOR ALLOWING THE
GREEN LINING INSTITUTE TO SHARE
OUR POSITION ON AB TWENTY ONE
NINETY SIX. MY NAME IS ADAM
REALNESS AND I'M THE DIRECTOR
OF THE ECONOMIC EQUITY GRAHAM
AT THE GREEN LINING INSTITUTE.
FOUNDED IN NINETEEN NINETY
THREE AND BASED IN OAKLAND
GREEN LINE MISSION IS TO ENSURE
THAT RATED NEVER. ECONOMIC
OPPORTUNITY. NAY I WOULD LIKE
TO SUMMARIZE STREAMING POINTS
MORE LETTER POPULATION TO AB
TWENTY ONE NINETY SIX. FIRST
GREEN ONE WHAT'S THE OFFICE
LONG STANDING COMMITMENT TO
ADDRESSING THE COMPLICATED
WATCH PROBLEM PROVIDING SMALL
CAR LOAN. TO UNDERSERVED
COMMUNITIES. WHILE WE DISAGREE
ON THE SPECIFIC LEGISLATION.
GRATEFUL FOR HER THE- INSURING
THIS ISSUE IS FOR DOT. SEC. ONE
FIVE ISSUES WITH PROGRAM THAT
FURTHER. ANY DECISION IS MADE
TO LIKE THE CURRENT PROGRAM
JUST. WHY IS THE ONE HUNDRED
AND NINETY FIVE WHICH AFFECT
AFTER IS BROKERS AND THEIR SIX
HUNDRED AND SIXTEEN LOCATION
BUT TRY PROBABILITY OF THE
PILOT PROGRAM NOT LIFE AND
DEATH IS COMMON TO OTHER
PROGRAMS. NEXT WHY DIDN'T OPEN
READING HEREBY FINDER HAVE LESS
THAN 30% APR INTEREST WELCOME
NON FINDER LOANS THAT INTEREST
RATES AS LOW AS FIFTEEN
PERCENT. NEXT WHAT IMPACT THE
QUESTIONABLE LOCATION OF MOST
PIECE FINDER'S HAPPENED
BORROWERS. GENERALLY HAPPENS
WITHIN PAYDAY LENDERS CHECK
CATCHERS HIGHLANDERS TAX
PREPARERS NUMBER RIGHT. IN
COULD BE PROCESS POTENTIAL.
FINALLY WHY YOU BARBERS HAVE TO
TAKE A MORE FOR LOANS WITH A
THREE IMPROVED IN THEIR CRY
FOR. IN TWENTY. BUT ONE IN TEN
ALL TIME LOAN PRO ARE STOCK
SCORING. FOR MORE TIME BORROWER
TO GET INCREASING CREDITS. WHY
DID FIND LOANS FOR WORK THAN ON
LEFT. IN CLOSING MY FINAL POINT
IS THAT READ PEOPLE CAN DEBATE
AMERICAN THIS PROGRAM. BUT IT
WOULD BE HARD TO A THAT THIS
PILOT IS AN UNDER. SO THE
BIGGEST THING BENEFIT AND
DRAWBACKS OF THE PROGRAM
BORROWERS. RELATING RECOMMENDS
THAT THE PREVIOUSLY AGREED TO
SUNSET DATE TWENTY TWENTY THREE
REMAIN UNCHANGED AND WE LOOK
FORWARD TO WORKING WITH THE
AUTHOR ON INCREASING AFFORDABLE
SAFE CREDIT. FOR ALL
COMMUNITIES IN THE FUTURE THANK
YOU AND I LOVE MY TIME. THANK
YOU OUR SECOND WITNESS IN
OPPOSITION IS PROBABLY NOT
GONZALEZ FREEDOM WHO WILL ALSO
BE TESTIFYING OVER THE PHONE
MODERATOR CAN YOU PLEASE
CONNECTED WITH BUILDING A
GONZALEZ FREEDOM. LINE IS OPEN
AND INTERACTIVE PLEASE PROCEED.
THANK YOU MY NAME IS ARLENE OUR
FEET TALL I AM THE EXECUTIVE
DIRECTOR OF THE CALIFORNIA
REINVESTMENT COALITION. LYING
ON BEHALF OF OUR THREE HUNDRED
COMMUNITY BASED ORGANIZATIONAL
MEMBERS. I AM HERE TODAY
REPRESENTING THE WORKING CLASS
COMMUNITIES ARE MEMBERS
WORKPLACE AND TO REPRESENT
IMMIGRANT WORKING CLASS
FAMILIES LIKE MY- THANK YOU
CHAIRMAN IMAN WE APPRECIATE
YOUR LEADERSHIP AND PROTECT.
CALIFORNIANS FROM PREDATORY
LENDING. LOOKING TO ASSEMBLY
WOMAN GOING BALLOT ABOUT OUR
OPPOSITION TO THE BILL LIKE YOU
CAN BE ONE AND WE ARE
PROPONENTS OF ECONOMIC SECURITY
BUT BUT WE OPPOSED TO CONTINUE
TO ACHIEVING THAT AT. FIRST IN
THE MIDDLE OF THE NINETEENTH
CAPTION UNITY IS RESTORED
RESPONSE TO THE EXTENSION
FAVORITES CRITICAL WE START
WHEN THERE ARE MORE THAN TWO
YEARS LEFT BEFORE THE CREATION.
SECOND THE LENGTH OF THE PILOT
WAS INTENDED TO ALLOW FOR THE
COLLECTION OF DATA AND EXCEPT
FOR THE PROGRAM PROVIDED NOT.
EXTRACTED CONSUMER CREDIT.
EXTENDING NOW TO COMMUNITIES
AND THEIR- MUCH OF MADE OF THE
CREDIT CREEK BY LAND. BUT THE
DATA ONLY HELP THAT. OTHER
BORROWER TO TAKE OUT MOST OF
LONG AND- ARE THINK TWENTY IS
BORROWER. IN WE LOOK AT ALL
BORROWER WHEN ANY TO KIND OF
ALONE FROM WHAT THE PROJECT OUT
FIFTEEN FIFTY TWO. EIGHT THE
AVERAGE FOR THE BORROWER TO
THOUGHT CREDIT HE CREATES A
VERY SMALL. LESSEN PICK PERCENT.
EVEN CONCERNING HIS 20% OF ALL
OR- TWO THOUSAND EIGHTEEN.
BECAME CAN BE BACK ON LONG. AND
A DARK BLUE BECAUSE THAT LEAST
ONE WEEK WHEN. ABOUT THIRTY
NINE PER. WERE NOT BROUGHT
CURRENT. YOU MUST REPORT THAT
OUR MEMBERS TO REPORT THAT I
DON'T MIND TO MAKE THREATENING
CALL THE FINAL. TO COLLECT ON.
INCLUDE IN THE MID OF THE- IF
YOU NEED WITH. QUESTION ABOUT
THE HUNTER PROCESS PAYMENTS
UNDER. LAST AND THIS KIND OF
CRISIS. IT IS IMPERATIVE THAT
HE CONSTRUCT THESE ARE
PROTECTED. WE HAVE A- 15% RATE
CAP ON ALL ON THE OTHER LINE
NOT BY EIGHTY FIVE NINE. IT
WOULD BE WERE TO WORK WITH YOU
TO. THEM MALL AND WHAT THE
AUTHOR OF THE BILL AND FINDING
A WAY TO BRING THREE K. ON ALL
MY DAUGHTER LOAN. SIMPLY AS ME
TO IN OPPOSITION OF AB TWENTY
ONE NINETY SIX. IF YOU'D LIKE
TO QUEUE UP FOR OPPOSITION IT'S
ONE ZERO AND YOUR CALL. WILL GO
TO LINE NUMBER ONE HUNDRED AND
THIRTY NINE ONE THREE NINE YOUR
LINE IS OPEN. ONE THREE NINE
YOUR LINE IS OPEN. RESPONSE
FROM THAT LINE THERE IS NO ONE
ELSE IN Q. AT THIS TIME PLEASE
CONTINUE. WE MOVE. FOR SO NO
WITH NO WITNESSES IN OPPOSITION
ON THE LINE THEN WE'RE GOING TO
MOVE IT TO MEMBERS AT A
QUESTIONS OR COMMENTS FOR THE
AUTHOR OR WITNESSES. SCENE NINE
AS THANK YOU ASSEMBLY MEMBER
GONZALEZ THANKS FOR WORKING
WITH THE COMMITTEE ON THE
AMENDMENTS ARE YOU ACCEPTING
THE AMENDMENTS IN THE COMMITTEE
ANALYSIS. THANK YOU VERY MUCH
WOULD YOU LIKE TO CLOSE.
RESPECTFULLY ASK AND I. THINK
YOU DO WE HAVE A MOTION AND A
SECOND. THANK YOU I SEE
ASSEMBLY MEMBER- WEBER MADE THE
MOTION SECOND BY ASSEMBLYMEMBER
BURKE PLEASE CALL THE ROLL. AB
TWO ONE NINE SIX THE MOTION IS
DO PASS AS AMENDED TO COMMITTEE
ON APPROPRIATIONS LAMONT HI
LOAN HI CHEN. GEN I BET OUR QUE
HAN. BURKE. BURKE HI CERVANTES.
CHOI CHOI HI PHONE. PHONE HI
GABRIEL. GRAYSON GRAYSON HI
STONE. STONE HI WEBER. WEBER HI
WICKS. WICKS HI. THE BILL HAS
NINE VOTES THANK YOU THE BILL
HAS NINE VOTES AND IT DOES GET
OUT OF THIS COMMITTEE BUT WE
WILL LEAVE IT OPEN FOR
ADDITIONAL ASSEMBLY MEMBERS TO
ADD ON THE THIRD BILL ON OUR
AGENDA IS AB THIRTY SEVENTY
FIVE ALSO FROM ASSEMBLY MEMBER
GONZALEZ PLEASE PROCEED THANK
YOU MADAM CHAIR AND I HAVE I
WANT ONE IS THINKING THE CAN.
FOR AN OUT OF STATE. ANALYSIS
THE BILL. FIND SOMETIME ADD TO
BE STUCK IN THE WRONG COMMITTEE
AND A SEE WHAT OTHER PEOPLE'S
EYES AT FIND IN A BILL WE WILL
ALTHOUGH THEY WEREN'T REQUIRED
THE AMENDMENTS WE ARE WORKING
WITH ALL OF THOSE SUGGESTED
AMENDMENTS AT IF THIS BILL
SHOULD MOVE FORWARD BECAUSE WE
FOUND THEM TO BE VERY AT. POINT
SO WITH THAT. THE BILL IS
SIMPLY IN ATTEMPT ON TO. REALLY
CLOSE A LOOPHOLE IN CALIFORNIA
LAW. WE KNOW THAT WAGE THEFT IS
A SERIOUS PROBLEM IN AS THE
LABOR COMMISSIONER AND FORCES
WAGE THAT WE KNOW THAT FIND CAR
UP. MALL MINORITY OF THOSE-
FINAL JUDGMENTS ACTUALLY GET
INTO THE HANDS OF THE WORKERS
WHO LOST THEIR WAGES WHOSE
WAGES WERE STOLEN. THAT'S
BECAUSE THESE BUSINESSES
LEGALLY DISAPPEAR. AND SO IT'S
IMPOSSIBLE TO ENFORCE- ANY KIND
OF WAGE THEFT IN FIVE ACTION
AGAINST THEM. BUT WE ALSO KNOW
THAT THE OP REAPPEAR FORMS I
NEED CORPORATION OR NEW
COMPANY. THE WORKERS KNOW THIS
SOMETIMES THEY CONTINUE TO WORK
FOR THAT EMPLOYER UNDER NEW ANY
AND YET THEY'RE STILL ABLE TO
AT JUDGE. OF WAIT NEVER TAKE.
WHAT THIS BILL DOES LATE
REQUIRE COME WHEN EILEEN IT'S
AS CORPORATE BUT WE ARE GOING
TO STAND IT ALL COMES WHEN
FILING SECRETARY STAY TO ATTEST
THAT THEY KNOW OUTSTANDING
WAGED AGAINST THEM THIS WILL
INSURE ON THAT THESE COMPANIES
PAY OFF THEIR DEBTS FOR THEY
STARTED NEW COMPANY WE ALSO
HAVE LANGUAGE IN THIS BILL A
LOCAL ORDINANCES OUR LOCAL
ENFORCEMENT THIS BILL BECAUSE
IT WAS WRITTEN WAS NOT EXPAND
ONTO OUT THE DEFINITION OF WHAT
CAN BE A FORCE AS FAR AS WHICH
HAPPENED WE WILL CONTINUE TO
WORK ON THAT LANGUAGE CLARIFY
THAT IN FACT. JUST EXISTING
I'LL BUT ALLOWING LOCAL WORSE
MEN OF IT WITHOUT REQUIRING THE
VICTIMS TO THROUGH THIS PROCESS
IN TIME HELLO PROCESS SO I
THINK SHOULD BE- CLARIFIED AND
HOPEFULLY IT WILL REMOVE SOME
OF THE OPPOSITION THE OTHER
THING. IS THE BE EIGHT FINAL.
ON FINAL DAY SO WE SAID A JUDGE
WE WILL CHANGE IT TO ENSURE
THAT THIS IS FINAL JUDGMENT
WITH THAT THIS IS A PROBLEM
THAT I HAS BEEN OUT THERE FOR
LONG WE ALREADY HAVE CASES OF
INDIVIDUALS WHO IN THIS
PANDEMIC WHEN LAID OFF TO NOT
RECEIVE THEIR FINAL ON A
PAYCHECK AND WE KNOW AS SOME
THESE THESE COMPANIES HAVE
ALREADY SHUT DOWN- THEY'RE NOT
GOING TO BE ABLE TO GET AN
ENFORCED- AT A JUDGMENT AGAINST
THE COPY. BUT IT COMPANIES
TRIED OVER THE STILL BE I'M
RESPONSIBLE FOR PAYING FOR THE
WORK THAT THOSE AT THEIR PAY
FOR SO. WHEN I. THANK YOU
ASSEMBLY MEMBER. ID HEAR
ASSEMBLY MEMBER WICKS MAKE A
MOTION AND ASSEMBLYMEMBER WEBER
SECOND THAT MOTION THAT'S
CORRECT. AND NEXT WE HAVE THE
WITNESSES IN SUPPORT TO I
REMIND THE WITNESSES THAT YOU
HAVE TWO MINUTES OUR WITNESS IN
SUPPORT OF THIS BILL WILL BE
TESTIFYING OVER THE- OVER THE
PHONE MODERATOR CAN YOU PLEASE
CONNECT THIS WITH TIA. GOONS
WILL TESTIFY ON BEHALF OF
ASSEMBLY BILL THIRTY SEVENTY
FIVE. YOUR COACH YOUR LINE IS
OPEN PLEASE PROCEED. GOOD
AFTERNOON MADAM CHAIR THANK YOU
IN ANY GIVEN WEEK LA COUNTY ONE
THREE LOW WAGE WORKERS RECEIVE
LESS THAN MINIMUM WAGE WELL AID
IN PARENTHOOD- EARNED OVER TIME
HEY OR THE RIGHT TO TAKE A
BREAK EACH OR WASH THEIR HANDS.
BUT WITH THE THANK. YOU KELLY
LABOR CENTER WE ALSO DOCUMENTED
TROUBLING INABILITY TO COLLECT
ON JUDGMENT FOR UNPAID WAGES.
OF ALL ONE HUNDRED SIXTY
THOUSAND WAGE CLAIMS I REMEMBER
FOR YOUR PERIOD WITH THE STATE
LABOR AGENCY WE FOUND. PERCENT
AT. RECEIVED IN PAYMENT WHAT.
EMPLOYERS MISTAKE IN THE FEW IN
PAIN TO PAY UP TO SO EARLY IN
THE- THAT WE GET SOME PEOPLE A
JUDGE MAY ORDERS TO PAY. BUT AT
THE- SUNSET A CORPORATE GAME
FOR WORKERS AND LEVERAGE. IS
EXPENSE GET FULL PROCEDURE
AUTUMN. FOR FIVE. A QUARTER
EMPLOYERS ARE IN BEFORE WE
JUDGE ME EVEN IF. AT THE WOMAN
IN THE DOES THAT MEAN THEY GOT
OUT A BIT. FOR EXAMPLE ALREADY
HAD THE MONEY FROM. NINETY AND
IT IS A BIT OF WAS WRITTEN
MINUTES LAST NIGHT. WHAT IN A
CARE HOME TWELVE. A DAY AND
HATE ONLY OF. AT NO WILL RIGHT.
SHE WON HER WHICH CLEAN WHICH
GOT EVERY REASON TO BELIEVE
THAT IT WN'T BE. BECAUSE THE
ONLY ALREADY. THE BIT THE NAY.
TO THE MINUTES THAT. MONEY
ADDED THAT WORK IN A ROW. OWNER
HAD CHANGED NAME AND- MAKE
PEOPLE ON THE- AGREE THE AND-
ALL. DE TO. ON THAT. MONEY
DURING THIS. STILL MAKES IT
HARDER TO ME THEY THAT LIE.
CHAMBERS OPPOSITE LETTER AN ARC
THAT OUT JUDGEMENT FOR UNPAID
WAGES OF TERM THE TERM REFERS
TO I DON'T HATE FINAL QUE FOR
WHICH FINALLY THAT THE NUMBER
CODE. THE CHAMBER OF FORTY SOME
TAKE OVER MY JERRY BUT WHAT WE
TOPIC ALL SHARE YOUR OVER THE
LABOR. DIFFERENT SO HAVE BEEN
IN LABOR COOPER LIKE OVER TIME
IN YEMEN REST BREAKS TO WELL
OVER A DECADE YOU CANDIDATES ON
OAKLAND ANOTHER SINCE FIFTH.
THE CARPENTRY CLARIFIED THAT
OFTEN THANK YOU SO MUCH AND I'M
FORWARD TO ANSWERING QUESTIONS
ANYONE MAY. THINK YOU.
MODERATOR WE HAVE ANY WAY IN
THE THAT WOULD LIKE TO TEST IN
THE OF A THIRTY SEVENTY FIVE AS
ME TO. DOING DO YOU KNOW MY TO
PAY YOURSELF THAT Q. YOU MAY
ONE THEY ZERO WE WILL START
WITH LINE NUMBER FIFTY FIVE
FIVE FIVE YOUR LINE IS OPEN.
LINE FIFTY FIVE YOUR LINE IS
OPEN. GOING TO THE NEXT LINE
WILL GO TO LINE ONE HUNDRED AND
THIRTY ONE ONE THREE ONE YOUR
LINE IS OPEN. ONE HUNDRED
THIRTY ONE. SORRY ABOUT RENEE
BY ARE YOU ARE YOU CALIFORNIA
INSTRUCTS SUPPORT. THANK YOU
WE'LL GO TO LINE NUMBER NINETY
SEVEN NINE SEVEN YOUR LINE IS
OPEN. HI GOOD AFTERNOON I'M PAT
REALLOCATE A CARE GIVER FROM
FILIPINO APPLICATION OF WORKERS
ANY GRANT I'M HERE TO SUPPORT
AB THIRTY SEVENTY FIVE THANK
YOU. ALL NEXT CAROLINE ONE
HUNDRED AND TWENTY SIX ONE TWO
SIX YOUR LINE IS OPEN. GOOD
AFTERNOON MY NAME IS CUTLET
THIRTY OTHER JUNIOR I HAVE FOR
THE DAY WORKERS TEND TO ABOUT
TO BE OPEN AND CALL TO SUPPORT
IN. EIGHTEEN THREE THREE ZERO
SEVEN FIVE THANK YOU. WE'RE
GOING TO LINE NUMBER SEVENTY
FIVE SEVEN FIVE YOUR LINE IS
OPEN. HI AND MY NAME THE PEOPLE
WE KNOW PEOPLE WILL BE INNER I
AM A LAWYER AND ALSO A MEMBER
OF THE FILIPINO SITUATION OF
WORKERS IN ANY GRANT FOR
PROBABLY. AND I WHOLEHEARTEDLY
SUPPORT AGES THREE ZERO A RIGHT
MINDED THAT THIS IS SIMPLY ME
TO USE OR JUST YOUR NAME YOUR
AFFILIATION AND YOUR SUPPORT
POSITION. WE CAN MOVE ON TO THE
NEXT NUMBER FIFTY FOUR. FIND
FIVE FOR YOUR LINE IS OPEN.
HELLO MY NAME IS SEVENTY AND I
GOT YEAH I AM A COMMUNITY
ORGANIZER WITH MY LOCAL SAY WE
NEED TO THE EXTENT IF THE
NUMBER COULD BE CO AND I
SUPPORT AB THIRTY SEVENTY FIVE.
THANK YOU NEXT WEEK ON THE LINE
NUMBER ONE FORTY ONE FOUR ZERO
YOUR LINE IS OPEN. HELLO MADAM
CHAIR MEMBERS SERRA FLOCKS
CALIFORNIA LABOR FEDERATION IN
STRONG SUPPORT OF AB THIRTY SAT
THIRTY SEVENTY FIVE. NEXT IS
LINE ONE HUNDRED AND TWELVE ONE
ONE TWO YOUR LINE IS OPEN. WHAT
ABOUT THAT THE NUMBER IS NOT
EVEN GOT A THAT. CLICK A
PROBLEM WITH THE ALLEN FAMILY
VIA FAX AND OF THE OTHERS AND
BE ABLE YEP FOR YOUR OBVIOUS
NOT THAT IS A PEOPLE. YES YES.
ONE ONE HUNDRED TWENTY NINE ONE
TWO NINE YOUR LINE IS OPEN.
THANK YOU COMMITTEE ON BELLE
DOG IN IMMIGRANT LIKE FELLOW
WITH A SERVICE SO TO THEM IT
RIGHT IF YOU CANNOT WORK. WERE
INSTALLED TO PUT OUT THIRTY
COME FIVE THANK YOU. NEXT IS
LINE NUMBER ONE HUNDRED AND
THIRTY A. TO ONE EIGHT. HI THIS
IS A LONG NECTAR CALLING ON
BEHALF OF THE LOS ANGELES
WORKERS CENTER NETWORK WE
STRONGLY SUPPORT SB THIRTY
SEVENTY FIVE. NEXT IS ONE
NUMBER FORTY EIGHT FOUR EIGHT
TWO YOUR LINE IS OPEN. I KNOW
THAT THE WAY- YES HE W. WESTERN
STATES COUNCIL IN SUPPORT.
NEXUS LINE NUMBER THIRTY NINE
THREE NINE YOUR LINE IS OPEN.
HELLO NOW BAILEY O'CLOCK
ANGELES BLACK WORKERS CENTER
AND INTO THE ETHICS OF AB THREE
EITHER OF THEM. NEXT IS LINE
ONE HUNDRED AND WENTY ONE TWO
ZERO YOUR LINE IS OPEN. HI AM
READING BASIC MAN CARE GIVER
FROM BALI THEY'VE BEEN
OFFICIALLY THE WORKERS. IN THE
GRANT AND HAD TO SUPPORT AB.
THIRTY SEVEN. THANK NEXUS LINE
NUMBER THIRTEEN ONE THREE YOUR
LINE IS OPEN. HI MY NAME IS
SILLY I HAVE NOW AND THEIR
FAMILIES AND I WOULD THINK I
WATCHED CAMPAIGN I SUPPORT AB.
THIRTY SEVEN FIVE AND I HAVE A
WORK WITH. THANK YOU WILL NOT A
LINE NUMBER FORTY FOUR FOUR FOR
YOUR LINE IS OPEN. HELLO MY
NAME'S ANGELA TRAINING CALLING
ON BEHALF OF CENTER LIKE I
CANNOT OPEN THE STRONG SUPPORT
SB THIRTY SEVENTY FIVE THANK
YOU. NEXUS ONE NUMBER ONE
HUNDRED NINE ONE ZERO NINE YOUR
LINE IS OPEN. THE SOLUTION ARE
JEEP. IF YOU ARE CALLING IN. A
POLITICAL NUMBER FIFTY THREE
FIVE THREE YOUR LINE IS OPEN
YOU WANT TO SEE WHAT THE
LEGISLATURE LOOKS LIKE. HI MY
NAME IS GINA. I'M ECONOMIC JUST
POLICY CORNELIA AT THE
CALIFORNIA IMMIGRANT POLICY
CENTER AND I STRONGLY SUPPORT
EVEN WAITING TO HAVE TO HIDE IT
HEARING THEIR OTHER BILLS
BEFORE MINE SO JUST A REMINDER
THAT IF YOU ARE NOT SPEAKING
YOU SHOULD PUT YOUR PHONE ON A
UNITY. WELL NUMBER LINE NUMBER
ONE HUNDRED AND FORTY HEARINGS
WANTED OUR SIGNATURE LINE IS
OPEN. LAST FOUR AND YEAH GEN
ONE THIRD RIGHT BUDGET BUT I
DON'T. AND WE'RE CALLING IN.
EIGHTY FIVE SEVEN THIRTY EIGHT.
SO I THINK PERHAPS ONE OF OUR
THE- MIGHT HAVE THEIR- NOT ON
MUTE SO. JESTER MINDER. NUMBER
ONE NUMBER EIGHTY SEVEN EIGHT
SEVEN YOUR LINE IS OPEN. AND
EIGHTY SEVEN YOUR LINE IS OPEN.
WE'LL GO MOVED ON TO LINE
NUMBER ONE HUNDRED AND FORTY
EIGHT ONE FOUR EIGHT YOUR LINE
IS OPEN. HELLO MY NAME IS
ASHLEY WITH THE RESULTS WITH
THE RESEARCH CENTER IN ONTARIO-
AND WE STRONGLY SUPPORT AB.
THIRTY SEVENTY FIVE. NEXUS LINE
NUMBER TWENTY FOUR TWO FOR YOUR
LINE IS OPEN. HI MY NAME IS
MILLION RIGHT ABOUT WHEN I AM A-
THE CHURCH MINING I'M SUPPORT
OF A. TEXAS LINE NUMBER ONE
HUNDRED AND FIFTY ONE FIVE ZERO
YOUR LINE IS OPEN. HI THIS IS
ROSEMARIE MONNING NOW WITH THAT
LOS ANGELES COUNTY FEDERATION
AND LABOR CALLING IN STRONG
SUPPORT OF AB THIRTY SEVENTY
FIVE. TEXAS LINE NUMBER ONE
HUNDRED AND FIFTY ONE ONE FIVE
ONE YOUR LINE IS OPEN. ONE
FIFTY ONE YOUR LINE IS OPEN. HI
YES- THANK YOU SO MUCH MY NAME
IS MEGAN ARE KIDS ON THE
EXECUTIVE DIRECTOR OF YOU
THAT'S GOT BACK IT WILL BE
ORGANIZED THE DAY LABOR AND THE
NETWORK OF THE LOS ANGELES AND
WE ARE IN SUPPORT OF THIS BILL.
OKAY IF YOU GET. THANK YOU WILL
GO TO LINE NUMBER EIGHTY SEVEN
EIGHT SEVEN YOUR LINE IS OPEN.
LINE EIGHTY SEVEN YOUR LINE IS
OPEN. HI MY NAME MY PHONE APP
BETTER FROM FROM THE
MAINTENANCE COOPERATION TRACK
ONE YEAR AND WE WORK WITH
MINING GAME STANDARD RELOCATING
IN LOS ANGELES AND WE SUPPORT
SB THIRTY SEVENTY FIVE. WELL
THE LINE NUMBER ONE HUNDRED AND
FIFTY TO ONE FIFTY TWO YOUR
LINE IS OPEN. HI MY NAME IS MY
NAME IS ALEXANDRA SO WITH THE
FUTURE WORKERS AND WORK
COALITION I'M HERE WITH A
RESTAURANT WORKER ON THE LINE-
WE STRONGLY SUPPORT AT THIRTY
SEVENTY FIVE. THANK YOU ONE
MOMENT PLEASE ORDER LINE NUMBER
ONE HUNDRED AND FIFTY FIVE ONE
FIVE FIVE YOUR LINE IS OPEN.
GOOD AFTERNOON NAME IS WHEN I
LOOK AT THAT YEAH- OF. WHAT GOT
YOU DEFINITELY THE PUBLIC
INDICATION OF CALIFORNIA WILL
WORK WITH THE LAKERS AND CALL
WHAT ARE SOME CALL INTO OF AB
THREE. SEVEN FIVE. THANKAND TO
LINE NUMBER THIRTY ONE THREE
YEAR LINE IS A- THE NUMBER
THREE SEVEN HUNDRED. LOW LEVEL
KERR WAS YOU MAY OF A CLEAN CUT
WASH COMP YOU WE WANT TO SAY
LOS QUE LES UP FOR A LOT A LOT
BUT IT GOES TO THE PEOPLE. AND
THAT DOES A GOOD. Q. IN SUPPORT
AT THIS TIME PLEASE CONTINUE.
THANK YOU. NOW WE HAVE
WITNESSES IN OPPOSITION I
REMIND. SORRY WE HAVE SOMEONE
IN PERSON I APOLOGIZE SORRY WE
HAVE SOMEONE AT IN PERSON. TO
TESTIFY IN SUPPORT OF THE BILL.
OPPOSITION AND AN OPPOSITION
SORRY IN OPPOSITION IN THE BILL
I REMINDER WITNESSES- IN
OPPOSITION THE BILL THAT YOU
HAVE TWO MINUTES- AND WE HAVE
BEEN. AND BEING. ON THE
MICROPHONE IN THE BACK TO
TESTIFY IN OPPOSITION OF AB
THIRTY SEVENTY FIVE. THE
MANAGER COMMITTEE MEMBERS BUT I
THINK ON BEHALF OF THE
CALIFORNIA CHAMBER OF COMMERCE
OF WHERE RESPECTFULLY FIRST AB
THREE SEVENTY FIVE. TO BE CLEAR
WE DO NOT CONDONE WHICH LEFT OR
EMPLOYER SHOULD BE DOWN AND RE
OPENING TO AVOID JUDGMENT WE
WORK COLLABORATIVELY WITH LABOR
IN RECENT YEARS. THAT TO
ADDRESS THIS ISSUE INCLUDING
POP ON SENATE BILL FIVE EIGHTY
EIGHT BY SENATOR DE LEóN.
HOWEVER WE DO HAVE CONCERNS
WITH THE BILL AS AUTHOR RELATED
TO IN HER OPENING STATEMENT.
THAT WE APPRECIATE THE OFFER
MOVING THE REMOVING OF LIST
CONCEPT AND WE'VE HAD SOME THAT
CONVERSATION WITH THE AUTHORS
OFFICE IN THE SPONSORS OF THE
BILL- WE ARE CONCERNED WITH THE
OUTSTANDING JUDGEMENT. LANGUAGE
AS AUTHOR INDICATED- THE BILL
LANGUAGE DOES NOT SPECIFY THAT
THE OUTSTANDING JOB IT MUST BE
A FINAL JUDGMENT WHERE THERE'S
NO APPEAL PENDING AND THE TIME
TO APPEAL HAS LAPSED. WHERE THE
CONCEPT IS USED IN THE LABOR.
MUCH TIME LANGUAGE USED IN SURE
THIS IS A FINAL. AND ARE OFF.
LET CITES THE FIVE. SECTIONS OF
THE LABOR CODE WHERE MUCH
TIGHTER LANGUAGES USED- SO WE
BELIEVE THIS LANGUAGE NEEDS TO
BE TIGHTENED UP. THAT WE ALSO
HAVE. CONCERNS ABOUT THE
WEDDING WHICH RELATED TO LOCAL
AND FORCED OF WAGE THE- WE WERE
TO HEAR THAT AUTHORS NOT
INTERETED IN EXPANDING THE
SCOPE OF AUTHORITY TO ENACT.
NEW WEIGHT STANDARDS THAT THIS
TO- IS INTENDED TO DEAL ONLY
WITH THE FORCE MEN OF EXISTING
STANDARDS- BUT WE HAVE SOME
CONCERNS BASED ON THE VAGUE
NATURE OF THE INTENT LANGUAGE-
WE'VE BEEN INFORMED THAT THE
CITY ATTORNEY OF LOS ANGELES
HAS EXPRESSED CONCERNS. ABOUT
HIS ABILITY TO- ENFORCE
EXISTING STATE MINIMUM WAGE AND
OVERTIME- OBLIGATIONS- IF
THAT'S THE INTENT WE SUGGEST
THE BILL SHOULD FOCUS ON THE
NARROW AREAS THAT SEEKS TO
CLARIFY. RATHER THAN BE
COMPLETELY- OPEN ENDED. IN
POTENTIALLY OPEN THE DOOR AND I
KNOWN ARE UNCLEAR AREAS SO WE
LOOK FOR TO CONTINUE TO WORK
WITH AUTHORS OFFICE AND SPONSOR
BUT FOR. THOSE REASONS WERE
RESPECTFULLY OPPOSED TO THE
BILL THANK YOU. THANK YOU.
MODERATOR DO WE HAVE ANY COLORS
ON THE QUEUE WHO WOULD LIKE TO
TESTIFY IN OPPOSITION AB THIRTY
SEVEN FIVE. JUST AS A NEED TO
NAME AFFILIATION AND POSITION.
FOR THOSE ON THE PHONE IF YOU
WISH TO SPEAK IN OPPOSITION YOU
MAY PRESS ONE THEN ZERO AT THIS
TIME. WE'LL GO TO LINE NUMBER
SIXTY SEVEN SIX SEVEN YOUR LINE
IS OPEN. AND SIXTY SEVEN YOUR
LINE IS OPEN. HI THAT WAS MY
LINE BUT I MEAN SUPPORT OF THE
MAYBE THIRTY SEVENTY FIVE. IT
IS UNLIKELY WITH A CAREER
CRIMINAL LOOK AT THE LINE.
THANK YOU WILL GO TO LINE
NUMBER ONE HUNDRED AND FIFTY
SEVEN ONE FIVE SEVEN YOUR LINE
IS OPEN. NINE ONE HUNDRED AND
FIFTY SEVEN YOUR LINE IS OPEN.
HEARING NO RESPONSE WE HAVE ONE
MORE TIME LINE NUMBER ONE
HUNDRED AND THIRTY SIX ONE
THREE SIX YOUR LINE IS OPEN.
YES HI GOOD AFTERNOON THIS IS
NICOLE RIGHT CALIFORNIA
MANUFACTURERS AND TECHNOLOGY
INSTITUTION IN EUROPE AS WELL
THANK YOU. THERE'S NO ONE ELSE
COULD UP ON THE PHONE LINES AT
THIS TIME PLEASE CONTINUE.
THANK YOU THAT NUMBER IS DO WE
HAVE ANY QUESTIONS FOR ASSEMBLY
MEMBER GONZALEZ OF SO PLEASE
RAISE YOUR MICROPHONE I SEE
ASSEMBLY MEMBER AT TIM GRAYSON.
THANK YOU MADAM CHAIR AND YOU
ADDRESS THIS IN YOUR
PRESENTATION OPPOSITION ALSO
CALLED OUT. BUT I'M JUST
PULLING UP TO THE ACTUAL PHRASE
ITSELF JUST FOR CLARITY AND
EMPHASIS. WHERE IT SAYS THAT AT
LEAST THE STRINGENT AS STATE
LAW AND I THINK THE CONCERN IS.
THE PROVISION FOR LOCAL
JURISDICTIONS TO- IN ACT THE
AUTHORITY OF LOCAL LAWS A
CONSISTENT WITH STATE LAWS. AND
I BELIEVE YOU'VE ALREADY STATED
THAT YOU'RE WILLING TO WORK ON
THAT AND- AS THE BILL MOVES
FORWARD. YES IN AN IMPACT WE'RE
NOT TRYING TO CREATE. A NEW
PROVISION IF YOU WELL WE JUST
WANT TO STREAMLINE THE ABILITY
OF THE WORKER WHO FILES- A
CLAIM UNDER A LOCAL
JURISDICTION TO NOT HAVE TO
FILE THE SAME CLAIM UNDER THE
STATE. BANKING. ANY ADDITIONAL
QUESTION MEMBERS. SEE NO
ADDITIONAL QUESTIONS AS A
MEMBER GONZALEZ WOULD YOU LIKE
TO CLOSE YES AS- IN WHICH THAT
IS ALWAYS A PROBLEM AND WE CAN
PULL OUT A HUNDRED EXAMPLES OF
TIMES WHEN SOMETHING LIKE THIS
HAS HAPPENED AND IT'S
UNFORTUNATE IT OFTEN HAPPENS IN
A IMMIGRANT COMMUNITIES. LIKE
MINE. BUT IN PARTICULAR WE KNOW
AS BUSINESSES WERE FACING TOUGH
TIMES AND SHUT DOWN THAT
THERE'S GOING TO BE A NEW A
WHOLE HOST OF WHICH THAT
CLAIMS. I'M SOME FILED FOR
FEDERAL AT HELP. CLAIMING THAT
THEY WERE PAYING PAYROLL WHEN
THEY WEREN'T US SOME JUST NEVER
ISSUE THAT LAST CHECK IN THIS
IS GOING TO BE AN ONGOING ISSUE
AS PEOPLE TRY TO START UP AS
NEW COMPANIES NOW IS THE TIME.
TO ENSURE THAT THEIR OF
GUARDIAN SUCCESSOR SHIP. AT OUR
GUARD FOR SUCCESSOR SHIP WHEN
THESE COMPANIES START OVER THEY
SHOULD HAVE A CLEAN SLATE IN
THOSE WORKERS SHOULD BE MADE
WHOLE. WITH RESPECT FROM IBM.
THANK YOU I REMEMBER GONZALEZ
WE HAVE A MùT BY WAY A SET BY
WEBER. AND A THE- IS DO YOU
PASS TO THE APPROPRIATIONS
COMMITTEE SECRETARY PLEASE CALL
THE ROLL. AB THREE ZERO SEVEN
FIVE THE MOTION IS DUE PASSED
TO COMMITTEE ON APPROPRIATIONS
LOAN HI THE LOAN I CHEN. CHEN
NO VALOR QUE HAN THEY ARE QUE
HAN I BURKE. BURKE HI CERVANTES.
CHOI CHILE NO PHONE. FONG NOTE
GABRIEL GABRIEL I GRAYSON RICIN
I'D STONE STONE HI WEBER. WICKS
WICKS FIVE. THE ITEM HAS SEVEN
VOTES THANK YOU THE ITEM HAS-
SEVEN VOTES IT DOES GET OUT OF
COMMITTEE WE WILL PLACE AN THE
BILL ON CALL FOR ADDITIONAL
MEMBERS TO ADD ON NOW WE WILL
MOVE ON TO BILLS AUTHORED BY
MEMBERS IN THIS COMMITTEE AB
TWENTY FIVE OH ONE- WILL BE THE
NEXT BILL AND I'M GOING TO PASS
OVER THE GAVEL AND TIMER- TO
FIGHT OUR CHANNEL WHILE I
PRESENT AND I WILL BE
PRESENTING FROM MY DESK.
MANAGER AT YOUR PLEASURE THANK
YOU VICE CHAIR AND MEMBERS
TODAY BRING BEFORE YOU AB
TWENTY FIVE A ONE TO ADDRESS
THE VERY DIFFICULT FINANCIAL
SITUATIONS THAT MANY CALIFORNIA
FAMILIES ARE EXPERIENCING TODAY
DUE TO NO FAULT OF THEIR OWN.
WE ALL RECOGNIZE THAT THE
CORONA VIRUS CAUGHT UNPREPARED
NOT ONLY FROM A PUBLIC HEALTH
PERSPECTIVE BUT ALSO FROM A
CONSUMER FINANCIAL HEALTH
PERSPECTIVE SINCE THE LAST
RECESSION LIVING EXPENSES HAVE
INCREASE MUCH FASTER THAN WAGES
AND CALIFORNIA HOUSEHOLD
ENTERED IN THIS PANDEMIC WITH
HIGHER LEVELS OF DEBT. THAN WE
HAVE EVER SEEN. THE RAPID
DETERIORATION OUR ECONOMY AND
LABOR MARKET ARE HAVING A
DEVASTATING FINANCIAL EFFECT ON
THE FAMILIES. WITH THE
GOVERNOR'S BUDGET PROJECTING A
TWO HUNDRED AND THIRTY BILLION
DECREASE IN PERSONAL INCOME
STATEWIDE THIS YEAR. FOR
FAMILIES WERE BARELY GETTING BY
THE FOR THIS CRISIS HOW ARE
THEY GOING TO COPE WITH THIS
TEMPORARY REALITY UNTIL WE
CONTAIN THE VIRUS AND CAN
SAFELY RETURN TO NORMAL
ECONOMIC ACTIVITIES. AB TWENTY
FIVE A ONE SIX TO PROVIDE THESE
FAMILIES WITH TIME TO WEATHER
THE STORM. THE BILL DOES NOT
FORGIVE OR CANCEL ANY DEBT.
INSTEAD IT REQUIRES LENDERS TO
OFFER FORBEARANCE OR A
TEMPORARY DELAY IN MAKING
PAYMENT ON MORTGAGES CAR LOANS
PACE ASSESSMENT CONTRACTS AND
PAYDAY LOANS. AS THE EMERGENCY
SUBSIDES AND PEOPLE CAN RETURN
TO WORK THE BILL PROVIDES THE
PATHWAY BACK FOR CONSUMERS TO
RESUME AND MAKING THEIR LOAN
PAYMENTS. I DID NOT INTRODUCE
AB TWENTY FIVE OH ONE BECAUSE I
THINK THAT THE FINANCIAL
SERVICES INDUSTRY IS THE
PROBLEM. I INTRODUCED AB TWENTY
FIVE FORWARD BECAUSE I BELIEVE
THAT THE FINANCIAL INSTITUTIONS
ARE PART OF THE SOLUTION.
UNLIKE HOUSEHOLD. OUR BANKING
SYSTEM ENTER THE PANDEMIC WITH
STRONG CAPITALIZATION LEVELS
PARTIALLY DUE TO THE REFORMS
THAT NGUYEN IN PLACE AFTER THE
LAST CRISIS. FINANCIAL
INSTITUTIONS ALSO HAVE ACCESS
TO MANY LOW COST SPENDING
OPTIONS THAT PROVIDE LIQUIDITY
IN THE SYSTEM. BY PROVIDING
FORBEARANCE AND FLEXIBILITY TO
HOUSEHOLDS THE FINANCIAL SYSTEM
CAN HELP FAMILIES WHOSE
FINANCIAL LIVES HAVE BEEN
DISRUPTED BY THIS EMERGENCY.
USING FINANCIAL TOOLS LIKE
FORBEARANCE WE CAN AVOID
UNNECESSARY FOR CLOSURES
EVICTIONS DISPLACEMENT AND
REPOSSESSION THAT WILL HARM OUR
PUBLIC HEALTH EFFORTS AND SLOW
OUR ECONOMIC RECOVERY EFFORTS
TOMORROW. TODAY YOU WILL HEAR
VARIETY OF CONCERNS EXPRESSED
BY FINANCIAL SERVICES COMPANIES
ABOUT THE EFFECTS OF THIS BILL.
AND LET ME BE CLEAR THIS BILL
IS A WORK IN PROGRESS AND I
APPRECIATE THE VERY
CONSTRUCTIVE CONVERSATIONS THAT
I'VE HAD WITH MANY OF THE
OPPONENTS THUS FAR. I CAN MEET
TO YOU THAT I WILL WORK WITH
STAKEHOLDERS TO REFINE THIS
BILL IN A MANNER TO MITIGATE
UNINTENDED CONSEQUENCES AND TO
PROTECT AGAINST MORAL HAZARD
WHEN BARS TAKE ADVANTAGE OF FOR
BEARING. EVEN IF YOU DO NOT
NEED IT. BUT LET ME ALSO BE
CLEAR THAT THIS IS THAT IF WE
DO NOT TAKE APPROPRIATE STEPS
TO ADDRESS THE ONGOING
FINANCIAL CRISIS BEING
EXPERIENCE IN MILLIONS OF
HOUSEHOLDS IN THIS STATE. IF OF
CAL. ECONOMY BEING OF A RED. IS
AT STAKE. IF WE DO NOTHING. WE
RISK ALLOWING A WAVE OF
FORECLOSURES REPOSSESSIONS AND
FINANCIAL RUIN THAT WILL NOT
ONLY HARM CONSUMERS. WILL ALSO
RESULT IN A PROLONGED PERIOD OF
ECONOMIC DISTRESS THAT WILL PUT
MANY FINANCIAL INSTITUTIONS AT
RISK OF FAILURE AS WELL. WE
CANNOT SIT BACK AND TRUST THE
FEDERAL GOVERNMENT TO ADDRESS
THIS PROBLEM ALONE. IF THIS
BILL ADVANCES OUT OF COMMITTEE
TODAY I LOOK FORWARD TO WORKING
DILIGENTLY TO FIND THE BEST
POSSIBLE BALANCE OF PROTECTING
CALIFORNIA FAMILIES. AND
MAINTAINING THE SAFETY AND
SOUNDNESS. OF THE FINANCIAL
SYSTEM. THANK YOU MANAGER THANK
YOU FOR YOUR REMARKS OF FOR
SUPPORT ONCE IS LIKE TO REMIND
EVERYONE THAT THE TEST WAS
LIMITED TO MINUTES EACH OUR
FIRST WITNESS IN SUPPORT WILL
BE TESTIFYING OVER THE PHONE A
MODERATOR WOULD YOU PLEASE
CONNECT US WITH LISA SECOND
WILL TESTIFY ON ASSEMBLY BILL
TWENTY FIVE. ZERO ONE. TO CHECK
IN YOUR LINE IS OPEN YOU MAY
PROCEED. THANK YOU VERY MUCH.
THANK YOU FOR THE OPPORTUNITY
TO DO IT FROM A DISTANCE. I AM
A SENIOR STAFF ATTORNEY AT THE
NATIONAL HOUSING LAW PROJECT-
WE HAVE A MISSION OF ADVANCING
HELPING JUSTICE FOR. LOW INCOME
COMMUNITIES AND COMMUNITIES OF
COLOR AND WE SERVE AS A
RESOURCE CENTER FOR LEGAL
SERVICES AND PRIVATE ATTORNEYS
REGARDING TENANTS FORECLOSURE
MORTGAGE SERVICING CASES- WE
WERE AT THE NUMBER OF THE
HOMEOWNER BILL OF RIGHTS
COLLABORATIVE AND- THE BILL IN.
TOWARD FIRED EIGHT CORPORATE I
AM TOOK THE IN TODAY BECAUSE I
THINK THAT AB TWENTY FIVE OR
ONE- FILLED IN SOME REALLY
CRITICAL GAP IN CURRENT-
PROTECTION- AT THE FEDERAL AND
STATE LEVEL- FOR MORTGAGE
BORROWERS AND MY FOCUS WILL BE
ON MORTGAGE BORROWERS- I LOOK
AT THE THROUGH THE- THE NINE
YEARS I SPENT WORKING DIRECTLY
WITH OUR WORSE AND SERVICERS-
FROM TWO THOUSAND EIGHT TO TWO
THAT SEVENTEEN CELEBRATE OUR-
PURPOSE PRICES AND- THE
CONCERNS THAT I. ABOUT THE
PROBLEMS I THOUGHT THEN WITH
MORTGAGE SERVICING DEFAULT
SERVICING AND THAT I BELIEVE
STILL EXIST TODAY. AB FIVE A
ONE A TO DRESS HE GAS IN COOK
NINETEEN THE COBRA NINETY
RESPOND ABOUT THE FEDERAL AND
STATE LAW I DO BELIEVE THAT- AS
THE TEACHER BEDS- IT IS A WORK
IN PROGRESS AND IT DOES NEED TO
WORK ON DETAIL TO CLARIFY
THINGS LIKE WHO ARE COVERED BY
OUR WORDS AND TO HARMONIZE.
WITH FEDERAL LOT AND FEDERAL
AGENCY GUIDANCE- AND ALSO TO
CLARIFY AND STRENGTHEN
PROTECTION FOR TENANTS-
CONSISTENT WITH SOME OTHER
PENDING LEGISLATION- BUT- WHY
I'M A- URGE YOUR SUPPORT FOR
THIS BILL IS THAT IT FILLS IN
THE FOLLOWING GAPS. FIRST IN
CALIFORNIA CURRENTLY
NONTRADITIONAL FORECLOSURE
WHICH ARE HOW. MOST FORECLOSURE
TAPPAN. TWO MINUTES OUR LITTLE.
THANK YOU SO FOR TEN. WE OF IT.
OUR SECOND ONE IS IN SUPPORT IS
ROSE MERRY AND SHE HAND WILL
ALSO BE TESTIFYING OVER THE
PHONE MODERATOR WITH PLEASE
CONNECT US WITH MS ROSE MERRY
CHANCE. RESERVATION HAND YOUR
LINE OPEN YOU MAY PROCEED.
THANK YOU CHAIRMAN AND MEMBERS
I'M ROSEMARY SHAKE HAND PRESENT
CONSUMERS FOR AUTO RELIABILITY
AND SAFETY WE STRONGLY SUPPORT
ENACTMENT OF AB TWENTY FIVE A
ONE WHICH IS URGENTLY NEEDED TO
HELP MITIGATE SOME OF THE WORST
FALLOUT FROM THE PANDEMIC AND
ALLOW. STATES TO RECOVER SOONER.
AB TWENTY FIVE ONE IS FINALLY.
FOR MITIGATING THE LASTING
ECONOMIC DEVASTATION THAT WOULD
OTHERWISE BE CAUSED BY MASSIVE
NUMBERS OF VEHICLE AND MOTOR
HOME REPOSSESSION. IT'S
PARTICULARLY CRUCIAL TO
ALLEVIATE THAT DAMAGE NOW BY
TEMPORARILY HALTING THOSE
REPOSSESSIONS DURING THE
CURRENT UNPRECEDENTED CRISIS.
AT LEAST FOUR OTHER STATES
ALASKA ILLINOIS MARYLAND IN
MASSACHUSETTS AS WELL TO
DISTRICT OF COLUMBIA HAVE
REPOSSESSIONS DURING THE STATE
OF EMERGENCY. EVEN IN THE BEST
OF TIMES HAVING A VEHICLE WE
PROCESSES MIND THE MOST RUINOUS
OFFENSIVE THE FALL CALIFORNIANS
AND THEIR FAMILIES. ARE
REPOSSESSIONS REMAIN ON THEIR
REPORTERS YEARS DRASTICALLY
INCREASE THE COSTS OF ALL TYPES
OF CREDIT. IN OFTEN BECOME A
LONG TERM BARRIER TO THE
PURCHASE OF SAFE RELIABLE MORE
EFFICIENT VEHICLES AND A
BARRIER TO OBTAINING EMPLOYMENT
AND HOUSING. IN NORMAL TIMES
ARE DEAD EXTREMELY ATTRACTIVE
TO INVESTORS ON WALL STREET
BECAUSE THE DEATH SIR TO CURE
BY THE VEHICLE TO STORE WE TALK
NUMBER OUR LOW. ARE YOU C
OKAY EXCEPT AMONG THE TORY
TEMPER AUTO LENDER. BUT NOW DO
YOU THERE'S- INC AMONG PEOPLE
NEVER BE MISS A SINGLE AND HAD
A CREDIT. I PERCENT APPROACH
AND SMALL OWNERS ARE SUDDENLY
SEEKING FOR. UNTIL THEY ARE
BACK ON THEIR FEET. MOREOVER
FOR MOST CALIFORNIA'S
ESPECIALLY THOSE WHO LIVE AND
WORK IN SUBURBS RURAL AREAS IN
OTHER PARTS OF THE STATE WHERE
THERE'S LITTLE OR NO PUBLIC
TRANSIT AVAILABLE. MOTOR
VEHICLES ARE LITERALLY THEIR
ONLY LIFELINE TO GET TO WORK
GET THEIR KIDS TO DAYCARE AND
SCHOOL GET GROCERIES AND ASK
THAT MEDICAL LISTEN THANK YOU
SO MUCH RETURNS TO FORMING YOUR
A YOUR TIME IS UP. WE MODERATOR
AT WE HAVE ANY CALLS ON THE U.
WHO LIKE TO TESTIFY IN SUPPORT
OF AB TWENTY FIVE OR ONE.
COLORS FROM THE REMINDER
PROVIDER NAME YOUR ORGANIZATION
THE POSITION ON THE BILL ONLY
THANK YOU. REMINDER IF YOU'D
LIKE QUEUE UP AND SUPPORT YOU
MAY PRESS ONE AND ZERO AT THIS
TIME. WE'LL GO TO LINE NUMBER
ONE HUNDRED AND THIRTY ONE ONE
THREE ONE YOUR LINE IS OPEN. OR
NAY MY ORDER WITH YEAH YOU
CALIFORNIA IN SUPPORT. THANK
YOU WILL GO TO LINE ONE HUNDRED
AND SEVENTY ONE SEVEN ZERO YOUR
LINE IS OPEN. LINE ONE SEVENTY
YOUR LINE IS OPEN. HEARING NO
RESPONSE WILL MOVE ON THE LINE
ONE HUNDRED AND SIXTY NINE ONE
SIX NINE YOUR LINE IS OPEN.
GOOD AFTERNOON ROBERT HELLO
WITH THE CONSUMER FEDERATION OF
CALIFORNIANS SUPPORT THIS BILL
THANK YOU. GO TO LINE NUMBER
EIGHTY NINE EIGHT NINE YOUR
LINE IS OPEN. YES HELLO GEN
MARTIN DEL CONSUMER REPORT FROM
SUPPORTIVE MEASURES APPRECIATE
THE CHURCH LEADERSHIP. IT WILL
GO TO LINE NUMBER THIRTY FOUR
THREE FOR YOUR LINE IS OPEN. HI
PATRICIA BATES NEAR THE
CALIFORNIA REINVESTMENT
COALITION WEREN'T THE POINT OF
NO. JULY NUMBER ONE HUNDRED AND
EIGHT ONE ZERO EIGHT YOUR LINE
IS OPEN. AND WE'RE GONNA TRY
THERE ON THE OF THE NATIONAL
CONSUMER LAW CENTER ONLY STILL
FINALIZING OUR FINAL POSITION
BUT WE ARE SUPPORTED THE
CONCEPT WELL THANK YOU. THANK
YOU THAT EXHAUSTS ARE Q. OF
SUPPORT PLEASE CONTINUE THANK
YOU MODERATOR. WHEN THIS IS IN
OPPOSITION- FROM REMINDER THAT
OUR WITNESSES THAT TESTIMONY-
TESTIFYING IS LIMITED TO
MINUTES EACH OUR FIRST WITNESS
IN OPPOSITION WILL BE TESTING
OR THE PHONE MODERATE PLEASE
CONNECT AS WITH MISTER KEVIN
GOLD WHO WILL TESTIFY.
DEPOSITION ASSEMBLY BILL.
TWENTY FIVE ZERO ONE. YOUR GOLD
YOUR LINE IS OPEN PLEASE
PROCEED. THANK YOU NUMBER SEVEN
GOAL TO CALIFORNIA BANKERS
ASSOCIATION IN OPPOSITION WE
APPRECIATE THE OPPORTUNITY TO
SHARE SOME OF THE WORK
INDUSTRIES BEEN DOING TO THAT
THEIR MORTGAGE BORROWERS
EXPERIENCING FINANCIAL HARDSHIP
CUTICLE BUT NOT IN. THE PEANUT
BAND THAT. SERVICE ARE THE BEEN
OUTRAGE IN THE PAST TWENTY THEM
OF THE OPTIONS THAT THEY MIGHT
HAVE PROCEDURAL THE THROUGH A
VARIETY OF CHANNELS. INCLUDING
DIRECT EMAIL TO CUSTOMERS
NOTICES IN PERIODIC ACCOUNT
STATEMENTS DEDICATED WEB PAGES
AND EVEN MEDIA ADVERTISEMENTS.
MORTGAGE SERVICER PROACTIVE
INVOLUNTARY OFFERING OF
FORBEARANCE PLANS AND MANY WERE
PLEASED TO WORK WITH GOVERNOR
NEWSOME AND MARCH. THE
FORMALIZING OF THESE BELIEF
OPTIONS FEDERAL AID AGENCIES
WHICH BACK THE VAST MAJORITY OF
MORTGAGES ALSO LEANED INTO
FOUR. I AND THE RELIGIOUS.
KNOWN AS THE CARE THAT AT THE
EVEN GREATER EARLY TOMORROW IN
BACK BY THE BY. AT THE END OF
BECAUSE OF ALL SO REST TO IT.
IN MR COMMUNICATIONS OF
BORROWERS BEEN MADE CAN DO OF
WHAT HAPPENED RELATIVE TO
REPAYMENT. MOST FOR PARENTS.
AND FEDERAL AGENCIES RECENTLY
UPDATED MODELS GRIPS FOR YOU
MORTGAGE. AND MAKE IT CLEAR
THAT WANT THEM. AT THE END OF
THE PLAN IS NOT REQUIRED PLEASE
TO THE SCRIPTURE INCLUDE IN THE
LETTER WE SUBMITTED TO THE
COMMITTEE. I WHAT. TO
ANNOUNCEMENTS WERE MADE THE
FIRST FEDERAL AGENTS. WOULD
ALLOW FOR BORN AMOUNTS TO BE
PAID UPN FAIL WE FINANCE A
MAJORITY OF THE LAN AND SECOND
THAT THE FORECLOSURE AND
MORATORIUM EXTENDED INTO AT
LEAST YOU IN THIRTY. ANOTHER
UNFORTUNATELY FOR THE TWENTY
FIVE A ONE TODAY BUT HOPE TO
CONTINUE WORKING THE OPTION IT.
WE HAVE NOT MUCH TIME VIEW THE
MEASURE AND WE CONTINUE TO
GATHER FEEDBACK FROM OUR
MEMBERS OVERALL MORTGAGE
RELATED REAL RELIEF GRANTED
MAYBE TWENTY FIVE ONE DOES NOT
APPEAR CONNECTED TO OF A
HARDSHIP ECHO BUT NINETEEN. IN
THE- PROVIDER UNKNOWN IT IS
TIED IN A STATE OF A- THE
LATTER IT CONCERNING BECAUSE
STATE ROOM. MAY LINGER FOR
EXTENDED OF TIME BY THE WAY OR
AND STAY AT HOME OR- WE'RE ALSO
CONCERNED CODIFIED DIFFICULT
AND- THAT MAKE BUILDING. PACE
WITH THE OF ALL THE OF THE- AND-
THAT BEING FROM. AND
PERIODICALLY UPDATED FEDERAL
AGENCIES AND TRADITIONAL ACT OF
CONGRESS WHICH MAY ULTIMATELY
FRUSTRATE AND THE LATEST BEAT.
THEM IN A FORMERLY TEND TO
BORROWERS. REPORT COMING TO
CONGRESS TO GO SHEET THE DISH
ADDITIONAL RELIEF. TO A
CHARACTER NOW. WE APPRECIATE
THE OPPORTUNITY TO SHARE THE
PRODUCT WORK AT THE INDUSTRY'S
BEEN DOING. AND I AND IDENTIFY
SOME OF THE PROBLEM I CAN WITH
THE MEASURE. MAKE IT A WORKING
WITH BIG. BLUE HEALTHCARE.
RIGHT FOR TODAY WE MUST.
MEASURE ROLLED OF YOUR TEST
REFER TO IS FROM THE. MODERATE
OUR SECOND WITH A AND ALL IS
MISTER SCOTT GOVERNOR. ALSO BE
OR THE PHONE THIS IS FOR MY
PLAY CONNECT US WITH MISTRESS
GOVERNOR. YOUR GOVERNOR YOUR
LINE IS OPEN PLEASE PROCEED.
THANK YOU KAREN MEMBERS
GOVERNOR BEHALF WITH THE
FINANCIAL SERVICES WITH
ASSOCIATION HERE IN OPPOSITION
TO THE BILL. FOR YOUR
INFORMATION THE IS COMPRISED
PRIMARILY A SMALL CONSUMER
FINANCE LENDERS LICENSED BY THE
DEPARTMENT OF BUSINESS
OVERSIGHT. OF SPEAK
SPECIFICALLY THE AUTO
PROVISIONS IN THE BILL. WE
UNDERSTAND THE DESIRE TO HELP
BORROWERS ADVERSELY IMPACTED BY
COVERT AND OUR MEMBERS ARE
OFFERING FOR PARENTS WHERE
APPROPRIATE. SEE IF THAT'S A
MEMBERS ARE NOT IN THE CAR
SALES BUSINESS. AND IN THEIR
BEST INTEREST TO TRY AND HELP
THEIR CUSTOMERS VERSUS HAVING
TO RECOVER THE VEHICLE.
REPRODUCTION IS ALWAYS THE LAST
RESORT. AS MR GOLD MENTIONED A
KEY PROBLEM WITH THIS BILL HAS
TO DO WITH THE SCOPE. AB TWENTY
FIVE OH ONE DOESN'T JUST
PROVIDE FOR PARENTS TO PEOPLE
DUE TO COPE IT. PROVIDES FOR
PARENTS TO ANYONE WHO ASKS.
REGARDLESS OF THE CAUSE AND
WITH NO VERIFICATION REQUIRED.
THIS INCLUDES BORROWERS WHO
WERE IN ARREARS BEFORE THE
CRISIS EVEN BEGAN. FOR SMALL
LENDERS LIKE MY MEMBERS A LARGE
UPTICK IN FORBEARANCE IS MEANS
OF BANKRUPTCY. UNLIKE BANKS
MOST CFLS OR SECURITIZED TO
UTILIZE CREDIT WANTS TO SO
WE'LL TAKE LANDING. THEY ARE
NOT CAPITAL A LOT CAPITALIZED.
THERE IS NO FORBEARANCE FOR
LENDERS WITH CUSTOMERS STOP
PAYING FOR NINE TWELVE FIFTEEN
MONTHS. IF A LENDER CAN'T PAY
THEIR BILLS I CAN'T TO SOLICIT
NEW LOANS WHICH DAMPENS THE
CREDIT MARKET ESPECIALLY FOR
THE NON PRIME BORROWERS WHO ARE
GENERALLY SERVED BY THESE
INSTITUTIONS. OTHER MORTGAGES
AND AUTO LOT OF ONE TOGETHER
HERE THE KEY DIFFERENCE IS THE
CARS ARE DEPRECIATING ASSET.
ALLOWING BORROWERS TO GET
ADDITIONAL YEAR FREE USE WILL
DRIVE DOWN THE VALUE AND
GUARANTEE LICENSE FOR LENDERS.
ADDITIONALLY IT'S UNCLEAR WHY
ARE BORROWER WOULD RESUME
MAKING PAYMENTS ON A
DEPRECIATING ASSET ONCE THE
FORBEARANCE IS EXPIRED.
ARGUABLY THE BILL EVEN ALLOWS
CONSUMERS TO WALK AWAY FROM
THEIR DESKS. I ESTABLISHING A
POST FORBEARANCE REVIEW PROCESS
THAT WILL SURELY BE GAMED.
FINALLY THERE'S THE MATTER OF A
TOTAL BAN ON REPOSSESSIONS. IF
FARMERS TURNED TITLE TO FOR
BEAR MISTER GOLDMAN THE CONCERN
WAS RISING MONNING YOUR TEN
MINUTES ARE ARE CURRENTLY UP
THANK YOU SO MUCH. OKAY
MODERATOR AND WE HAVE A CALLER
THANK YOU WOULD LIKE TO TESTIFY
IN OPPOSITION OF AB TWENTY FIVE
ZERO ONE- COLORS AGAIN PLEASE
PROVIDE YOUR NAME ORGANIZATION
AND POSITION ON THE BILL ONLY.
ONCE AGAIN IF YOU'D LIKE TO
TESTIFY IN OPPOSITION PLEASE
PRESS ONE AND ZERO. WE'LL GO TO
LINE NUMBER ONE HUNDRED AND
FORTY SEVEN ONE FOUR SEVEN YOUR
LINE IS OPEN. THANK YOU MADAM
CHAIR MEMBERS BEING FEEL ON-BEHALF OF. OUR NEW FINANCIAL WE
ARE CLOSE TO AB TWO FIVE ZERO
ONE THANK YOU. YOU WILL GO TO
LINE ONE HUNDRED AND EIGHTY ONE
EIGHT ZERO YOUR LINE IS OPEN.
GOOD AFTERNOON AS CHAIR JUSTIN
BANDS ON BEHALF LONG MARKED IN
OPPOSITION THANK YOU. GROWING
ONE HUNDRED AND SIXTY EIGHT ONE
SIX EIGHT YOUR LINE IS OPEN.
YOUR TURN MEMBERS MIKE BELOW ON
BEHALF THE CALIFORNIA MORTGAGE
ASSOCIATION AND THE UNITED
TRUSTEES ASSOCIATION
RESPECTFULLY IN OPPOSITION.
THANK YOU LINE ONE HUNDRED AND
EIGHTY ONE ONE EIGHT ONE YOUR
LINE IS OPEN. THANK YOU VERY
MUCH GOOD AFTERNOON MADAM CHAIR
MEMBERS OF THE COMMITTEE MY
NAME IF YOU DALY REPRESENTING
THE WESTERN OVERSIGHT COUNCIL
GOVERNMENT. YOUR RESPECTFULLY
OPPOSED TO THE PACE PROVISION
AND AB TWENTY FIVE OH ONE.
THANK YOU WILL GET A LINE ONE
HUNDRED AND SIXTY ONE SIX ZERO
YOUR LINE IS OPEN. THANK YOU
COMMITTEE MEMBER AFTERNOON MY
NAME IS DAN GWALTNEY WITH THE
CALIFORNIA FINANCIAL SERVICE
PROVIDERS WE REPRESENT THE FOR
DEPOSIT SMALL DOLLAR LENDERS
AND WERE IN OPPOSITION OF THE
BILL. BE GLAD TO ANSWER ANY
QUESTIONS THE COMMITTEE MAY
HAVE ABOUT THE PAY PROVISIONS
THANK YOU. THANK YOU A LINE
NUMBER ONE HUNDRED AND FORTY
FOUR ONE FOUR FOR YOUR LINE IS
OPEN. THANK YOU MELISSA SOBRE
KERO FINANCIAL TECHNOLOGIES
CORP IN OPPOSITION. THANK YOU
LINE ONE HUNDRED AND SIXTY
SEVEN ONE SIX SEVEN YOUR LINE
IS OPEN. THANK YOU GOOD
AFTERNOON SALARY NARAL FOR THE
CALIFORNIA CHAMBER OF COMMERCE
WE AREN'T OPPOSITION AB TWENTY
ONE FIVE. THANK YOU WILL GO TO
LINE NUMBER ONE HUNDRED AND
FIFTY FOUR ONE FIVE FOR YOUR
LINE IS OPEN. MADAM CHAIR
MEMBERS OF THE COMMITTEE THIS
IS GATHERED COBRE WITH CHECK IN
THE CASH. WE ARE OPPOSED TO A.
B. TWO FIVE ZERO ONE. LINE ONE
HUNDRED AND SEVENTY SIX ONE
SEVEN SIX YOUR LINE IS OPEN.
MADAM CHAIR AND MEMBERS JOANNE
BUT IN COURT. ON BEHALF OF THE
SECURITIES INDUSTRY AND
FINANCIAL MARKETS ASSOCIATION
IN OPPOSITION. THE LINE ONE
HUNDRED AND EIGHTY SEVEN ONE
EIGHT SEVEN YOUR LINE IS OPEN.
AMY BROWN ON BEHALF OF THE
FINANCIAL WHICH OPERATES AS
ADVANCE AMERICAN CALIFORNIA
OPPOSED TO THE BILL. YOU LINE
ONE HUNDRED AND FORTY FIVE ONE
FOUR FIVE YOUR LINE IS OPEN.
DATA CAPTURE ON BEHALF WITHOUT
TWENTY WELL WE OPPOSE IT AB
TWENTY FIVE OH ONE. YOU LINE
ONE HUNDRED AND SEVENTY ONE ONE
SEVEN ONE YOUR LINE IS OPEN.
THIS IS MARGARET LAST SEEN ON
BEHALF OF THE CALIFORNIA
COMMUNITY BANKING NETWORK WE'RE
OPPOSED AB TWENTY FIVE A LOT.
YOU LINE ONE HUNDRED AND FORTY
NINE ONE FOUR NINE LINE IS OPEN.
GOOD AFTERNOON THIS IS ANGIE
MEDI IN OPPOSITION TO AB TWO
FIVE YEAR ONE ON BEHALF OF
POPULOUS FINANCIAL. LINE ONE
HUNDRED AND SIXTY TWO ONE SIX
TO YOUR LINE IS OPEN. JOHN
MOFFITT ON BEHALF OF THE
ALLIANCE FOR AUTOMOTIVE
INNOVATION AND THE CALIFORNIA
MANUFACTURED HOUSING INSTITUTE
IN OPPOSITION THE BILL. LINE
ONE HUNDRED AND SEVEN ONE ZERO
SEVEN YOUR LINE IS OPEN. DAVID
KING COUNTY WITH THE ONLINE AND
THERE'S A LINE AND WE ARE IN
OPPOSITION. LINE ONE HUNDRED
AND SIXTY FIVE ONE SIX FIVE
YOUR LINE IS OPEN. GOOD
AFTERNOON TRENT MATSON ON
BEHALF OF MONEY TREE WE ARE
OPPOSITION TO AB. TWENTY FIVE
OH ONE. LINE ONE HUNDRED AND
FIFTEEN ONE ONE FIVE YOUR LINE
IS OPEN. HI CHRIS WORK STARKEY
ON BEHALF OF WESTERN
MANUFACTURED HOUSING COMMUNITY
ASSOCIATION WE'RE IN OPPOSITION.
FIND ONE HUNDRED AND EIGHTY SIX
ONE EIGHT SIX YOUR LINE IS OPEN.
MY NAME IS DAVID READ ON BEHALF
OF THE RECEIVABLES MANAGEMENT
ASSOCIATION INTERNATIONAL AND
WE ARE IN OPPOSITION. LINE ONE
HUNDRED AND SIXTY SIX ONE SIX
SIX YOUR LINE IS OPEN. GOOD
AFTERNOON IN A BOX ON BEHALF OF
THE CALIFORNIA ASSOCIATION OF
REALTORS IN OPPOSITION. LINE
ONE HUNDRED AND SIXTY ONE ONE
SIX ONE YOUR LINE IS OPEN. GOOD
AFTERNOON ROBERT WILSON WITH
THE CALIFORNIA CREDIT UNION
LEAGUE AND OPPOSITION TO AB TWO
FIVE A ONE. LINE ONE HUNDRED
AND EIGHTY FOUR ONE EIGHT FOR
YOUR LINE IS OPEN. GOOD
AFTERNOON RANDY PERRY WITH
THEIR RITA SOSITS ON BEHALF OF
COMMUNITY CHOICE FINANCIAL AND
WERE OPPOSED TO THE SMALL
COLORED FOLKS BEEN IN THIS BILL
AND ALL. LINE ONE SEVENTY NINE
ONE SEVEN NINE YOUR LINE IS
OPEN. THEN ROBERT AND THAT THAT
THAT THAT GRANDMA ALLIANCE IN
OPPOSITION. LINE ONE HUNDRED
AND SIXTY THREE ONE SIX THREE
YOUR LINE IS OPEN. GOOD
AFTERNOON CLICK CRAFTER ON
BEHALF OF THE CALIFORNIA NEW
CAR DEALERS ASSOCIATION
APPLICATION TO THE OTHER ONE.
THANK LINE ONE HUNDRED AND
NINETY THREE ONE NINE THREE
YOUR LINE IS OPEN. NINE ONE
NINE THREE YOUR LINE IS OPEN.
NO RESPONSE AND THAT EXHAUST
THE QUEUE AT THIS TIME PLEASE
CONTINUE. THANK YEARS MODERATOR
A NEW MEMBERS OF THE COMMITTEE
HAVE ANY QUESTIONS OF SO PLEASE
REFER MIKE FUNDS BE RECOGNIZED.
DESCRIPTION THANK YOU OF THIS
DEVICE CHAIR AND THANK YOU TO
THE GOOD WORK OF- MANAGERS WELL
ON YOUR GOOD WORK- AS FAR AS
YOUR PASSION OF FOR THE
CONSUMER I DO HAVE THREE
QUESTIONS AND THROUGH THE VICE
CHAIR I ALSO HAVE SOME- SOME
COMMENTS IF I COULD SEPARATE
THOSE ASK MY QUESTIONS AND THEN
I'LL STATE MY CHRISTMAS AFTER
ALL THE QUESTIONS HAVE BEEN
ASKED. TO THE QUESTION THROUGH
THE LENS OF CONSUMER PROTECTION
CONSUMER OPTIONS AND TIME
MEETING AND BECAUSE DANCE
AROUND THE END OF THE COVERT
NINETEEN EMERGENCY ORDER
COMBINED WITH THE COVERAGE
PERIOD THAT'S AND BILL. SURE
THE CONSUMER HO ANNOT AFFORD
TO MAKE THESE PAYMENTS. ARE
PROTECTED AND LENDERS REMAIN IN
BUSINESS TO CONTINUE TO PROVIDE
THE FINANCIAL SERVICES TO THE
CONSUMERS. AYE AYE IN OTHER
WORDS HOW DO- OR HOW DOES THIS
BILL ENSURE SOLVENCY WHILE
PROVIDING CONSUMER PROTECTIONS
FOR THOSE THAT ARE IN DIRE
NEED. SO I THINK THAT THAT'S
THE BILL ITSELF RIGHT THAT'S
PART OF THE CONVERSATION- I
THINK THAT WHAT YOU HAVE IN
FRONT OF YOU IS A BILL THAT. IS
BIG ON CONSUMER PROTECTION AND-
IN THE CONVERSATIONS THAT I'VE
HAD WITH OPPOSITION CERTAINLY
THERE HAVE BEEN SOME VERY
SPECIFIC IDEAS ABOUT HOW. THAT
GOAL CAN BE ACHIEVED THERE'S
FOR DIFFERENT SECTORS THAT ARE
INVOLVED IN THIS PARTICULAR
BILL AND SO EVERY SECTOR HAS A
DIFFERENT PRINTER XIN I HAVE
BOTH CAN BE ACCOMPLISHED. OKAY
ARE A REALLY GOOD SITE EIGHT.
MY NEXT QUESTION A QUESTIONS
FOR. WITH A OF COMMENTARY. I
EQUALLY CONCERNED ABOUT CREDIT
UNIONS. SO BASED ON MY
CONVERSATIONS WITH CREDIT
UNIONS IN MY DISTRICT UNDER THE
PROVISIONS THIS BILL. THIS BUT
MY CAN. CAN EXPECT TO SEE FROM
THE CREDIT UNION AND I. THAT
THE EXT OUT OF THE REACH
COMPACTED WITH PROVISIONS THAT
THE BILL. THEY ESTIMATE THEY
WOULD ADDITIONAL HUNDRED AND
FOUR. IN AND IT'LL WHICH ISN'T
READER OF ONE POINT 57%
REDUCING CAPITAL LEVEL TO A
POINT. SEVEN PER. BETTING EXTRA
GREAT RISK REGULATOR. CORRECT
ACTION. RED THEIR CAPITAL WAS
REDUCED TO A POINT I PERCENT SO
THEY WOULD SEE SO MEDIA
STOPPING IN MORE A AND LINDA
THEY WOULD COME FREE INCREASES
TO OFFICE THE LOSS OF INTEREST
EARNED ON MORTGAGE LOANS CUT
OPERATING EXPENSES AND SADLY
THIS WOULD MEAN ABOUT THE LOSS
OF A- LOSS OF EMPLOYEES OF UP
TO ABOUT 25% AN IMMEDIATE
REDUCTION IN INTEREST EXPENSES
ASSOCIATED WITH THE POTS NOW
IMPACTING 70% OF THE MEMBERS.
WHO RELY ON EARNED AND THERE TO
PAY FOR SUPPLEMENT AWAY OR
RETIREMENT SO HERE WE'RE
DEALING WITH A FEW ISSUES
CONSUMER LOSS OF ACCESS TO IT'S
AN AUTO LENDING ADDITIONAL
PEOPLE THAT WILL BE FILING FOR
UNEMPLOYMENT COMMUNITY LENDERS
WILL STOP AT OR SEVERELY REDUCE
LENDING CREDIT ARE LIMITED TO
HOW THEY GENERATE REVENUE WHICH
COMES FROM RETAINED EARNINGS
WHICH PRIMARILY FOR MAKING
LOANS SO WITH THAT BEING SAID
WHAT CONCERT PATIENT HAS BEEN
GIVEN TO THE IMPACT ON CREDIT.
RICH SURE NUMBER. WE'LL CALL
SEVERE FIND IN SO IF CREDIT YOU
CEASE TO LAY AND FOR ALL AND
HOW WHERE WILL CONSTITUENTS
THEN GO TO FOR FINANCIAL HELP
SET THREE POINTS FIRST AND THIS
IS WHAT WILL COME FROM THE
FEDERAL GOVERNMENT IS NOT CLEAR
WE KNOW WHAT'S COMPASS FAR SO
WE CAN'T SPECULATE ON THAT I
THINK ALL TAKING IT WEEK BY
WEEK I'M AT THE SECOND POINT IS.
THE NUMBERS SPECULATE THAT
YOU'VE GIVEN IS CONSIDERING THE
BILL AS IS WITHOUT
CONSIDERATION OF WHAT IN THE
ANALYSIS AND SOME AMENDMENT
AREAS THAT WE ARE WORKING ON.
SO I THINK THAT IT'S PRETTY
UNFAIR TO ASSESS IT- KNOWING
THAT THE ANALYSIS STATES THAT
THERE ARE SOME AREAS OF
AMENDMENTS- AND THEN I FORGOT
THE THIRD POINT. SO SORRY THERE
WAS. ONE LAST QUESTION IF I MAY
AND ANOTHER COMMENDABLE
PROVISION OF THE BILL IS THE
ONE TO ENSURE SOME RENTERS
RECEIVE ASSISTANCE FOR POWER OF
FOR PROFIT FROM PROPERTY OWNERS
WHO RECEIVED MORTGAGE
FORBEARANCE HAVING WORKED ON
THE ANTI RENT GOUGING AND JUST
BECAUSE THE VICTIM POLICIES
LAST YEAR I AM ACUTELY AWARE OF
THE COMPLEXITY OF RENT AND-
SHOES. SO HAVE HAS THERE BEEN
CONSIDER XIN TO HOW THE RITUAL
PROVISIONS WILL INTERACT WITH
THE MYRIAD OF STATE AND LOCAL
REGULATIONS AROUND TENANTS
TENANCY INCLUDING A. EIGHT
FOURTEEN EIGHTY TWO THE ALICE
ACT AND MULTIPLE OTHER RENT
CONTROL ORDINANCES YES AND THE
REASON THAT YOU DON'T SEE WHAT
RICK RENTS RELIEF IS DEFINED IT
BECAUSE THIS BILLS ONLY BEEN IN
PRINT- YOU KNOW JUST UNDER TWO
WEEKS AND WE THOUGHT IT WAS
BILLION TO HEAR FROM SEVERAL
BOOKS. FOR SIGNING WHAT RAP
BEEF. IT WOULD AND WE- SOME OF
US DO MORE WORK IN THE HOUSE
SPACE AND WITH AND OF THEIR OF
WHAT IT COMPLY LIKE AND THAT
WILL OUT OF AN AGO SHE DEAF SO
THEY THOSE CONVERSATION I
DEFINITELY WILL BE HAPPENING
BUT IT'S PURPOSELY NOT DEFINED
TO GIVE US MORE TIME TO FIGURE
OUT. WHAT THAT FINISHED LOOK
LIKE WITH STAKEHOLDERS AT THE
TABLE THANK YOU VERY MUCH MADAM
CHAIR AND I'LL RESERVE MY
COMMENTS FOR AFTER QUESTIONS.
THANK YOU. ALSO IN THE DARK IN.
THANK YOU HAVE A I SHARE I'M I
WANT THINK THE CHAIR FOR HER
WORK IN THIS SPACE I THINK ALL
OF US KNOW THAT WE DON'T JUST
HAVE A- HEALTH CRISIS ON OUR
HANDS WE HAVE AN ECONOMIC
CRISIS ON OUR HANDS AND
CALIFORNIANS ARE GOING TO
STRUGGLING FOR THE- FUTURE WE
DON'T KNOW HOW. AND SO IT IS
CRITICAL THAT WE PROVIDE
PROTECTIONS TO THEM FOR THAT
THEY DON'T END UP HOMELESS AND
OTHERWISE AND PROTECTED. AND
THAT BEING SAID I SHARE THE
CONCERNS OF ASSEMBLY EMBER
GRAYSON ABOUT REALLY STRIKING
BALANCE BETWEEN PROTECTING. I'M
**** AND HOPE IS AN FARMERS.
AND PROTECTING OUR FINANCIAL
INSTITUTIONS WITH THE CREDIT.
CALIFORNIA SHINNING AS
BEAUTIFUL SAID IT THIS PANDEMIC
SO THAT THE PEACE OF THE BILL I
AM MOST CONCERNED ABOUT IT THE
AND. FOR THE FOR. IT'S WRITTEN
THAT TO CAN LEAD TO A FOR ONE
THAT THE FIRE EITHER RIGHT. OR
OR TELLS THE LENDER THAT
THEY'RE EXPERIENCING HARDSHIP
AND THEY PROVIDE NO ADDITIONAL
DOCUMENTATION THE OTHER IS THAT
THEY GO SIXTY DAYS WITHOUT
PAYING AND THEN THEY GET
FORBEARANCE. BOTH OF THOSE SEEM.
NOT LIKE THE STRONGEST
PROTECTION IF YOU WILL FOR THE
FINANCIAL INSTITUTIONS TO
ENSURE THAT WE ARE PROVIDING
FOR PARENTS TO THE CALIFORNIANS
THAT NEED IT WHICH I THINK IS
THE BALANCE THAT I WOULD LIKE
TO SEE IN THIS BILL IS MAKING
SURE THAT THOSE THAT NEED IT.
GET THE FORBEARANCE AND THOSE
THEY CAN PAY CONTINUE TO PAY
AND ALLOW THE FINANCIAL
INSTITUTIONS TO HAVE THE CASH
FLOW TO SUPPORT ALL OF THEIR
BORROWERS. SO I GUESS I WOULD
ASK YOU TO SPEAK TO THOSE
PROVISIONS AND WHAT YOU'RE
THINKING IF THERE IS MOVEMENT
THERE SO THAT WE HAVE A BETTER
BALANCE AND WE ACTUALLY KNOW
WE'RE PROTECTING THE
CALIFORNIANS THEY NEED IT.
THANK YOU AND SO CURRENTLY WHAT
HAPPENED AND I THINK THAT THIS
IS IMPORTANT AS YOU HAVE- A LOT
OF DIFFERENT TO A PROCESS SEES
AND PROTECTIONS IN PLACE SO
SOME PEOPLE QUALIFY FOR
PARENTS. I'M HERE FEDERAL BLACK
OWNS. DO YOU CARES AXIM DO THE
CALIFORNIA'S EXECUTIVE ORDER
AND THEN. JUST DON'T AND HAVE
TO JUST WILL FULLER WORK- MARK
HOLDER. WHEN IT IS THAT WE CAN
WE THIS. I CAME IN TATIAN. AND
THAT IS REALLY HARD TO REACH.
SO I'VE GIVEN THE EXAMPLE FOR
EXACT. ABOUT EDT- WE AT LEAST
MY DISTRICT MAYBE NOT OTHERS
ARE EXPERIENCING SOME
CHALLENGES WITH THE- BIG
WORKLOAD OF EDT SO GETTING
PROPER DOCUMENTATION FROM ET DE
IS VERY DIFFICULT SO YOU PUT A
CONSUMER IN A PLACE. WHERE SOME
OF THIS DOCUMENTATION THAT SOME
FOLKS ARE ASKING FOR THAT
SOMETHING. YEAH MORTGAGE
HOLDERS ARE ASKING FOR IS VERY
DIFFICULT. AND SO THE REASON WE
STARTED THERE IS REALLY JUST AS
A STARTING POINT. I'M A FEW
HOURS AGO I GOT A GREAT IDEA.
I'M FROM A FINANCIAL
INSTITUTION ABOUT A DIFFERENT
WAY THAT IT COULD POTENTIALLY
BE DONE. WHICH IS A BALANCE-
BUT I THINK AGAIN IT'S A ONE OF
WITH MULTIPLE FINANCIAL
INSTITUTIONS WHEN WE THINK OF
MORTGAGE HOLDERS. IT'S NOT
JUST. YOU HAVE. GOOD HOLDERS. I
THINK IT. THIS IS THE STARTING
POINT OF THE CONVERSATION. AND
WHAT I WANT TO ENSURE. IS THERE
IS SOME STANDARDIZATION FOR
CALIFORNIANS. RIGHT NOW. BY
LUCK IF YOU GET THE RIGHT
PERSON. AND YOU KNOW WHETHER OR
NOT THEY'RE ABLE TO. USE THE
PROTECTIONS OR- CAN YOU NEED TO
GET. WE HAVE WORKED WITH. IN
THE STATE IN THE LAST EIGHT
WEEKS WE HAVE EITHER GONE THREE
D. O. COME TO. THEY PAY TO
OTHER MEMBERS AND YOU KNOW
MEMBERS OF OUR HOUSE HAVE SENT
THEM OVER TO BANKING. WHO SAID
WAIT I SHOULD QUALIFY BUT SOME
OF THIS THAT THEY'RE ASKING
FOR. IS NOT DOABLE SO WHAT
HAPPENS IS THAT LUCKILY YOU
KNOW IN THE BANKING AND
FINANCE. ASSEMBLY COMMITTEE
WERE ABLE TO MAKE A CALL I KNOW
WHO THE PLAYERS ARE BUT WE- DO
IT FOR EVERY SINGLE CALIFORNIA.
AND THAT'S THE GOAL OF THIS
BILL TO STANDARDIZE IT SO
CERTAINLY NO DOCUMENTATION- AND
THE SIX MONTH NON PAYMENT IS
READY FLOATING OUT THERE IT'S
NOT STUFF THAT WE TOOK FROM NOW
WHERE IT'S FLOATING. THERE AND
IT'S PART OF THE INCONSISTENT
THAT WE'RE TRYING TO ACHIEVE.
DO IT BETTER ANY INTEREST IF
YOU ARE. AGO I HEARD A GREAT
FROM ONE OF MULTIPLE. AND
FINANCIAL INSTITUTIONS ABOUT A
WAY THAT COULD COVER BOTH-
SOMETHING WHAT WOULD HAPPEN IF
IT LOOKED LIKE AN AFFIDAVIT.
RIGHT AND WITH THAT MEET THE
FEDERAL YOU KNOW OBLIGATE TORY.
PROOF BUT ALSO WITH THAT THEN
YOU KNOW SOMEONE SIGNED THE
AFFIDAVIT YOU TO SAY. YES I
CERTIFY AND I AGREE THAT I
LEGITIMATELY HAVE. A CODE NAME
TO RESPONSE OKAY. IT'S ALL PART
OF NEGOTIATION. AND THIS BILL
WAS INTENTIONAL AND STARTING
WITH SOME OF STRONGEST TUMOR
PROTECTIONS. AND NOT PUTTING
THE PROOF OF BURDEN ON THE
CONSUMER- I AM CONFIDENT THAT
AS THE BILL MOVES FORWARD. SOME
OF IT WILL CHANGE. IT WILL BE
WHERE DOES INSTEAD. AND THE-
HOLDERS THAT CHOOSE TO BE AT
THE TABLE TO. TWO OF. WORKING I
THINK. I'M JUST EVEN IN SOME OF
THE OP. THERE'S SOME FOLKS WHO
HAVE LESS INTEREST- IN YOU KNOW
TRYING TO WORK IT OUT THEY FEEL
THE WHOLE BILL AS A WHOLE NEEDS
TO DIE. AND BUT THEN THERE'S
OTHERS WERE REALLY LOOKING AT
SPACES THAT CAN. BE WORKED ON
AND SO WE ARE AT HAVING THOSE
CONVERSATION AND IF THIS BILL
MOVES FOR TODAY- EIGHT
DEFINITELY AMONG THINGS WE ARE
CONSIDERING. THANK YOU I MEAN.
I SHARE SOME IMMIGRANTS. OTHER
CONCERN ALSO ABOUT OUR LOCAL
CREDIT UNIONS AND THEY'RE
PROVIDING INCREDIBLE FOR
PARENTS TO MANY CUSTOMERS THE
NUMBERS THAT THEY CAN HEAR
PRETTY IMPRESSIVE. AND EVEN
WITHIN THAT THEY'VE SEEN PEOPLE
WHO TAKE IT. THIS CITY. IN
NEEDS THE FOUR FRIENDS BY ARE
IT BECAUSE IT'S BEEN. TO THEM
AND I AND I. THEIR DESIRE TO
PROVIDE IT TO THOSE WHO NEED IT
AND NOT TO THOSE WHO DON'T I
THINK WE NEED TO STRIKE THAT
BALANCE. I'LL BE SUPPORTING THE
TODAY. I WE- ARE PLACED.
SPECIAL AND THIS. BECAUSE I IS
CRITICAL. OUR INPUT OUR
FINANCIAL INTRO BASS FISHING
CASH FLOW ABSOLUTELY I THINK
THAT THE TO BE CLEAR THAT THE
ISSUE OF IN THE TO AND OF A
GOVERNMENT RESOURCE IS
EXISTENCE IN EVERY THING THAT
WE DO AS A GOVERNMENT AND I
THINK THAT WE CAN LOOK- AT
OTHER SECTORS WHERE WE'RE
TRYING TO PROVIDE PROTECTIONS
FOR TRIED PROVIDE GRANTS FRIEND
RIGHT RIGHT THIS IS INSIDE
REALLY DEALER SINCE AS A WHOLE.
RAFFLES WITH REALLY A SMALL FEW
AND YOU KNOW INDIVIDUALS WHO
TAKE ADVANTAGE- I THINK THE
TRUTH IS THAT OUR NUMBERS IN
CALIFORNIA WITH FOUR POINT TWO
MILLION PEOPLE EILING FOR
UNEMPLOYMENT IN THE STATE-
WOULD BEG TO SAY THAT THE GREAT
MAJORITY OF PEOPLE WHO ARE
ASKING FOR HELP. VETERAN CHAIR-
DOCTOR REPORTER. OKAY THANK YOU
I HAVE TWO QUESTIONS I KNOW
THIS IS- TRYING TO PROTECT OF
CONSUMERS SO HOMEOWNERS AND
TENANTS AND OPEN SOME RELIEF-
BY ASKING IS SIX MONTHS OF ALL
FOUR BEARERS AND ALSO ARE YOU
CAN ASK FOR EXTENSION OF A AND
OF THE ONE HUNDRED EIGHTY DAYS
WHICH IS SIX MONTHS OF SUPPORT
OR UP TO OR EAR. I IF FARM
UNABLE TO PAY MY LOANS TODAY
SIX MONTHS LATER WHAT YEAR
LATER. DO YOU THINK THE I'M IN
MY LOAN MY PAYMENT- HAVE BEEN
NOT JUST ACCUMULATING. AND THEN
SIX MONTHS LATER YOU LATER. I
HAVE TO PAY THE LOAN BACK THE
LUMP STARTS TO DO AT THE SAME
TIME ON PAID ONCE JUST
ACCUMULATED A MONTEL ORDERED
JUST A COMPOUND. AND THAT THAT
WOULD MAKE MY FINANCIAL
SITUATION A LOT WORSE. AND THAT
THERE MAY BE SOME PEOPLE OR MAY
HAVE ALL. BUSINESS AND RECOVER
OR LAUNCH HAS SCHEDULED TO SOME
SOME WAYS SO SOME PEOPLE MAY
YET BENEFIT BUT THE MAJORITY TO
MY ESTIMATES THEY MAY NOT HAVE
THE FINANCIAL SOLUTION FONDA
AFTER SIX MONTHS TO A YEAR SO
THAT'S MINE- QUESTION HOW YOU
HAVE THOUGHT ABOUT. AFTER SIX
MONTHS A YEAR SECOND QUESTION
IS A THIS HAS ALL HOME FOR
HOMEOWNERS IN ATTENDANCE. AND A
NINE A- SOON THAT ARE YOU MEANT
TO TENANTS A BY RESIDENTIAL
TENANTS. HOWEVER MORE THOUGH
WHETHER YOU AT YOUR TEN ON SO
OR SO BUSINESS TOWN TO. ARE THE
IN A BUSINESS TALENTS- THE RENT
IF I DON'T PAY I HAVE A RIGHT
TO ASK FOR NOT TO CHARGE ME AND
ATTENDS STADIO FOR ALL YEAR.
AND THE YOUR LATER I CAN FILE A
BANKRUPTCY. AND THEN THE-
PROPERTY OWNER OBVIOUSLY WE'RE
SO FOR A LOT MORE AT THAT TIME
RATHER THAN FACING. THE PROBLEM
SO. AS WE GO BINDING ON MONTH
TO MONTH IF THE STOCK. SO CAN
YOU DEFINE THAT. WHAT WHAT YOU
MEAN BY TEN OCT SURE SO THE TWO
THE TWO PARTS I THINK YOU ASKED
ABOUT THE LUMP SUMS WHAT
HAPPENS IF YOU CAN'T AFFORD
YOUR RENTS- OR YOUR MORTGAGE
FOR THREE MONTHS HOW ARE YOU
GOING TO PAY IT BACK MONTH FOR
IT ASSUMING THAT THE
FORBEARANCE THE THREE MONTH AND
SO THAT'S ACT ONE OF THE KERN
THE CONVERSATION PERHAPS. THE
REAL IMPORT POINT B. THEY'RE
ALL EXISTING DISTANCE THE
EXAMPLE IF YOU HAVE A FRIEND A
FEDERALLY BACKED LOAN LIKE
SALLY MAY- OR THE MAC THEY'VE
ALREADY SAID THAT LUMP SUM
PAYMENT WILL NOT BE. I SO YOU
WON'T HAVE TO PAY THE THREE
MONTHS. OF MORTGAGE YOU PAY ON
THE FOUR MONTH THEY'RE GOING TO
WORK OUT A PAYMENT PLAN.
HOWEVER YOU HAVE OTHER AYE
LENDERS WHO HAVEN'T SAID THAT
YET AND I THINK THAT THAT'S ONE
OF THE BIG POINTS OF THIS.
PARTICULAR BILL THAT IT'S GOING
TO WORK IT OUT FOR
CALIFORNIANS- AND YOU DO HAVE
EXAMPLES AGAIN A FEDERALLY
BACKED. LENDERS WHO ARE SAYING
THAT THEY'RE GONNA DEAL WITH
LUMPS- SLUM SOME PAYMENTS IN
THE FORMS OF PAYMENT. AFTER
RIGHTS A STARTING MONTH FOR
INSTEAD OF PAIN LET'S JUST SAY
IT WAS A THOUSAND DOLLARS A
MONTH I MEAN WE KNOW MORTGAGES
IN CALIFORNIA ARE NOT THAT.
THEN YOU WOULDN'T HAVE TO PAY
ALL THREE THAT AND MONTH FOR
YOU COULD PUT YOU IN PAYMENTS
AND SO THIS IS PART OF WHAT
THIS. BILL IS DOING IT'S
FORCING A CONVERSATION AROUND
THOSE EXACT ISSUES THAT WE
ALREADY HAVE EVIDENCE ARE
INCONSISTENT- HE YOU KNOW NOT
JUST AT THE FEDERAL LEVEL BUT
HERE. IN CALIFORNIA AS WELL-
IT'S REALLY NOW UP TO YOUR BANK
HIT OR MISS ON WHETHER YOU'RE
GOING TO GET. THE BENEFIT AND
PROTECTION OF A LUMP SUM
PAYMENT. YOUR SECOND QUESTION
WAS ABOUT COMMERCIAL TENANTS.
AND YOU'RE NOT THE ONLY ONE IN
THIS THAT HAS QUESTIONS A
COMMERCIAL TENANTS BUT THIS
BILL DOES NOT COVER COMMERCIAL
LOANS OR TENANT. ON AND IT
DOES SO. NOT BECAUSE WE DON'T
THINK THAT THERE'S A
CONVERSATION TO BE HAD THERE
BUT YOU KNOW THE TRUTH IS THAT
WITH FOR PROVISIONS IN IT
THERE'S ALREADY. A HOT. THIS
RENTS THEN CERTAINLY. TENANTS
IT'S NOT AND COMMERCIAL BUT
THEY'RE NOT IN THIS BILL- AND
WE DID EXPLORE WHETHER OR NOT
WE COULD DO THAT- BUT AGAIN WE
START TO THE FOUR THINGS THAT
CONSTITUENTS IN CALIFORNIA OVER
EIGHT WEEKS HAVE BROUGHT TO US
THE MOST AND COMMERCIAL IT IT'S
JUST A DIFFERENT WORKING SPACE
BUT CERTAINLY MERIT THE
CONVERSATION AND I WISH I COULD
DO MORE AND I COULD EXPAND ON
THAT THEY'RE DIFFERENT CODES IN
LOS. BUT YOUR TRANSUNION WORKS
THAN A SUMMER GABRIEL YOUR
PLEASURE. IT THIS IS JUST A
COMMENT I WANTED TO THANK THE
AUTHOR FOR THIS BILL IT'S NOT
AN EASY ONE- BUT YOU WERE NOT
AN EASY TIMES RIGHT NOW AND
WE'RE LOOKING AT- POTENTIALLY
HUNDREDS OF THOUSANDS OF PEOPLE
BEING EVICTED- OF FORECLOSURE
CRISIS WORSE THAN WE SAW IN TWO
THOUSAND EIGHT. AND THERE ARE
VERY FEW VEHICLES IN THE
ASSEMBLY THAT I THINK ARE
REALLY FUNDAMENTALLY TRYING TO
ADDRESS THE ISSUE AND ONE I
KNOW IT'S COMPLICATED THERE'S A
LOT OF DIFFERENT. CONCERNS I
FAITH IN YOUR ABILITY TO THINK
THROUGH AND I WILL PROBABLY
VOTE FOR THIS BILL TODAY THANK
YOU. AND I DO WANT TO SAY THAT
I WANT TO BE CLEAR THAT THIS
BILL DOESN'T STOP FOR CLOSURES
IT DOESN'T STOP AUTO
REPOSSESSIONS IT DOESN'T STOP
PERMANENT DAMAGE TO CREDIT IT
IS SLOWING IT DOWN. ON WE HAVE
EVIDENCE EXPERIENCE FROM OUR
LAST AND RESULT IN BY TO SEE
WHAT HAPPENS AND I THINK THAT
THE REASON IT'S EVEN FROM HER
IN IS WE HAVE SO MUCH EVIDENCE.
THANK YOU FOR WHERE. BLAME AND
THERE'S THAT WE MAY SEE
HOMELESS. INCREASED BY 45% IN
THIS STATE AND THIS IS ONE TOOL
TO FORCE THE DISCUSSION HOW
SLOW AT DOWN THIS BILL NO THE
PEOPLE TO GET RENT DON'T WE
LOVE. AND DON'T GET FOR OF.
BIGGER THAN JUST THINKING HEY.
YOU KNOW ASSEMBLY MEMBER LIMON
HAS THIS BILL IT'S LEGITIMATELY
FORCING A CONVERSATION WITH OUT
A VEHICLE A BILL AS A VEHICLE.
WE DON'T HAVE A CONVERSATION
AND SO I THINK THAT THAT'S WHAT
IT'S DOING AND I CAN TELL YOU
THAT IN THE FIRST WEEK OF IT IN
PRINT WE'VE HAD LOTS OF
CONVERSATIONS. LOTS OF IDEAS
SOME THAT ARE EASIER THAN
OTHERS TO TALK ABOUT AND SOME
THAT ARE YOU KNOW LESS EASY. AT
TWO TO ACCEPT OR TO THINK ABOUT
BUT IT'S CERTAINLY CLEAR THAT.
YOU KNOW I PUT CONSUMERS FIRST-
WHERE THIS LEGISLATURE WILL END
UP I'M NOT SURE. RESERVE A ROOM
AT THE BORDER. THANK YOU MISTER
VICE CHAIR AND- THANK YOU TO
THE CHAIR FOR FREE FOR THIS
BILL- AND- FOR THE
CONVERSATIONS THAT THE WE HAD
ABOUT IT I CERTAINLY APPLAUD
YOUR EFFORT TO HELP HOMEOWNERS
AND- CONSUMERS AND BORROWERS
AND YOU KNOW I THINK WE ALL
RECOGNIZE THAT FOLKS IN THE
STATE ARE STRUGGLING. MIGHTILY
WERE SEAT ALL OF OUR DISTRICTS
I THINK WHAT'S STRIKING TO ME
IS JUST THE NUMBER FOUR COULD
NEVER STRUGGLE BEFORE WHO ARE
NOW STRUGGLING PEOPLE WHO'VE
NEVER HAD TROUBLE MAKING A
PAYMENT- WHO NEVER HAD TROUBLE
PUTTING FOOD ON THE TABLE FOR
NOW FINDING THEMSELVES IN A
VERY CHALLENGE. IN DIFFICULT
WORLD- I APPRECIATE THE INTENT
HERE- I ALSO APPRECIATE THE
CONVERSATION WE HAD ON ON
SUNDAY LOOKED OUT OF MY PHONE
WAS OVER AND YOU AND I WERE ON
THE PHONE FOR OVER AN HOUR. SO
I APPRECIATE YOUR GRACIOUSNESS
AND- WALKING WALKING THROUGH
WITH ME A LOT OF THE PROVISIONS
OF THIS BILL. I DO WANNA SO SEE
MYCOMMENT WITH I GUESS MICHAEL
MY COLLEAGUE FROM THE EAST BAG.
MAYBE BOTH FROM THE CITY OF
WALNUT CREEK OR OR YEAH BUT YOU
KNOW AYE AYES I SHARE WITH YOU
I HAVE REAL CONCERNS ABOUT THIS
BILL BOTH ABOUT THE- BUT SOME
OF. THE TAIL AND A THE BROADER
ROAD. HELLO IS THIS SOME OF.
CONSEQUENCES MIGHT BE. THE SAME
PROVIDE RELIEF AND FORTY TO
FOLKS WE MAY BE ON IT
CONSEQUENCES THE THAT HURT
OTHERS LIKE A YOU ARE CALLING
FROM ON A CREEK MENTIONED YOU
KNOW THAT WHAT WOULD HAPPEN TO
EMPLOYEES ARE CREDIT UNIONS
WOULD BE LAID OFF IT'S A FUN
HAVING SOME FOLKS TO STATE YOUR
HOME TO PAY YOUR TO MOTHER TO
MY COMMUNITY ARE ARE BEING LAID
OFF YOU KNOW THE OTHER THINGS
THAT WE NEED TO BALANCING
CALIBRATE REALLY REALLY
CAREFULLY- AND I AND I THINK
THE BALANCE THIS. IS SOMETHING
THAT PARDON SO I WANT TO SURE
WHERE DO THINGS LIKE THIS
HAPPEN THAT WE ARE ARE DOING
THEM IN A WE WERE NOT ORDER THE
PIC THERE'S AND OURS I'M NOT
SUGGESTING YOUR BILL DOES THAT
BUT I WORRY ABOUT. LOOKING AT
THE BROAD SWEEP. THIS ONE. THAT
WE HAVE A PATCHWORK THEIR-
REALLY HELP SOME. AND NOT HELP
OTHER AND- THERE MIGHT NOT BE A
LOT OF CONSISTENCY BEHIND
THAT'S WHY I THINK THAT THE
CONTINUE CONVERSATIONS ARE. ARE
VERY WARRANTED- WHEN I ALSO
WORRY A LITTLE BIT YOU'RE
YOU'RE FOR THEIR- OTHER POINT
ABOUT. ABOUT FREEBIES THAT-
SOME OF THE MESSAGING AND I'M
NOT SUGGESTING THIS ABOUT YOUR
BILL BUT SOME THE OTHER
PROPOSALS ARE GIVING FOLKS THE
WRONG APPROACH THERE IS THERE.
ARE THERE ARE. AFFECTED BUT
THERE'S A MAGIC WAND APPROACH
OUT THERE THAT THE LEGISLATURE
GOING TO WAIVE ITS MAGIC WAND
AND- THEIR ECONOMIC WOES ARE
GOING TO GO OUT AND- AND THERE
ARE THINGS THAT WE CAN'T DO FOR
LEGAL AND CONSTITUTIONAL
REASONS AND I THINK IT'S- FAIR
TO. TO FOLKS ARE STRUGGLING
RIGHT NOW TO. TO GIVE THEM THE
IMPRESSION THAT THERE ARE SOME
MAGIC ONE WE CAN WE- IF IT'S-
MAKE. EVERY THERE SO. YOU KNOW.
IF YOUR WILL. TO HAVE A-
CONVERSATION. I THINK. TOM YOU
KNOW. THE THINGS ARE. IMPORTANT
THERE ARE WHAT. THEY NEED. YES
LEAVE US TO BE TARGETED TO THE
ARE AND HOW NO ONE IN ROOM
MEMBERS OF CONTINUED FOR THEIR
CELL WE SHOULDN'T BE ABLE GET
REALLY WE SHOULD NOT BE ABLE
GET RELIEF THE BURDEN SHOULD BE
ON CONSUMERS TO GO TO
DEMONSTRATE THAT THEY HAVE
SUFFERED FINANCIAL HARDSHIP IF
WE'RE GOING TO THEN PLACE A
HARDSHIP ON OUR CREDIT UNIONS
ARE ON OTHER LENDERS AND SO I
THINK WE HAVE TO BE TO
TARGETED- AND TOP RATED AND NOT
APPROACH IN MY I THINK THAT-
YOU KNOW FAILURE DO THAT WE
JUST END UP DOING MORE HARM
THAN GOOD. I'M AND WE'RE HAVING
A LOT OF KIND OF CONSEQUENCES
FROM THE SALT AND SAID I'M YOU
KNOW I THIS IS AS YOU SAID A
REALLY IMPORTANT CONVERSATION
THAT'S WHAT I KEEP COMING BACK
TO THIS IS PERFECT PASSED
FORWARD. YOU KNOW THIS IS JUST.
THE BEGINNING I THINK YOU SEE.
WHEN YOU DISSIPATE CAN'T ROOM
REVISIONS THIS THE TO OPEN TO
CAN THE PER. THAT ARE
INDUSTRIES AND FOLKS ARE
BROUGHT TO THE TABLE THAT NOT
ALL ASSET CLASSES ARE THE SAME
THAT ON ALL LOANS WITH THE SAME
THAT NOT ALL CONSUMERS ARE
EQUALLY SITUATED AND SO. YOU
KNOW BEING BE BE COMING UP WITH
A MORE- YOU KNOW THOUGHTFUL
APPROACH- I THINK IS ONE AND I
WOULD SAY A LOT OF THIS IS I
ADMIRE YOU AS A VERY SMART AND
FULL POLICYMAKERS THINK THE
FOLKS IN VENTURA COUNTY AND
MARK COUNTY IN THE STATE OF
CALIFORNIA LOOK AT HOW DO
PUBLIC SERVICE. AND ANY NUMBER
EARLY NIGHT FOUR IN THE SPACE
BE A VERY FAST POLICY MAKER AND
BRING PEOPLE TO THE TABLE AND
FIND WAYS TO. USE AND REACH
COMPROMISE HOPEFUL YOUR TO THIS
CALL PRINCE. HI I KNOW THAT
HAVE THEM IN GOOD FAITH. THAT
FOLKS WHO. THIS BILL WILL HAVE
THE YOUR FAITH. I REALLY HOPE
WE GET TO A- WHERE THEY THIS
BILL BE. CUT RATED I CAN
ENTHUSIASTIC SUPPORTED SO. I'M
GONNA. TODAY BECAUSE THIS CALM.
HAS TO CONTINUE YOU DESERVE.
YOU TO CAN THIS CALL. IN LEAVE
THE CONVERSATION. AND HOPING
WE'RE GONNA GET TO A SPOT WHERE
THIS IS WHERE THIS IS A BILL
THAT THAT EVERYBODY CAN GET
BEHIND IT'S A THIS IS GONNA BE
A GOOD THING. PEOPLE INDUSTRY
ACROSS THE STATE OF CALIFORNIA.
THANK YOU AND I APPRECIATE THE
COMMENTS IN A THAT THE YOU KNOW
AND JUST A- IT IS DIFFICULT.
AND I FELT THAT AS MY TERROR
AS- AS MY ROLE AS CHAIR OF THIS
COMMITTEE- IT WAS MY
RESPONSIBILITY TO ALSO RAISE
DIFFICULT CONVERSATIONS THAT
DIFFICULT TIMES. AND I YOU ALL
PROBABLY SAW I DROPPED. EVERY
OTHER BILL THAT I WAS WORKING
ON. I TO MOVE THIS FORWARD. AND
I DIDN'T DO IT- AND BECAUSE I
HAD PLANNED ON DOING IT. COVERT
HIT ALL OF US WE'VE ALL BEEN
DEBT. YOU KNOW DELTA AND I. A
CARD. AND THAT'S VERY DIFFICULT
AND SO. I DO THINK IT IS OUR
RESPONSIBILITY AS THE
LEGISLATURE TO NOT HIDE. FROM
DIFFICULT CONVERSE. AND THAT
BUT TO HAVE. THEM AND FOR THE
GOOD OF. OUR SHE WENT VERY CON.
IF YOU CAN. CAN PAY. HELLO SO
AS- KNOW AS MUCH AS I. SAID WE
DON'T WANT TO. ADD DAMAGE YOU.
KNOW FINANCIAL INSTITUTIONS. IT
WE CAN'T. TAKE A BATH. YOUR NOT
REALLY FAST. AND LOSERS AND PER
DAMAGE PET. THAT ALSO DOES NOT.
HELP FINANCIAL IN. AND THERE IS
A LOSE LOSE HERE. AND WITH THAT
AND SO WHAT THIS BILL DOES- IS
AGAIN IT EXTENDS THE PERIOD OF
PAYMENT IT DOESN'T FORGIVE THEM
IT EXTENDS IT- AND CERTAINLY WE
ARE COMMITTED TO HAVING THE
CONVERSATIONS. I THINK THIS
KIND. AND THE INDUSTRY PARTNERS
CAN ALSO BE AT THE TABLE I TO
HAVE THESE HEALTHY
CONVERSATIONS BECAUSE THEY'RE
NEEDED IF WE'RE GOING TO DO
SOMETHING- THEY'RE GOING TO
HURT. WHEN OUR CONSUMERS LOSE
THEIR HOMES WHEN OUR CONSUMERS
HAVE THEIR CARS REPOSSESSED
WHEN OUR CONSUMERS CAN'T PAY
BACK ANYTHING- THAT IS GOING TO
HURT THE FINANCIAL INSTITUTIONS
AND THE SAME REFER PATIENTS
THAT HAVE BEEN MENTIONED IN
EXAMPLES HE- HAPPEN BUT JUST
FOR A DIFFERENT REASON. BECAUSE
WE'VE NOT PROTECTED OUR
CONSUMER FOR THE COUNCIL
INSTITUTION. DOCTOR WEBER OCCUR
PLEASURE YES- I WANT TO THANK
YOU ALSO FOR BRINGING THIS
FORWARD I THINK- AS POINTED OUT
THERE ARE. THAT THAT EVERYONE
IS AFFECTED BY WHAT IS TAKING
PLACE AND SO THERE AREN'T ANY
REALLY- OF PERSONS WHO ARE. OF
WHO CAN X. GATE THE IMPACT OF
WHAT IS TAKING PLACE IN THE IN
THE STATE AND IN THE NATION. SO
I THANK YOU FOR THAT AND IT
ALSO MEANS A LOT OF ISSUES AND
CONCERNS OF MY LEASE OF ALREADY
RAISE THAT I AGREE WITH IN
TERMS OF MAKING SURE. THAT WE
KNOW WHO THE TARGET HELPING IN
WHO WE AND WE DON'T DO MORE
HARM THAN GOOD. IN TERMS OF THE
PROP ITSELF. ALTHOUGH WE HAVE
RECOGNIZE OF THAT. THIS IS CREE
BY A- AND WE HAVE TO TAKE THIS.
FOR IT I MEAN WE HAD NO CHOICE
IN TERMS OF WHAT WAS HAPPENING
IN TERMS OF HEALTH IN THE
STATE. BUT THIS WAS A DIFFERENT
KIND OF ECONOMIC PROBLEM THIS
IS A DIFFERENT KIND OF CRISIS
THAT WE FACED. AND IT WAS NOT
BECAUSE THIS RECESSION WAS NOT
BECAUSE THE MARKET FAIL IN
WASN'T BECAUSE YOU KNOW
INDUSTRY CHANGED AND TECHNOLOGY
CAME IN AND SOMETHING DIFFERENT
HAPPENED. WE BASICALLY IT WAS
MAN MADE IT WAS MADE BY US TO
STOP. TO STOP THE ECONOMY AND
TO PUT PEOPLE OUT OF WORK AND
WE'VE DONE A LOT OF THINGS TO
TRY TO COMPENSATE FOR IN TERMS
OF MAKING SURE PEOPLE WERE
ELIGIBLE. TO GET UNEMPLOYED
PEOPLE WOULD NEVER THOUGHT
THEY'D EVER BE NEEDING
UNEMPLOYMENT WHO HAD BUSINESSES
AS BARBERS AND COSMETOLOGIST
AND SO FORTH AND SO ON. FOUND
THEMSELVES WITHOUT OKAY SO THIS
IS A SITUATION WE CREATED AND
THE SAME IS TRUE WITH THE
BANKING INDUSTRY THINGS OF.
THAT CREATED EVEN FOR THEM SO
THEY TO CHALLENGE THAT WE HAVE.
TO PRESS. NOT AS IT. OUR WE AS
A LET. CREATED AND TAKE
RESPONSE FOR THAT BECAUSE IT
WAS A HIGHER CALLING IN TERMS
OF HEALTH AND THE AND THE
OVERALL GOOD OF THE STATE
ITSELF IN TERMS OF MAKING SURE
WE WOULD DEAL WITH THE PANDEMIC
AND THERE WERE NOT A LOT OF
CHOICES. AND I'D LOVE TO HAVE A
PERFECT. BIGGER BUT THE REALITY
IS ALL THIS HAPPENED VERY FAST
THESE KINDS OF DISCUSSIONS THAT
WE'RE HAVING TODAY ARE THINGS
THAT TAKE YEARS TO COME. ABOUT
TO HOPEFULLY TO ADDRESS. A
CERTAIN ISSUES. BUT WE DON'T
HAVE THAT KIND OF TIME BECAUSE
IT IS HERE IT IS NOW WE DIDN'T
HAVE THAT MUCH TIME WE HAVE TO
SHUT DOWN AND SEND PEOPLE HOME.
WE DIDN'T WE HAD WE DON'T HAVE
THAT MUCH TIME WAS DECIDED KIDS
CAN GO BACK TO SCHOOL. SO
TRYING TO FIGURE OUT WHAT WE'RE
DOING IN THE- SAYS IN SEOUL.
THAT'S WHAT WE'RE DOING RIGHT
NOW AND I KNOW MY- MANY OF MY
BANKING INDUSTRY'S PARTICULAR
MY CREDIT UNIONS THAT I'VE
WORKED WITH AND- ARE STRUGGLING
WITH THIS BECAUSE OFTENTIMES
ARE LUMPED IN WITH BANKS AND
THEY REALLY AREN'T BANKS AND-
AND THEY WANT TO BE HEARD THEY
WANT TO BE SEEN BUT THEY ALSO
WANT TO BE HELPFUL. AND I HOPE
THAT WE WILL BE WILL CONTINUE.
TO MOVE THIS FORWARD AND MAINLY
I'M VOTING FOR BECAUSE THE
CONVERSATION HAS TO HAPPEN. WE
CAN'T JUST PRETEND THAT THIS
STUFF IS IN REAL. THAT IS NOT
THE LIVE SOLVE ITSELF IF. NOT
IT WILL MAKE THINGS WORSE FOR
EVERYBODY INVOLVED UNLESS
THERE'S SOME. CONVERSATION
ABOUT WHAT HAPPENS WHEN THESE
THINGS TAKE PLACE SO- AND HOW
DO WE- HELP THOSE. NEED HELP
AND- WE KEEP THOSE FROM. TAKING
ADVANTAGE OF THE SYSTEM WHO
TAKE ADVANTAGE OF THE SYSTEM.
AND THAT. ALWAYS HAPPENS IF YOU
STILL HAVE TO DEAL WITH THOSE.
WHOSE TRUE ME THE- EVEN IF.
COME FALL THE TAPE. WILL SEE IT.
WHAT YOU DO OKAY. ONE OF THOSE.
BUT I TO THANK FOR. BRING IT
FOR BECAUSE IS SOMETHING THAT I
HAVE REST WITH MYSELF AS- I.
TALK BACK. WE COME BACK. ALL
THESE THE- DOUBLE ONE OF. OKAY
YOU HAVE TO PAY THIS DON'T HAVE.
THAT WHOLE. ON HOLD ON. AND WE-
YOU KNOW RICH SHOULD HAVE
REALIZED. WE DO. THE CLINTON.
ALL OF THE- WE DID. HAVE. WE
HAVE TO CONTINUE TO. ON FINDING.
GOOD SO. ISSUE KNOWING THAT
WHATEVER WE DECIDE TO DO WHAT.
BE WE HAVE TO PUT EVERY EFFORT
IN MAKING IT HAPPEN AT I THANK
YOU FOR. FOR DOING THAT AND I
HOPE ALL OF OUR OUR- OUR
INSTITUTIONS WILL WORK WITH US
TO BASICALLY. GET THE BEST
SOLUTION WE CAN FOR EVERYONE
THAT'S INVOLVED. THANK YOU
THANK YOU. SO IN THE REASON YOU
VICE CHAIR FOR ALLOWING ME THE
OPPORTUNITY JUST MAKE SOME
COMMENTS AND I WANTED TO STATE
THAT I HAVE THE HIGHEST REGARD
FOR THE GOOD WORK OF MY
COLLEAGUE AND- MADAM CHAIR FOR
WHAT YOU'VE DONE I'VE BEEN ABLE
TO WORK WITH YOU IN THE PAST AS
WELL AS MY GOOD COLLEAGUES HERE
ON THE COMMITTEE. NOT SINGLE
AND HAS BEEN UNTOUCHED BY THE
IMPACTS OF COVERT NINETEEN YET
I DON'T BELIEVE WE HAVE
EXPERIENCED THE WORST THE THAT
STEP TO CALM AND HAVING SAID
THAT ON THE SURFACE LEVEL WE
CAN SEE THE IT ACT HERE IN THIS
BUILDING WHERE THE LEGISLATIVE
SCHEDULE HAS SHIFTED AND
CONDEMN WERE MANY COMMITTEES
LIKE THE ONE WE'RE SITTING AND
ARE ONLY GIVEN ONE OPPORTUNITY
TO MEET THE IMPORTANT. AT TO
MEET ALL IMPORTANT DINETTE UP
AS WE'RE TALKING ABOUT TODAY SO
ON A DEEP LEVEL THE CROWD IS
FOR STITCHES AND TRICK ACOSTA
ST ESPECIALLY PEOPLE WHO ARE
STRUGGLING WITH LOST JOBS AND
LAYOFFS DECREASED SALARIES AND
UNEMPLOYMENT CHECKS THE DON'T
COVER THE FULL LOSS OF INCOME
FOR THEIR FAMILIES. SO THE
INTENT OF THIS BILL FROM MENTAL
AND I BELIEVE IT'S ABSOLUTE
HERE AND THE AUTHOR SHOULD BE
PRAISED FOR HER PASSION AND
CONCERN FOR THE MILLIONS OF
CALIFORNIANS WHO ARE FACING
FINANCIAL HARDSHIPS BY THE BY
COVERED EIGHTEEN HOW UBER THERE
ARE SOME REAL CHALLENGE POSED
BY. IN ONE CITY. FOUR I.
PRODUCTS THE- ARE VERY UNIQUE
APPROACHES. AND UNDID O'CLOCK.
AS WAS MY BY A- OF THE POLICIES
THAT WE PASS. HERE CAN
UNDERMINE THE INTEGRITY OF A
VERY COMPLEX ECONOMIC SYSTEM.
BUILT TO SERVICE THE VERY NEEDS
OF THE CONSUMER THERE WERE
TRYING TO PROTECT. SO ALL OF
THE PROVISIONS OF THIS BILL ARE
TIED TO THE END OF THE
EMERGENCY ORDER A DATE THAT IS
A NOBLE. AND POTENTIALLY VERY
DISTANT INTO THE FUTURE. THE
CERTAINTY OF LAW OF HOW LONG
THIS BILL WOULD BE IN EFFECT
CREATES UNBEARABLE RISK FOR
VARIOUS CREDIT SERVICES AND
LENDER'S. THAT COULD
POTENTIALLY RESULT IN THE
ELIMINATION OF FINANCIAL
PRODUCTS THE CONSUMERS NEED
ESPECIALLY IN TIMES THAT WE ARE
AT THEM. THESE ARE ALL THINGS
THAT I BELIEVE THAT IF YOUR
INTENT TO ADDRESS AND THE HAVE
THESE CONVERSATIONS OVER. THE
POTENTIAL IMPACTS OF THESE
FINANCIAL PRODUCTS DISAPPEARING
WOULD BE SO GREAT. THAT IT
ALMOST GUARANTEES AWESOME JOBS
DEEP SEVEN. RETURN AND EVEN
RESTRICTIONS UPON CREDIT UNIONS
AND VEHICLE CHIRLA SPACE. THIS
BILL. AUDIBLE AS AT ORDER REACH
AUTOMOBILES ASSET. INSTEAD OF
LIABILITIES WHICH POSES A RISK
FOR LENDERS AND THREATENS THE
OF THE DATA. OFF PRODUCTS TO
CONSUMERS. WITH CONCERT LESS
ABLE FINANCE CAR CAL. SALES A
COP SALES WILL BOOK. TO
EXPERIENCE THE ASTOUNDING
DECREASES THAT WE'VE SEEN SINCE
THE BEGINNING OF THE CRISIS.
THE SALES DECLINE IS WOULD
POTENTIALLY DE. TO THE ALL SO
INTO. THIS TO PAGE FUND THE
SEASON. ENDS IN CARSON TAX WILL.
AB IN. AND TO THE CITY'S LIKE
THE CITY MY THIS. OCCURRED THE
DAY. ON ALL. BREAK TAX PROVIDE
SERVICES. THREE THAT'S A GROUP
OF PORTION OF THE BILL ALONE
MAY ASTRUM BUT THIS IS JUST ONE
CA OF MANY AS IT STANDS SEVERAL
QUESTIONS AND CONCERNS REMAIN
UNANSWERED AND OR UNDER DRESSED
WHICH YOU HAVE COMMITTED TO
HAVING THESE CONVERSATIONS AND
IF THIS BILL IS TO MOVE FORWARD
SO I WILL BE VOTING TODAY TO
ADVANCE THE BILL FOR THE
CONCERNS I'VE OUTLINED ABOVE I
DO LOOK FORWARD TO WORKING
CONTINUING IN CONVERSATIONS
WITH THE CHAIR AND THE BILL'S
PROPONENTS AND OPPONENTS TO
HOPEFULLY GET TO A PLACE WHERE
I CAN SUPPORT IT- IN THE
LEGISLATION. IN THE FUTURE IF
IT WAS TO REACH BEFORE SO WITH
THAT THANK YOU. MAKERS GRAYSON
AND NOT SURE IF I MAY HAVE A
FEW QUESTIONS MYSELF- MY FIRST
QUESTION THAT I HAVE- DEALS
WITH. THE URGENCY CLAUSE IS I
UNDERSTAND RIGHT NOW THE BILL
DOES NOT HAVE A SEE CLIENTS.
AND TERMS OF TIMING. IT'S NOT
GOING TO IMPACT OUR CURRENT
COVE IN NINETEEN. VICTIMS SO
IT'S GOING ALL WAIT WE TO NEXT
YEAR SO- IF YOU COULD RUN
THROUGH THE RATIONALE BEHIND
THAT SO RIGHT SO THAT'S
ACTUALLY THAT'S SOMETHING THAT
CONSUMERS HAVE BROUGHT FORWARD
IN TIME AND USE YOU THINK
THERE'S A- WRONG LET. THE I FOR
PAUSE AND I WOULD CAUTION TO
SAY THAT IT'S GONNA CLOTHING.
FOR RIGHT NOW THAT ARE DEALING
WITH SOME KIND OF IMPACT ON
WHETHER THIS IS PASSED WITH THE
URGENCY OR WHETHER THIS
APPLIES- ON THE FIRST OF TWENTY
TWENTY ONE AND THERE IS STILL
VALUE AND THERE ARE STILL
CONSUMERS THAT WILL BENEFIT
FROM IT. ON MY NEXT QUESTION
DEALS WITH THE PEACE PROGRAM SO
PACE PROGRAM I CURRENTLY IN
YOUR BILL AS I UNDERSTAND IT
RIGHT NOW THEY ARE RECEIVING
RELEASE- FROM THEIR PROPERTY
TAXES. SO WHY WOULD YOU
INCLUDE- THE PEACE PROGRAM ALSO
IN THIS BILL SO AS YOU PROBABLY
KNOW THERE SOME COUNTIES IN OUR
STATE I THAT HAVE HAD A NUMBER
OF THAT CITY AND CITY.
CHALLENGES WITH PROGRAM AM I
EVEN EIGHTY THAT WE SHOULD
PROVIDE HELP I PROVIDE
CONSUMERS WITH FIFTY. MODERNIZE
IN A GREEN WAY- YOU KNOW IN AN
ENVIRONMENTALLY FRIENDLY WAY
HOWEVER- IF SOME OF THOSE
CONCERNS THAT HAVE COME FORWARD
AT THAT ARE. PART OF THE REASON
THAT. PACE IS INCLUDED- YOU
HAVE COUNTIES THAT WILL ALLOW
IT ALL TOGETHER JUST BECAUSE
THERE'S BEEN DISCREPANCIES-
WITH. THE WAY THAT IT'S BEEN
IMPLEMENTED AND THERE'S BEEN
CHALLENGES DIRECTLY TO THE
CONSUMER- AND SO CERTAINLY THAT
IS WHY- WE ALSO FELT THEY
NEEDED TO BE INCLUDED I BELIEVE
AND WHERE THE PACE PROGRAM I IS
TRYING TO GET. A CONSUMERS AND
HOMEOWNERS IN CALIFORNIA THE
IDEA OF RENOVATING I IN AN
ENVIRONMENTALLY FRIENDLY WAY
SOMETHING THAT TO IS IMPORTANT
TO ME I BUT I NEED TO RECOGNIZE
THAT EVEN THOUGH I LIKE A
FINANCIAL INSTITUTION EVEN
THOUGH I AM SUPPORTIVE OF THE
MISSION- THE EVIDENCE. IS
CONSISTENT IS THERE A NOR THAT.
THANK YOU MADAM CHAIR. LU
ANSWERING THOSE QUESTIONS I WAS
QUESTIONS ACTUALLY FOR THE KIND
A CALIFORNIA FINANCIAL SERVICE
PROVIDERS INDUSTRY. MR MODERATE
IF YOU COULD- HELP ME FIND A
MISTER DANGLED LEE WHO IS I
BELIEVE ON THE LINE HE
TESTIFIED. EARLIER ON. MS WILL
MILLION ONE FORTY BUT. VISIBLE
ONLY CAN YOU HEAR ME. IS MR
DANGLED ME ONLINE. DO NOT SHOW
HIM ONLINE OKAY- NO WORRIES AND
I WILL- TALK TO A ANOTHER
NUMBER THE FINANCIAL SERVICE
PROVIDERS MIGHT MY QUESTION- IS.
NO CURRENTLY WE'RE LIVING IN A
PRESIDENT TIMES- FOUR POINT TWO
MILLION DOLLARS- ON
UNEMPLOYMENT- MILLION PEOPLE ON
THE FRINGES AND A FIFTY FOUR
BILLION DOLLAR BUDGET DEFICIT.
AND I WANT TO KNOW OF FROM- THE
FINANCIAL SERVICE PROVIDERS AND
EVERY MISTER GOVERNOR OR OR OR
KEVIN GOLD HOW WILL- THE
IMPACT- OF THE BILL- IMPACT NON
PRIME CONSUMERS AND IF YOU
COULD SPEAK A MORE ARMY HOW
THIS IMPACT. OF THE BILL WILL
BE IMPACT THEIR INDUSTRY. IS
THERE SOMEONE ONLINE- MR
GOVERNOR MR GOLD YEAH. BUT IN
THE ASSEMBLY MEMBER THIS IS
SCOTT. CERTAINLY ASSEMBLY
MEMBER THIS IS SCOTT GOVERNOR-
THE MAJORITY OF NON PRIME
BORROWERS AGAIN I'M SPEAKING
THE AUTO SPACE. ARE NOT SERVED
BY TRADITIONAL BANKS THEIR
SERVE BY GENERALLY CFLS- AS I
MENTIONED EARLIER WE'RE
SECURITIZED WE RELY UPON LINES
OF CREDIT. WE DON'T HAVE THE
LUXURY OF EXTENDING OUT. WHAT
FORBEARANCE FOR TWELVE FIFTEEN
EIGHTEEN MONTHS WHO KNOWS HOW
LONG- BECAUSE WE HAVE TO
CONTINUE PAYING OUR INVESTORS
DURING THE SITUATION SO TO THE
EXTENT- WE DON'T GET PAID. A
FAIR NUMBER OF MY MEMBERS WOULD
DISAPPEAR AND EVEN THOSE WHO
ARE ARE BROWN HAVE ALREADY SEEN
AN UPTICK IN THEIR COST OF
MONEY. SO IF WE GO AWAY FIRST
YOU'RE GONNA HAVE LESS ACCESS
FOR NON PRIME BORROWERS THE
OUTER SPACE. AND SECONDARILY
THE PRICES ARE GOING TO GO UP
BECAUSE OUR COST OF CAPITAL IS
NOT THE INVESTORS TO
CALIFORNIA'S RISKY WITH A
MEASURE LIKE THIS- ESPECIALLY
NAKED TALKING YOU KNOW INTO
TWENTY TWENTY ONE SO. IT WOULD
HAVE A SEVERE IMPACT ON OUR
SECTOR. MR CARE KEVIN GOLD
CALIFORNIA BANKERS IF I COULD
JUST ADD ON BRIEFLY- AT LEAST
WITH RESPECT THE MORTGAGE
PROVISIONS SERVICERS CONTINUE
TO HAVE AN OBLIGATION TO
ADVANCE PAYMENTS TO INVESTORS.
SO THAT DOES ABSOLUTELY HAVE AN
ECONOMIC IMPACT ON THOSE
MORTGAGE SERVICERS OTHERS
PROVISIONS IN THE BILL THAT
ALSO REQUIRE THE ADVANCEMENT OF
PROPERTY TAXES IN HAZARD
INSURANCE WHICH WILL ALSO HAVE
A CONSEQUENCE. AND LONGER TERM
YOU'VE BEEN ON THE DURATION YOU
KNOW WHICH I THINK- SEVERAL
MEMBERS OF FOCUSED IN ON- IN
TERMS OF MORE WITH THE WORK
THAT NEEDS TO BE DONE. THE
LONGER YOU HAVE NON PAYMENT-
THE BIGGER IMPACT IT MAY HAVE
ON A BANK BALANCE SHEET WITH
RESPECT TO NANAK RULES- AND
THEN YOU START TO GET INTO
TROUBLE DEBT RESTRUCTURE ISSUES
PARTICULARLY- THAT COMES TO
MIND IN A MULTI FAMILY
PROVISIONS OF THE BILL. AND
WITH RESPECT TO THE TROUBLED
THAT RESTRUCTURES THAT STARTS
TO HAVE IMPACTS ON A BANKS
CAPITAL. ONE SO THESE ARE SOME
OF THE VERY TECHNICAL ISSUES.
AFTER HE THE QUEST BECAUSE
THESE ARE THE THINGS NEED TO BE
DISCUSSED- IN THE SCOPE OF
BROADER- STAKEHOLDERS
DISCUSSIONS. I WOULD STRONGLY
URGE- THAT THE CANADIAN AND THE
LEGISLATURE LOOK AT TO GET TO
GET WORK THAT WAS DONE. DURING
THE LAST ECONOMIC DOWNTURN THE
HOMEOWNER BILL OF RIGHTS WHICH
IS REFERENCED. IN PRIOR-
DISCUSSIONS WELL THE
SIGNIFICANT EFFORT. THAT WAS
ADOPTED IN IN TWENTY TWELVE TO
CREATE THE NATIONAL
CONVERSATION. FOR BORROWERS IN
MORTGAGE SERVICERS TO DISCUSS-
FORECLOSURE PREVENTION
ALTERNATIVES SO. I WOULD JUST
UNDERSCORE THAT THERE'S A FAIR
AMOUNT OF WORK THERE'S A LOT
OF- FOUNDATION HERE THAT THAT
SHOULD BE LOOKED AT IN A- AT
THIS ALL. MOVED THROUGH THE-
AND SPOKEN FAN ON- THE
APPROPRIATE LEVEL OF RELIEF TO
PROVIDE. THANK YOU FOR ASKING
THE QUESTIONS AND IF I COULD GO
BACK TO THE MODERATOR THIS MY
FINAL QUESTION AND- ALL WILL
LEAD TO- THAT MANAGER DO ARE
CLOSING- MOTOR IF YOU COULD
PLEASE OPEN LINE ONE SIXTY FOR
MR DAN BALMY. THIS LINE IS OPEN
PLEASE PROCEED. OF MR WILL ME-
CAN YOU HEAR ME. YES MR VICE
CHAIR I CAN HEAR YOU THANK YOU
AS WILL APPRECIATE YOUR TIME- I
HAD A THE SPECIFIC QUESTION FOR
YOU- I WANT TO GIVE A SCENARIO-
SO MORE SPECIFICALLY. THE
MAXIMUM FEE IS CHARGED CAN YOU
ROUGH IT'LL TELL US HOW MUCH A
COPY OF THAT FEE TO FOR THE
WELL BEING. A ONE DOLLAR LOAN.
SO FOR A ONE HALL A ONE HUNDRED
DOLLAR LOAN THE COST TO GIVE
THAT LOAN OUT RIGHT NOW OUR
DATA SHOWS IT'S FIFTEEN DOLLARS
PER HUNDRED TO ISSUE THAT LONG.
AND IN TERMS OF YOUR INDUSTRY
HOW THE IN YOUR PERSPECTIVE IT
WILL IMPACT YOUR INDUSTRY AND
MORE PROBABLY BASIS. THANK YOU
MISTER VICE CHAIR THIS WILL
IMPACT OUR INDUSTRY PRETTY
SEVERELY AS WE LOOK AT THE
PRODUCTS AND SERVICES THAT ARE
IN THIS BILL BOB ALL THOSE
OTHER PRODUCTS AND SERVICES.
BOB FORECLOSURES REPOSSESSIONS
OF THAT SORT OF THING A PAYDAY
LOAN IS AN UNSECURED AVERAGE
LOAN SIZE OF TWO HUNDRED THIRTY
FOUR DOLLARS. THERE IS NOT ANY-
COLLATERAL BEING OUT FOR THE
LOAN QUITE SIMPLY IF THIS BILL-
CONTINUES ON IT BECOMES LAW OUR
MEMBERS WILL TO STOP OFFERING
THE PRODUCT AND STORE FRONTS
WILL CLOSE. THOUSANDS OF JOBS
WILL BE LOST. WHERE IT'S LIKELY
THAT WE'RE EVEN GONNA SEE SOME
PULL BACK FROM LENDERS AT THIS
BILL KEEPS GOING FORWARD
BECAUSE LENDERS WILL WANT TO
REDUCE THE RISK. ASSUMING THAT
THIS BILL BECOMES LAW AND IT'S
UNFORTUNATE RIGHT NOW BECAUSE
THE DATA SHOWING CONSUMERS. ARE
BEING RESPONSIBLE AND LENDERS
ARE BEING RESPONSIBLE SIR WILL
HAVE THEIR OWN DOES EXACTLY THE
LANDING IS DOWN MR WILL UPON
HIS INSURANCE. GET LAST YEAR
WILL CHEN I APOLOGIZE I JUST
BEEN REMINDED THE RULES- IN
TERMS OF CALLING I WOULD BE ON
THE WAY TO- CALLED ME TO USE.
BUT APPRECIATE YOUR TEST MONEY
WITH THAT I'M GOING TO- TO GIVE
BACK TO THE MADAM CHAIR SEE IF
SHE WANTS TO DO A CLOSING.
THANK YOU AS VICE CHAIR- AND I
APPRECIATE THAT THE COMMENTS
THAT HAVE BEEN MADE I DO WANT
TO MAKE A ONE POINT OF
CLARIFICATION- IN TERMS OF. THE
HOMEOWNER BILL OF RIGHTS THAT
WAS PASSED IN TWO THOUSAND
TWELVE I WAS RIGHT IT'S IN THE
RE. THAT IS DOES NOT MEET THE
INTENT OF SECULAR BILLS BECAUSE
FIRST AND FOREMOST THAT DID NOT
MANDATE ANY FORM OF FOUR BUT
ALSO OKAY. I DID NOT COVER. IT
WILL COVER. KEEP I'D INTO THERE
WERE NOTHING THERE FOR MULTIPLE
YOU ARE FOR TEN IN AND IT ALSO
APPLY THE FIRST LEAN OF MY SO I
THINK IT'S IMPORTANT TO
RECOGNIZE THAT THERE ARE REASON
WHY IF THIS IS NOT JUST AN
EXTENSION OF THE HOMEOWNER BILL
OF RIGHTS I FROM TWENTY TWELVE
AT SO IN CERTAINLY THAT WAS
MONUMENTAL LANDMARK
LEGISLATION- AND THAT CONTINUE
TO BE IMPORTANT FOR CONSUMERS-
BUT WE- IN A DIFFERENT PLACE
NOW. SO WITH. MEMBER I ASK YOU
TO FAST FORWARD TO ONE YEAR.
OUR ECONOMY CONTINUES TO
STRUGGLE BECAUSE EVERY TIME THE
DISEASE FLARES UP WE ARE
REQUIRED TO IMPLEMENT STRONG
PHYSICAL DISTANCING ORDERS.
UNEMPLOYMENT REMAINS STUBBORNLY
HIGH. FAR HIGHER THAN THE GREAT
RECESSION. DOZENS AND DOZENS OF
YOUR CONSTITUENTS ARE CALLING
TO TELL YOU THAT THEY HAVE
RECEIVED A NOTICE OF DEFAULT
AND THAT THEIR SERVICE PLANS TO
FOR CLUES. THE END OF THAT
THEIR SERVICE OUR PLANS TO FOR
CLOSE THEIR HOME. THEY TELL YOU
THAT THEIR CAR HAS BEEN
REPRESENTS THEY TELL YOU THAT
THEY HAVE FALLEN BEHIND ON
OTHER DEBT. WHAT ARE YOU GOING
TO SAY TO THEM. WILL YOU BE
WILLING TO ADMIT THAT YOU PUT
YOUR FAITH IN THE FEDERAL
GOVERNMENT AND LOAN AND THE
GENEROSITYOR LACK OF FINANCIAL
INSTITUTIONS TO PROTECT THEM.
WHAT PROPOSALS DID YOU ALL
BRING TO THE TABLE. TO HELP
FAMILIES STAY IN THEIR HOMES
AND STABILIZE THEIR FINANCIAL
SITUATION. THIS BILL ENVISIONED
THE DIFFICULT TIMES THAT
CALIFORNIA FAMILIES ARE FACING
NOT ONLY THE CHALLENGES OF
TODAY BUT ALSO LOOKING MONTHS
DOWN THE ROAD IT IS MY HOPE
THAT THE ECONOMY REBOUNDS IT IS
MY HOPE THAT VERY FEW FAMILIES
WILL FACE THE FINANCIAL
HARDSHIPS THAT REQUIRE THEM TO
LIE ON THE PROTECTIONS PROVIDED
IN THIS BILL. THE FACE THE REAL
POSSIBILITY THAT THE WORLD WILL
NOT WORK OUT THAT WAY. THIS
BILL IS NOT PERFECT AND I
COMMITTED TO WORKING WITH
STAKEHOLDERS TO MAKE IT BETTER
BUT AS CHAIR F THIS COMMITTEE
I CANNOT SIT BACK DURING THE
BIGGEST ECONOMIC CRISIS IN
DECADES WITHOUT OFFERING A
PROPOSAL THAT SEEKS TO PRESERVE
THE HEALTH AND FINANCIAL WELL
BEING OF OUR CONSTITUENTS. I
THINK THOS OF YOU THAT ARE
PUTTING YOUR TRUST IN ME TODAY
AND ALLOWING FOR CONSTITUENTS
TO HAVE A CONVERSATION ABOUT
WHAT WILL KEEP THEM IN THEIR
HOPES IN THEIR HOMES WHAT WILL
ENSURE THAT THEY DON'T LOSE
THEIR CARS AND WHAT WILL
ENSURE. THAT THEY DON'T GO INTO
FINANCIAL RUIN I RESPECTFULLY
ASK FOR AND I HAVE A. DO I HAVE
A MOTION SECOND. A MOTION BY
SOMEONE BEFORE WICKS- SECOND BY
SOME OF OUR CAYENNE- WITH THAT-
WAS MISTER SECRETARY PLEASE
CALL THE ROLL. AB TWO FIVE ZERO
ONE THE MOTION IS DUE PASSED TO
COMMITTEE ON APPROPRIATIONS
LYMPHOMA. THE LOAN I CHEN. GEN
NO VALOR QUE HAN BAUER-KAHAN I
BURKE. CERVANTES CERVANTES AYE
CHOI. CHOI NO PHONE. PHONE NO
GABRIEL GABRIEL I GRAYSON.
GRAYSON NOT VOTING STONE STONE
I WEBER WEBER HI WICKS WICKS I.
THE BILL HAS SEVEN VOTES. THANK
YOU MANAGER ARE THE BLOSSOM
VOTES AND GETS OUT WITH THAT
AND WE'LL GO TO NEXT FILM ON
SOME NUMBER TWO WEEKS. THANK
YOU THANK YOU MISTER CHAIR AND
THE MEMBERS HERE AND I FIRST OF
ALL AND I THINK THE COMMITTEE
STAFF- AND THE CHAIR FOR ALL
THEIR WORK ON THIS BILL IT'S- I
KNOW NOT BEEN AN EASY ONE FOR
SOME OF US AND I'VE TALKED TO
ALL OF YOU AT LENGTH- OVER THE
PAST WEEK OR SO. BUT IT IS BEEN
PROJECTED THAT THE EMPLOYMENT
RATE IN CALIFORNIA WE OVER 20%
WHEN THE STATE'S NEW
UNEMPLOYMENT REPORT. IS
RELEASED. BEFORE HAS RECEIVED
FOUR POINT FIVE MILLION
UNEMPLOYMENT CLAIMS DURING THIS
COVER NINETEEN PAT. PANDEMIC
THE FOUR POINT FIVE. MILLION
UNEMPLOYMENT CLAIMS REPRESENT
TWENTY THREE POINT 3% OF THE
CURRENT CALIFORNIA'S WORKFORCE
OF NINETEEN POINT THREE MILLION.
WITH A SIGNIFICANT INCREASE IN
UNEMPLOYMENT THAT IS COME FROM
COVER NINETEEN. MORE MORE
PEOPLE MANY OF WHOM HAVE NEVER
BEFORE BEEN IN SUCH SEVERE THAT.
WILL FACE EVEN WORSE FINANCIAL
SITUATIONS. MANY OF THESE FOLKS
WILL TURN TO DEBT SETTLEMENT
COMPANIES TO HELP THEM. SOME OF
THESE COMPANIES HAVE TARGETED
LOAD CAN CUT LOW INCOME
CONSUMERS TO ROLL THEM INTO
SOME OF THE CONTRACTS THAT THEY
SIMPLY. CANNOT AFFORD AND THESE
COMPANIES HAVE NOT BEEN FULLY
REGULATED BECAUSE OF LOOPHOLES
AND LICENSING LAW IN CALIFORNIA.
MANY OF THESE COMPANIES
ADVERTISE OUR SERVICES KAREN
TING SAVINGS FOR CONSUMERS. IN
ADDITION SOME DEBT SETTLEMENT
COMPANIES HAVE CHARGED
OUTRAGEOUS FEES AND ARE NOT
GUARANTEED SAVINGS TO CONSUMERS.
THERE FOR MANY OF THESE
CONSUMERS ARE IN A WORSE
FINANCIAL SITUATION WITH
WRECKED CREDIT LAWSUITS FROM
CREDITORS AND JUDGMENTS AGAINST
THEM. THE COMBINATION OF
ADVERSE FINANCIAL SITUATIONS
AND HAVING DAMAGE CREDIT SCORES
ULTIMATELY PREVENTS MANY
CONSUMERS FROM RENTING A HOUSE
OWNING A HOME. GETTING A JOB
AND MORE. AB TWENTY FIVE TWENTY
FOUR OVER BY THE NEEDED
REGULATIONS REPORTING
MECHANISMS LICENSING
REQUIREMENTS AND CONSUMER
PROTECTIONS TO ESTABLISH THIS
IS A REAL. THE WILL PROTECT
VULNERABLE CALIFORNIANS
ESPECIALLY DURING THIS CRISIS.
THIS BILL AND I WANNA BE VERY
CLEAR. UNLIKE IN NINE STATES
pPROHIBITED THESE TYPES OF
PRACTICES IS NOT A BILL TO
PROHIBIT PRIVATE DEBT
SETTLEMENT ACTIVITIES I WILL
NOT INTERFERE WITH HIS
COMPANY'S ABILITY TO DO
BUSINESS CALIFORNIA. INSTEAD AB
TWENTY BEFORE TENDS TO BE A
TRANSPARENCY AND GUARD RAILS
FOR THE DEATH SO INDUSTRY. THE
CHANGES TO LAWS THAT ARE
PROPOSED IN THIS BILL ARE
COMPARABLE TO SEVEN OTHER
STATES HAVE RECENTLY PASSED
LEGISLATION TO REGULATE THAT
SOME COMPANIES. AND IS TO BE
NOTED THAT THE INDUSTRY
CONTINUES TO DO A LITTLE
BUSINESS IN THE SEVEN STATES.
AND WORKING ON THIS BILL THE
OPPOSITION AND I HAVE DISCUSSED
POTENTIAL MOMENTS. WHICH WERE
DISCUSSED AS LATE AS TEN
O'CLOCK LAST NIGHT. INCLUDE
STRIKING A PROVISIONS REGARDING
THE VOTING CONTRACTS. TO THE
STRIKING OF PERCENT ON THE
ABILITY TO PAY STANDARD. AND
THREE STRIKING THE 5% NUMBER ON
THE FEE CAP ON THE PERCENT OF
SAVINGS MODEL WITH THE
COMMITMENT TO CONTINUE TO. WORK
EIGHT TO COULD THAT THE
CONTINUE THE CONVERSATION TO
FIND A WORKABLE NUMBER FOR BOTH
SIDES. WE ARE IN AGREEMENT ON
THE FIRST TWO SUGGESTED
AMENDMENTS AND I WILL GLADLY BE
TAKING THOSE. ON THE THIRD
SUGGESTED A MOMENT I WANT TO
EMPHASIZE THAT THE SPONSORS AND
I ARE STILL OPEN TO WORKING
TOGETHER ON. A WITH THE
OPPOSITION TO GET TO SOLUTION
THAT SATISFIES SATISFIES ALL
PARTIES. THIS BILL SPONSORED BY
THE HEALTHY LAWN CONSUMER
COALITION AND IS SUPPORTED BY
COALITION. THE VAST AND DEEP OF
LEGAL AID ORGANIZATIONS A
CONSUMER JUSTICE GROUPS AS WELL
AS THE CALIFORNIA FINANCIAL
SERVICES ASSOCIATION. THIS BILL
IS ABOUT PROVIDING BASICS TO
CONSUMER PROTECTIONS FOR
CALIFORNIANS INTO SURE
REGULATIONS OVER BAD ACTORS IN
THIS INDUSTRY. MANY OF THESE
COMPANIES ARE MAKING A PROFIT
OFF THAT'S A VULNERABLE
CUSTOMERS AND THESE CUSTOMERS
ARE SUFFERING FROM A LACK OF
REGULATIONS AND PROTECTIONS.
CALIFORNIA'S ALWAYS BEEN A
CHAMPION CONSUMER PROTECTIONS
WE SHOULD MAKE SURE THAT THESE
CONCERNS ARE PROTECTED
ESPECIALLY NOW AS WE NAVIGATE.
THE COKE TEAM RECESSION I
RESPECTFULLY ASK FOR AN AYE
VOTE. THANK YOU SOMEONE OVER
WITH HER TESTIMONY- NOW FOR
WITNESSES IN SUPPORT AND LIKE
REMIND OUR ONCE IS A TEST MORE
THAN TO TWO MINUTES EACH. AND
OF MISTER MODERATOR IF WE CAN
GO TO OUR FIRST WITNESS IN
SUPPORT. BE SHARON JAMAL YOUR
LINE IS OPEN. THANK YOU GOOD
AFTERNOON MY NAME SHERRIN
FOOTBALL AND THE DIRECTOR OF
THE CONSUMER DOCTOR'S CLINIC AT
THE EAST BAY COMMUNITY LAW
CENTER I WANT TO REPEAT THAT
THIS BILL IS NOT PUTTING THAT
COMPANIES OUT OF. RATHER WE ARE
ESTABLISHING GUARD RAILS TO
PROTECT PEOPLE THE CLIENT
YOU'LL HEAR ABOUT IN MY
COLLEAGUES HAVE TO MONEY NEXT
YOU ARE NOT GOOD CANDIDATES FOR
DEBT SETTLEMENT. AND THEN MANY
CLIENTS LIKE HER WHO SEEK HELP
SHOCKED WHEN THEY'RE SERVE
WITHOUT LAFAYETTE EVEN THOUGH
THEY ARE SPENDING LARGE MONTHLY
PAYMENTS DEBT SETTLEMENT
COMPANIES. THIS BILL WILL MAKE
SURE THAT LONG CONSUMERS ARE
NOT INVOLVED IN A PROGRAM THAT
THEY CANNOT PAY FOR AND THAT
WILL ONLY MAKE THEIR FINANCIAL
SITUATION WORSE. IT WILL
INCREASE DISCLOSURE IT WILL
MANDATE REGISTERING AND
REPORTING TO THE PPO SO WE CAN
SEE HOW THE INDUSTRY IS DOING
AND FOR FILLING UP PROMISES TO
CALIFORNIA. ALL OF THESE ARE
PRINCIPLES THAT ANY. WORK
PLAYERS IN THE DEBT SETTLEMENT
INDUSTRY GUIDE AND DO YOU AGREE
WITH. THE BILL ALSO WOULD
CHANGE THE RATE STRUCTURE FOR
DEBT SETTLEMENT TO REQUIRE THAT
A COMPANY. HE NOT THINK YEAH
AND I JUST STATING PROVIDE THE
PMR. THAT WILL FINANCE OF THE
COMPANY. AND THE AND THE
COMPLETE. THE MORE THE COMPANY.
THE MORE THAT EARN. WITH THAT.
SAFEGUARD YOU HAVE THE BEST AS
WE HAVE ONE OUR CLIENTS OF
ENDING AT DEEPER IN DEBT AND
THEY WERE WHEN THEY- AND WITH
CREDIT. AND. MAKING IT
IMPOSSIBLE FOR THEM TO SECURE
WELL PAYING JOBS AND STABLE
HOUSING. IT IS ESSENTIAL AS THE
EXTENT OF THE FINANCIAL CRISIS
WE ARE AND I'M FULL THAT
MILLIONS OF CALIFORNIANS ARE
FACED WITH THAT THAT THAT THEY
HAVE ACCUMULATED IN ORDER TO
SURVIVE. BUT THE ONE. ACTIONS
AND TO MAKE SURE THAT WE- GROUP
OF US BACK. IN THAT SOME
INDUSTRY. DO NOT TAKE ADVANTAGE
OF DESPERATE CONSUMERS WE HAVE
A CHANCE TO PUT GUARD WELCOME
PLACE NOW BEFORE THE HARM IS
DONE. WE URGE YOUR EYES OUT.
THANK YOUR TESTIMONY ARMS WATER
IF YOU COULD CLOSE TO THE A
SECOND WHEN IT'S IN SUPPORT.
YES AND MY UNDERSTANDING THAT
IN PLACE OF VIRGINIA MARADA WE
WILL HAVE. THE RAIN WHEN OR IF
YOUR LINE IS OPEN. MEMBERS OF
THE COMMITTEE AND OTHER
LANDMARKS SPEAKING ON BEHALF OF
THE JACKET AND A GRAFFITI
CENTER AND THE PARTICIPATION OF
SAN DISCOUNTS. AND UNDER THE
CALIFORNIA LOW INCOME CONSUMER
COALITION. I'D LIKE TO READ A
STATEMENT FROM MY CLIENT IN
SUPPORT OF AB TWO TWO FOUR. MY
NAME. AT FIFTY NINE YEARS OLD.
WHEN I HAD HAPPENED YET TWENTY
EIGHTEEN I NEEDED MANAGE OUR
THAT AND I CONTACTED EXACTLY
COMPANY. THE ACT HOW MUCH LIKE
I KNOW EACH MONTH AND HOW MUCH
THAT I HAVE. EVEN THOUGH I
LONGER WORK FOR NEVER ASKED ME
WHERE I WOULD MY INCOME BUT
ANYWAY. IT'S ALL RETIREMENT HOW.
DURING THE CALL I PROVIDED AND
I EXT. BUT YOU'RE NOT YOU'RE
NOT FIVE HUNDRED EACH MONTH BUT
MY MORTGAGE AND UTILITIES. YEAH
BE COMPANY HADN'T EATEN HERE.
ARE QUITE. A THIRD RIGHT. ONLY
FIFTY THREE DOT FOR ANY
EMERGENCIES I EXPECT EXPENSES I
AFTER THE MY PAYMENT BUT THAT
REALLY COME REFUSE BEFORE ANY
UP WITH IT AT LEAST I WAS
MAKING LEAST IN THE NINETEEN A
ALL THAT I OF IT THAT WAY
COMPANIES WOULD HELP ME CHANGE
PAYMENT BY SENDING MONEY FROM
MY MOTHER PAYMENTS EACH OTHER
CREDIT. I FOUND OUT THAT THE
DOCTOR. MAY STOP HE- THERE IF
YOU WANT. SIX MONTHS AFTER
SIGNED UP WITH WE COME. I WOULD
UNITED TO ONE WILL DECKS THAT
YEAR. THAT WOULD BE TOUGH
BECAUSE NEWLY AND SAID THEY
WERE ABLE TO GET AYE THAT
WITHIN THEIR EXPRESS BUDGET I'M
TWENTY THOUSAND TO SEVENTEEN
THOUSAND. YES I'D HIT A TEN I
JUST CANNOT WHAT THE TEAM. AND
DEBT RELIEF COMPANY TWENTY FEE
WHICH IS THE FOUR THOUSAND SIX
DOLLARS THIS. THAT MADE PAYMENT
TO ABOUT ONE SIX HUNDRED DOLLAR
ON A TWENTY THREE THOUSAND
DOLLAR DEBT WHICH IS. SAVING
NOW THERE. ARE THE JACKSON
AGAINST. A FULL. THAT OTHER LOS
BUT I AM DEALING WITH. I
THOUGHT. THAT BUT I THAT THE
DENTAL COMPANY. EVEN THOUGH I
THOUGHT I WOULD HOME. NEVER DO
THAT. WE NEED YOUR HELP. FIND
PARTICULAR AT. THANK YOU SO
MUCH FOR YOUR YOUR MINUTES THE
UNITS. MR MODERATE I DO WE HAVE
ANY OF THE QUEUE LIKE TO TEST
FLIGHT IS A OF AB TWENTY. THE
EXCUSE ME. AB IF I TWENTY FOUR.
AND THE COLORS PLEASE FOR YOUR
NAY YOUR- AND YOUR POSITION ON
THE BILL ONLY. THE REMINDER IF
YOU'D LIKE TO QUEUE UP AND
SUPPORT YOU MAY DO SO BY
PRESSING ONE AND THEN ZERO IF
YOU HAVE NOT DONE SO ALREADY.
WE WILL GO TO LINE ONE HUNDRED
AND NINETY SEVEN ONE NINE SEVEN
YOUR LINE IS OPEN. LINE ONE
NINE SEVEN YOUR LINE IS OPEN.
ALL RIGHT WE'LL MOVE ON TO LINE
TWO HUNDRED AND THREE TWO ZERO
THREE YOUR LINE IS OPEN. OUR
CHAIRPERSON THE MODERN MEMBERS
MY NAME IS JENNIFER SPERLING
AND I'M WITH THAT STATIC LEGAL
SERVICE AND IN LOS ANGELES. WE
ARE IN SUPPORT OF AB TWENTY
FIVE TWENTY FOUR AND URGE YOUR
AYE BOAT. WELL NEXT GO TO LINE
TWO HUNDRED AND EIGHT TWO ZERO
EIGHT TO YOUR LINE IS OPEN.
LESS THE MANA MEMBERS MY NAME
IS STEPHANIE CAROL SENIOR STAFF
ATTEND THE PUBLIC COUNCIL THE
NATION'S LARGEST PREVENTABLE
THAT. WE ARE IN SUPPORT OF AB
TWENTY FIVE TWENTY FOUR AN
ENGINE I BET THANK YOU. MEXICO
OPEN OF TWO HUNDRED AND ELEVEN
TO ONE ONE YOUR LINE IS OPEN.
HI THIS IS LEE FERRAN THE
DIRECTOR OF LITIGATION CABANA
PUBLIC LAWCENTER IN LEGAL
SERVICES ORGANIZATION IN ORANGE
COUNTY. YOUR INPUT PORT. TWENTY
FIVE TWENTY FOUR AND WE ARE
UNITED BY. THANK YOU WILL
MEXICO LINE OF TWO HUNDRED AND
TWELVE TO ONE TO YOUR LINE IS
OPEN. YOUR PERSON AND MEMBERS
MY NAME IS ALISA DO CAN AND I'M
WITH THE CENTER FOR CONSUMER
LAN ECONOMIC JUSTICE AT UC
BERKELEY WE ARE IN TRONG
SUPPORT OF AB. TWO FIVE TWO
FOUR. NEXT ON THE LINE OF TWO
HUNDRED AND FOURTEEN TWO ONE
FOR YOUR LINE IS OPEN. HELLO
PERSONAL MONA NUMBERS MY NAME
IS ERNIE REGULARLY IN A MINUTE
WITH RIVERSIDE LEGAL AID WE'RE
IN SUPPORT OF AB TWENTY FOUR BY
TWENTY FOUR AND URGE YOUR I'VE
OF. IS ONE NUMBER TWO HUNDRED
AND FIFTEEN AT TWO ONE FIVE
YOUR LINE IS OPEN. HELLO CARE
ALONE AND MEMBERS MY NAME IS
ELIZABETH SO ACRE AND I'M WITH
THE EACH BAY COMMUNITY LAW
CENTER. WE ARE IN SUPPORT OF AB
TWO FIVE TWO FOUR AND URGE YOUR
EYES OUT. NEXT IS LINE ONE
HUNDRED AND SIXTY NINE ONE SIX
NINE YOUR LINE IS OPEN. GOOD
AFTERNOON MEMBERS THIS IS
ROBERT CORRAL EXECUTIVE
DIRECTOR OF THE CONSUMER
FEDERATION OF CALIFORNIA IN
STRONG SUPPORT OF THIS MEASURE
THANK YOU. NEXT IS LINE TWO
HUNDRED AND SIXTEEN TWO ONE SIX
YOUR LINE IS OPEN. GOOD
AFTERNOON PERCENT AMONG THE
MEMBERS MY NAME IS CLEAR
JOHNSON ROBERT AND I'MWITH THE
UNIVERSITY OF CALIFORNIA IRVINE
CONSUMER LAW CLINIC. AB TWO
FIVE TWO FOUR AND JR I'D- NEXT
LINE NUMBER EIGHTY NINE EIGHT
NINE YOUR LINE IS OPEN. FIND
YOUR LINE IS OPEN. THEN MARTIN
DEL CONSUMER REPORTS AND
CALIFORNIANS FOR ECONOMIC
JUSTICE THE FROM SUPPORT. X. IS
LINE ONE HUNDRED AND EIGHT ONE
ZERO EIGHT TO YOUR LINE IS OPEN.
LINE ONE HUNDRED AND EIGHT YOUR
LINE IS OPEN. THE ENTRANCE WITH
CORBIN AND KAISER ON BEHALF OF
THE NATIONAL LAW CONSUMER
CENTER THANK YOU. NEXT IS LINE
TWO HUNDRED AND THIRTEEN TWO
ONE THREE YOUR LINE IS OPEN.
GOOD AFTERNOON. MEMBERS THIS IS
LAND TRODDEN ON BEHALF OF THE
CENTER FOR RESPONSIBLE LENDING
AND SUPPORT THANK YOU. AND THAT
EXHAUST THE KILLING SUPPORT AT
THIS TIME PLEASE CONTINUE.
THANK YOU AS MODERATOR NOW OR
WITNESSES IN OPPOSITION A
REMINDER NOTICES- THAT WE HAVE
TWO MINUTES EACH OUR FIRST
WITNESS IN OPPOSITION WE
TOTALING OVER THE PHONE. RARE
PLEASE AS WITH A MISS MARGARET
STEEN WILL BE TESTIFYING ON
ASSEMBLY BILL TWENTY FIVE
TWENTY FOUR. BUT IN YOUR LINE
IS OPEN. THANK YOU AFTERNOON
MADAM CHAIR AND MEMBERS THIS IS
MARGARET GLAD STAINED I'M HERE
ON BEHALF OF THE AMERICAN
DEMOCRATIC COUNCIL WE
APPRECIATE THE AUTHOR'S GOAL
CONSUMER PROTECTION MOVEMENT ON
SOME ISSUES AND HER COMMITMENT
TO KEEP WORKING WITH US TODAY
AND HE HAS CLOSELY. ISSUE AS
WRITTEN EIGHT TWENTY FIVE OR
WOULD SIMPLY PUT IN THE PAGE
OUT OF BUSINESS AND CAL. IT BE
CAPTAIN THE BILL IS A WORKABLE
SETTLEMENT IS NOT AND THE A
BOMB ERA OVER SO FROM WITH TEN
YEAR WITH VERY FEW COMPLAINTS
IT IS A VALUABLE SERVICE THAT
IS ABLE TO CONSUMERS PROBABLY
SELECT. YOU THANK YOU CARED.
YOU SET UP THE DEBT. WELL NOT
ALLOWED WE REBUILD THEIR TWENTY
TWO LIVES ON AVERAGE SETTLEMENT
SAFETY THIRTY FIVE CENTS ON
EVERY DAY OF DEBT INCREASES
THAT. IF THAT TIME IS ARE NOT
IS A BAY MORE CONSUMERS MONEY
FOR TO TURN BACK. WHICH I A
LONGER AND BUT MORE PAIN HAS
LONG MUCH PEOPLE REPORT. WHICH
SOME ARE FACING UNPRECEDENTED I
NEED TO OUR JOBS JUST TO COME
GIVE OUT THIS IS THE WRONG TIME
WHEN THE CONSUMER. THE TIE OF
HE CAN TWENTY FIVE OR BEEN
TRYING TO THEIR STATE IN THIS
PLACE WHERE THE OPTION. THE ONE
MINUTE IT WILL LAST COUNT MORE
THAN EIGHT MILLION IN BACK. IN
MORE THAN FORTY TWO HOW JOBS AB
TWENTY FIVE TWENTY RICHARD TO
FTC PERCENT PROVIDING TO FEET
ABOUT OUR CONCERN THE AUTHOR
SPONSOR WE HAD OFFERED MODELED
LANGUAGE PROVIDED ALL SOLUTIONS
IN RESPONSE TO THE QUESTION WE
WERE THE COMMITTEE. YOU OFFER A
WORSE OFF. TO BE A
GROUNDBREAKING LAW. COMPLETE
AND THAT APART BUT NEVER GOT
MORE THAN NEXT THAT WOULD BE
WILLING TO PLACE THIS CAN TO
BUT INSTEAD. IN ALL TO DO SO AS
LATE AS WELL NIGHT THE
PLACEHOLDER IN BILL WE PRE THE
THERE'S BEEN A GREAT DEAL WITH
IN RECENT DAYS DISCUSSING OUR
CONCERN AND IT'S SIX THEM
DISCUSS. THANK YOU SO MUCH. FOR
BUT- THE TWO MINUTE MARK THANK
YOU SO MUCH FOR TESTIMONY OUR
NEXT A WITNESS IN OFF WILL BE
MISTER STE ARMS WILL ALSO
REVIEW TESTIFY OVER THE FOR. MR
MODERATE PLEASE CONNECT WAS
RISKY BOMBS. MR BOMBS YOUR LINE
IS OPEN PLEASE. THANK YOU VERY
MUCH MY CHAIR MEMBERS OF THE
CAN IN THE STEVE BOMBS WITH
FREEDOM FINANCIAL NOT WORKING
IN SAN MATTEO. WE CURRENTLY
HAVE EIGHTY TWO FIVE TWO
BECAUSE ALTHOUGH WE APPRECIATE
THE INTENTION OF ALLOWING GOOD
TO COME ON PLAYER CITY TO
OPERATE IN CALIFORNIA THIS BILL
WOULD ELIMINATE SETTLEMENT IN
THE STATE. OUR COMPANY ALONE
HAS HELPED ONLY ONE HIGH.
CALIFORNIANS DAVID ABOUT THREE
MILLION. INCREASE OF FEES
OVERALL I SIXTY MONTHS AND
THERE SECURITY. BUT WE SHARE
THE GOAL OF THE AUTHOR IN THE
SPONSORS OF THE STATE
REGULATORY REVIEW TO ENSURE
CONSUMER PROTECTION. BUT
UNFORTUNATELY- THIS PROPOSED
YORK WOULD KILL THE PATIENT.
ASSEMBLY WOMAN WITH AND THE
SPONSOR HAVE BEEN VERY. THEIR
TOP. AFTER TWO TO SPEAK WITH.
THE AMENDMENT THAT ASSEMBLY
MEMBER REFER TO IN HER OLD
STATEMENT UNFORTUNATELY WILL
AMENDMENTS ARE POSITIVE THEY
ARE EFFECTIVELY THEORETICAL
BECAUSE NO DOT COM COMPANIES
WOULD BE ABLE TO PROVIDE
CONSUMERS WITH THE BENEFIT OF
THEIR SERVICES UNDER THIS. AS
YOU HEARD FROM THE EARLIER
WITNESS A PERCENT OF PAINTINGS
MODEL- AND ANY NUMBER BUT
ELIMINATE THAT SOMEONE IN THE
STATE. I KNOW STATE WITH THIS
MODEL HAS ENDED UP SETTLEMENT
ACTIVITY- THE REASON WHY IS
BECAUSE NOT TELL CONCERT UNDER
THIS MODEL HOW MUCH THE PRODUCT
CALL. THE MODEL ALSO INFRINGE
PROVIDERS THE HIGHER DEBT
LEVELS- OF THE CAR PATIENT ONLY
ON ARGENT. MOREOVER THE CONCERN
THAT WE HEARD INTO TO THE TO
SPONSOR WAS TO THAT CONSUMERS
DO NOT ENOUGH PAYING MORE THAN
THE HOUSE WHEN THEY ENROLLED
PRODUCT. AND WE PROVIDE A
LANGUAGE IN WOULD ACCOUNT A
THAT LOCKLEY AS THE FTC RULES
THAT PUT IN PLACE TO DO. TEN IN
CHORE THAT DEBT SETTLEMENT
CANNOT TOUCH HANDLE OR COLLECT
CONSUMER FUNDS. AND THE
LEGISLATION BUT EFFECTIVELY-
DEFINE BERMAN PLAYERS AT. WHICH
WE DON'T BELIEVE IT'S
APPROPRIATE THANK YOU VERY MUCH
AND THE OPPOSE AB TWO FIVE TWO
FOUR. THANK YOU FOR TO
SOMEONE'S. BOMBS WE HAVE IT.
THANK YOU FOR BY TWO TO FOR AN
OFFICE OF A TWENTY TWENTY FOUR
AND AGAIN IS A RE. JUST NAME.
IN YOUR- THANK YOU. WE WOULD
LIKE TO QUEUE UP IN OPPOSITION
AND HAVE NOT ALREADY DONE SO
YOU MAY DO SO BY PRESSING ONE
AND THEN ZERO. WILL GORDILLO
AND NUMBER EIGHTY TWO EIGHT TWO
YOUR LINE IS OKAY. HI TWENTY
ROBERT ALEXANDER I WOULD LIKE
FOR THEM FROM CHURCH I SEE
TALKING TO DOLLARS IN DEBT
RELIEF MIGHT GIVE THE COMPANY
RECORD YOUR COMPANY BUT AT THE
SAID I OPPOSE EIGHTY TWO TWO
FOR BUT REALLY ALSO TO YOU CAN
I REALLY APPRECIATE IT. WE'LL
GO TO LINE NUMBER TWO HUNDRED
AND TWO TWO ZERO TO YOUR LINE
IS OPEN. MY NAME IS JOHN SLOAN
POOR WITH FIRST CHOICE DEBT
RELIEF AND WE'RE NOT IN SUPPORT
OF AB TWO FIVE TWO FOUR. AND
THOSE ARE THE ONLY TWO IN Q. IN
OPPOSITION YOU MAY CONTINUE.
THANK YOU AS MODERATOR DO
MEMBERS OF THE COMMITTEE HAVE
ANY QUESTIONS AT THIS CURRENT
TIME SO PLEASE RETURN MY PHONE.
SO GABRIEL. THANK YOU MISTER
VICE CHAIR HERE- PUTTING GOOD
WORK TODAY- SO WELL I JUST HAD
A QUESTION FOR ONE OF THE
WITNESSES IN OPPOSITION FOR
MURDER GUIDE STEEN CCIDENT
THERE'S A LITTLE BIT OF
CONFUSION ABOUT THIS INDUSTRY
NIGHT I CERTAINLY WHEN I FIRST
LOOKED AT THIS WAS WAS YOU KNOW
HOW TO MISIMPRESSIONS ABOUT HOW
THIS INDUSTRY WORKS AND THE
CUSTOMERS ARE SO JUST CURIOUS
IF YOU. GIVE US A LITTLE BIT
COLOR ABOUT THAT'S UP TO THE
CUSTOMER. DURING THIS ISSUE.
ASSEMBLYMEMBER GABRIEL THANK
YOU FOR YOUR QUESTION I'M GOING
TO DEFER TO SHE BOMBS HE'S
ACTUALLY- WITH THREE MINUTES ON
CAN TAKE THIS QUESTION. THANK
YOU NUMBER AND THANK YOU
MARGARET. ASSEMBLYMEMBER THE
TYPICAL DEBT SETTLEMENT
CUSTOMER IS WHAT WE CALL HOST
PRIME- IT TENDS TO BE A DUAL
INCOME HOUSEHOLDS MAKING A-
ABOVE AVERAGE INCOME INTO A
FINANCIAL HARDSHIP HAS TAKEN
PLACE THAT TYPICALLY IS ONE
MEMBER OF THE FAMILY HAS. SOME
OR ALL OF THEIR INCOME THEY HAD
AN UNFORESEEN MEDICAL EVENT OR
SOME OTHER BIG LIFE EVENT LIKE
A DIVORCE AND IN THE EVENT HAS
A PROFOUND BUT TEMPORARY IMPACT
ON THEIR FINANCIAL STATE WHICH
MEANS THAT THEY CANNOT AFFORD
TO PAY ALL OF WHAT THEY ARE TO
THEIR PICTURE CREDITOR. FOR
SOMETHING. OR THE MUCH OF THE
OTHER PART OF THIS BECAUSE THE
TEMPORARY IS OUR RATES OF
RECIDIVISM ARE INCREDIBLY LOW
AT FREEDOM IT'S LESS THAN 1%
BUT LESS THAN 1% OF CONSUMERS
WHO WOULD COME BACK TO US
HAVING COMPLETED US ALL THE
PROGRAM. THIS IS NOT A PRODUCT
FOR LOW INCOME CONSUMERS- IT I
THEIR PROBLEM THAT IS- ON THE
SPECTRUM OF DEBT SOLUTIONS
SOMEWHERE BETWEEN CREDIT
COUNSELING AND BANKRUPTCY.
THANK YOU FOR THAT AND I JUST
OF MY MISTER VICE CHAIR MAKE A
FEW COMMENTS- AND I'VE I JUST
FIRST WANTED TO START WITH THE
TO THINKING ALL. MEASURE YOU
KNOW THE FINE. ASSISTANCE ONE
THAT IS RIGHT RUBIO SAN AND-
YOU KNOW FOR PREDATORY
BEHAVIOR. AND I THINK WE'VE
SEEN A LOT IN THIS COMMITTEE OF
YOU KNOW THE MOST VULNERABLE
CALIFORNIAS ARE OFTEN THOSE
ARE TARGETED AND EXPLOITED. IN
WAYS THAT ARE REALLY REALLY
DAMAGING AND PUT THEM INTO-
CYCLES OF A DAD AND PARTY THERE
JUST. TORN FULL TIME FOR TRUMP.
VERY VERY MUCH OF. YOUR
ATTENTION FOCUSED OF THESE
ISSUES AND- WE'VE BEEN A- CHAMP
ON THEM. SAYS WHEN I GET A WE
JUST TOOK ECHO MY COMMENTS WITH
THE TWO. YOUR YOUR AT THE MAY
MANY CON. WE HAD ABOUT THE BILL
I AWFUL. MEN'S I THIS ISSUE
INITIALLY WERE WITH OF THAT
PERSON THAT WE YOU KNOW LIKE TO
BE LOOKING AT AT A PREDATORY
BEHAVIOR IN AND AN UNSAVORY
INDUSTRY CAME AWAY WITH A
LITTLE BIT OF A MORE NUANCED
IMPRESSION ABOUT WHAT WE WERE
LOOKING AT AND THAT THEY'RE
ACTUALLY ACTORS IN THE SPACE
THAT ARE PROVIDING VALUABLE
SERVICES TO CALIFORNIANS AND
HELPING PEOPLE WHO ARE IN NEED-
AND THEN CERTAINLY I THINK
THERE'S SOME EVIDENCE THAT
THEY'RE BAD ACTORS WILL GIVE ME
SOME PAUSE WISE AND I TALKED
ABOUT THIS WITH THE SMALL.
THERE ISN'T A LOT. RESEARCH OR
DATA. RENTS ON HOW WHY. DODD
USER BEHAVIOR MAY BE. RIGHT SO
WE DON'T KNOW IF YOU KNOW AND
SO I WAS LIKE SORT OF
SCRATCHING MY HEAD IS THIS IS
THIS A COMPELLING CASE FOR- FOR
BROAD BASED REGULATION OR IS
THERE A COMPELLING CASE HERE
FOR MAYBE JUST MORE INCREASE
ENFORCEMENT TO TRY TO. REALLY
ABOUT AFTER WITHOUT. IMPOSING
BE NEGATIVE ACTS OR NEXT
EXTERNALITIES UNNECESSARY COSTS
ON THE FOLKS WHO ARE RUNNING
LEGITIMATE BUSINESSES SO- YOU
KNOW I APPRECIATE ALL THE
CONVERSATIONS WE'VE HAD I
APPRECIATE THE FACT THAT YOU
HAVE ENGAGED IN VERY ROBUST
CONVERSATIONS WITH. FOLKS ARE
PUBLIC. TEAMS LIKE YOUR- LINE
OF BREAST. I'M I CERTAINLY WANT
TO STAND IN THE WAY THAT PROP.
I THINK INTENTIONS HERE ARE.
ARE VERY GOOD AND SO I'M GONNA
SUPPORT THIS BILL TODAY. YOU
KNOW LOOK FORWARD TO THE
CONTINUED CONVERSATIONS AND
YOU'RE GONNA HAPPEN AND AGAIN
HOPE TO BE ABLE TO
ENTHUSIASTICALLY SUPPORTED.
O'DONNELL ON. YEAH THE QUESTION
FOR MEMBERS MR GRAY. THANK YOU
MISTER VICE CHAIR I SHARE THE
SENTIMENTS WITH MY COLLEAGUES
FOR BREVITY'S SAKE- AND I DO
WANT TO JUST CONFIRM IT. THERE
WAS SOME REFERENCE TO A MODEL
THAT WORKS OR DOESN'T WORK. AND
JUST AS LONG AS WE HAVE A
COMMITMENT FROM YOU THAT. GOING
FORWARD TO WORKING WITH YOU
ALREADY HAVE THE MOMENTUM
YOU'RE GOING THE RIGHT
DIRECTION. SO WITH MID THEN
I'LL BE HAPPY SUPPORT. I HAVE.
A FOR SURE AND WE'VE HAD A LOT
OF CONVERSATIONS WITH THE
OPPOSITION AND PLAN TO CONTINUE
TO DO THAT AND- I DO BELIEVE
THAT. THERE ARE VERY GOOD
ACTORS IN THE SPACE WHO ARE
TRULY HELPING PEOPLE WHO PEOPLE
WHO ARE GOING TO NEED THE HELP
COMING OUT OF THIS CRISIS OR IN
THE MIDDLE THIS CRISIS. I ALSO
DO BELIEVE THAT THERE ARE
PEOPLE WHO ARE. TAKING
ADVANTAGE OF PEOPLE RIGHT AND
SO IT'S FIGURE OUT WHERE THAT
LINE IS AND HOW DO YOU CREATE-
SURGICAL AT STRATEGIC
REGULATION TO MAKE SURE THAT
WE'RE NOT HAVING AN ANTENNA
CONSEQUENCES WILL STILL
PUTTING. GUARDRAILS AND
PARAMETERS BROWN. THE BAD
ACTORS COMMITTED TO WORKING IN
THAT. THE CIVIC THAT THE
CAPPIES AND I AM SURE THE
OPPOSITION I WILL BE SPENDING
MANY MANY TIMES OF HAVING THIS
CONVERSATION WITH. IF THIS BILL
GOES THROUGH TODAY WELL THANK
YOU FOR JAPANESE. CONSUMERS
APPRECIATED THANK. FOR
ROCKINGHAM YEAH I WANT TO BE
REALLY BRIEF BUT I DO WANT TO
COMMEND THE AUTHOR FOR HER AND
DEDICATION TO WORKING WITH THE
OPPOSITION ON THIS I KNOW THIS
HASN'T BEEN AN EASY. ROAD FOR
AND YOU BUT I THINK THE YOU ARE
DOING EXACTLY WHAT WE'VE
DISCUSSED AND LIKE I SHOULD
CONCERNS MY COLLEAGUES OF
STRIKING A BALANCE BUT I KNOW
THE YOU HAVE COME A LONG WAY IN
YOUR NEGOTIATIONS AND REALLY.
GOOD FAITH OF AND MEDIUM AND I
TRUST THE YOU TO DO THAT I
THINK THANK YOU. SERVER BUT
WHICH- TO CLOSE. I WOULDN'T
AMHERST. ASK FOR AN AYE VOTE
PLEASE CALL THE ROLL OFF OF A.
WE DO HAVE A MOTION A SECOND. A
MOVE ON IF SOMEONE BARKING AND
THE SECOND BY SUMMER GRAYSON-
PLEASE CALL THE ROLL. AB TWO
FIVE TWO FOUR THE MOTION IS DUE
PASSED TO COMMITTEE ON
APPROPRIATIONS LEMOND. GEN CHEN
NO VALOR QUE HAN. BAUER-KAHAN I
BURKE. CERVANTES I. CHOI CHOI
NO FONG. PHONE NO GABRIEL
GABRIEL I GRAYSON GRAYSON AYE
STONE. STONE I WEBER. WEBER HI
WICKS. WICKS I. THE ITEM HAS
SEVEN VOTES. ALL RIGHT THANK
YOU THANK YOU ASSEMBLY MEMBER
WICKS- FOR YOUR PRESENTATION
THANK YOU VICE CHAIR. THE NEXT
BILL THAT WE HAVE A ON OUR
AGENDA IS ASSEMBLY BILL TWO
FIVE FIVE NINE FROM ASSEMBLY
MEMBER BARRICADE HAND. PLEASE.
THANK YOU MADAM CHAIR AND
MEMBERS TODAY I PRESENT AB TWO
FIVE FIVE NINE A BILL THAT
OFFER IS AUTHORIZES DPO TO
RECOVER MONEY FOR CONSUMERS
HARMED BY NON BANK LENDERS IT
WILL PUT THE REGULATIONS FOR
NONBANK LENDERS IN LINE WITH
THE BANKING LENDERS IN THE
INDUSTRY AND ENSURE THERE IS AN
EVEN PLAYING FIELD AND THEY CAN
IS ARE ABLE GET THE REST YOU
XIN THAT IN WHEN THEY'RE HOT IN
THIS CASE WITH. TURN THIRTY
WITNESS TO. IN SUPPORT OF THE
ALLEGRA HOW FROM. ACTION THANK
YOU MODERATOR PLEASE CONNECT US
OF. YOUR LINE IS OPEN YOU MAY
PERCEIVE. GOOD AFTERNOON THANK
YOU MADAM CHAIR AND MEMBERS OF
THE COMMITTEE AND THANK YOU TO
ASSEMBLY MEMBER ABOUT WORKING
AND FOR INVITING ME TO SPEAK
TODAY MY NAME IS A LIKE A
HOWARD AND I'M APPALLED TICKET
WITH CONSUMER ACTION YOUR
ACTION AT THE SAN FRANCISCO BAY
NATIONAL NONPROFIT AGENCY AND
EDUCATION ORGANIZATION. HAS
BEEN A CHAMPION OF UNDER
REPRESENTED CONSUMERS SINCE
NINETEEN SEVENTY ONE I SPEAK TO
YOU TODAY ON BEHALF OF LOW AND
MODERATE INCOME LIMITED ENGLISH
SPEAKING AND OTHER UNDER
REPRESENT MORE THAN CALIFORNIA.
IS THE FINANCIAL AND- OFTEN
BURBANK NUMBER AND WHO AM HAVE
NO OTHER CHOICE TO TURN NON.
LENDERS WHEN TRYING TO A- ALONE
OR LIE OF CREDIT. CURRENTLY IN
A CALIFORNIA FINANCE LAW DOES
NOT GIVE IT A OF BEEN AND OVER
IF TO COLLECT BURKE. FOR CAN
HARMON BY NON BANG LENDER
INCLUDE NO COME THAT IN THE
MORTGAGE PAYDAY AND CREDIT CARD
INDUSTRIES. AND BAD A CIVIL
LAWSUIT MUST BE FILED IN ORDER
TO RECEIVE COMPENSATION AND
STATE REGULATORS MUST BE
LITIGATE EIGHT CYLINDER.
CURRENT PROFIT. THE CONSUMER
ANALYST. WAITING TIME AND TALK
VERY FOR. HOW CONSUMERS TO
THEIR QUICK TO RESTITUTION FOR
LOCK WITH BECAUSE BY THE BUT IT
BEEN FOUND OF VIOLATING LAW.
EIGHTY TWO FIVE FIVE NINE DOES
THAT I ALLOW THE DOD DIRECTLY
CONSUMER FUND THE SAME WAY IT
DOES WITH TRADITIONAL UNDER.
STREAMLINING THE PROCESS OF THE
SONS. CALIFORNIA CONSUMERS AND
TALK FROM BY MESS. AND TO
MAINTAIN THE INTEGRITY OF OUR
STATE FINANCIAL OVER A- ON
BEHALF OF CALIFORNIANS WHO CAN
WRITE YOUR ACTION AFTER YOUR
AYE THOSE SUPPORT EIGHTY TWO
FIVE FIVE NINE TODAY. THANK YOU.
THANK YOU. WE DON'T HAVE ANY
MORE WITNESSES WHO WERE TO BE
TESTIFYING BUT IF WE HAVE
WITNESSES ON THE LINE WHO WOULD
LIKE TO SUPPORT. AB TWO FIVE
FIVE NINE AS IN WEEK ME TO
PLEASE THE STATE YOUR NAME YOUR
AFFILIATION AND YOUR SUPPORT
POSITION. AS A REMINDER FOR
THOSE ON THE PHONE IF YOU'D
LIKE TO SPEAK IN SUPPORT RIGHT
NOW YOU MAY PRESS ONE THEN IS
ZERO. AND WE HAVE ONE FROM LINE
ONE HUNDRED AND EIGHT ONE ZERO
EIGHT YOUR LINE IS OPEN.
CATALINA DENTURES THE CORPSMAN
IN KINDER ON BEHALF OF THE
NATIONAL CONSUMER LAW CENTER IN
SUPPORT. YEAH. DANIEL MARK YOU
AT THIS TIME PLEASE CONTINUE
THANK YOU AND NEXT TO A WE
THERE ARE NO REGISTERED
OPPOSITION AND THERE'S NO
REGISTER OPPOSITION TO AB TWO
FIVE NINE MODERATOR DO WE HAVE
ANY COLORS ON THE QUEUE WHO
WOULD LIKE TO TESTIFY IN
OPPOSITE OF EIGHTY TWO FIVE
FIVE NINE AS- YOU ONLY. FOR
THOSE ON THE PHONE IF YOU TO
HAE YOUR VOICE HEARD IN
OPPOSITION IN A PRESS ONE AND
ZERO AT THIS TIME. THERE ARE NO
Q. FOR OPPOSITION AT THIS TIME
PLEASE CONTINUE. ALL RIGHT
THANK YOU WE DO HAVE A MOTION-
BY ASSEMBLY MEMBER GRAYSON AND
A SECOND BY ASSEMBLY MEMBER
WICKS- AUTHOR I'M SORRY MEMBERS
ANY QUESTIONSOR COMMENTS FOR
ASSEMBLY MEMBER BARRICADE HAD.
SEEN THEN WOULD YOU LIKE TO
CLOSE SURE TWENTY THINK THE
COMMITTEE FOR YOUR- PARTNERSHIP
ON THIS BILL AND I WOULD LIKE
REQUEST RESPECTFULLY ASK YOUR
AYE VOTE AND NOT JUST BECAUSE
OF HOW QUICKLY WE MOVE THROUGH.
THIS BILL PRESENTATION. THANK
YOU AS I'M OUR BARRICADE HAND
WE HAVE A MOTION AND A SECOND-
CAN WE PLEASE CALL THE ROLL. AB
TWO FIVE FIVE NINE THE MOTION
WAS BY MISTER GRAYSON SECOND BY
MISTER WICKS THE MOTION IS DAY
PASSED THE COMMITTEE ON
APPROPRIATIONS. LAMONT HI
LIMóN I GEN. GEN I OUR QUE
HAN. OUR QUE HAN I BURKE.
CERVANTES CERVANTES AYE CHOI.
CHOI NOT VOTING FONG. FONG HI
GABRIEL GABRIEL I GRAYSON
GRAYSON I'D STONE STONE I WEBER
WEBER HI WICKS WICKS I. THE
BILL HAS TEN VOTES. THANK YOU
THE BILL HAS TEN VOTES AND IT
DOES GET OUT OF COMMITTEE WE
WILL LEAVE THE ROLE OPEN FOR
ADDITIONAL MEMBERS TO ADD ON
THE NEXT BILL ON OUR AGENDA IS
AB TWENTY NINE TWENTY ONE- FROM
ASSEMBLY MEMBER STONE. THANK
YOU THERE MEMBERS THIS IS JUST
A CLEAN UP BILL. THANK YOU IT'S
JUST REDEFINING ACCOUNTS ARE
CLEARING UP THE DEFINITION OF
ACCOUNTS IN THE STUDENT LOAN
SERVICING ACT AND I ASK FOR
YOUR IBM. THANK YOU
ASSEMBLYMEMBER STONE WE DO HAVE
A MOTION- AND MADE BY ASSEMBLY
MEMBER WICKS AND A SECOND BY
ASSEMBLY MEMBER GRAYSON- WE
DON'T HAVE ANY FORMAL WITNESSES
IN SUPPORT A MODERATOR DO WE
HAVE ANY COLORS ON THE QUEUE
WHO WOULD LIKE TO TESTIFY IN
SUPPORT OF AB TWENTY NINE
TWENTY ONE. LOOKS LIKE WE DO
HAVE ONE X. LINE TWO HUNDRED
AND SEVENTEEN TO ONE SEVEN YOUR
LINE IS OPEN. AND TWO HUNDRED
AND SEVENTEEN YOUR LINE IS OPEN.
AND THEY HAVE DROPPED. ALRIGHT
THANK YOU I'M DO WE DON'T HAVE
ANY REGISTER OPPOSITION FOR THE
BILL MODERATOR DO WE HAVE ANY
CALLERS ON THE QUEUE WHO WOULD
LIKE TO TESTIFY IN OPPOSITION
OF AB TWENTY NINE TWENTY ONE.
TESTIFYING OPPOSITION IN A
PRESS ONE AND ZERO AT THIS TIME.
THERE'S NO OPPOSITION FROM THE
PHONE LINES. ALRIGHT SO WITH
NO- ADDITIONAL OPPOSITION. WE
HAVE VICE CHAIR CHANNEL WOULD
LIKE TO MAKE A FEW COMMENTS-
QUESTIONS JUST WHEN WE COMMON I
AM SO HONORED TO VOTE ON THIS
AMAZING BILL BUT IT ALSO
BECAUSE IT IS THE GREATEST
SOMEWHERE MARK STONE BIRTHDAY
THEN I DO WANT TO RECOGNIZE
THEM AND SAY HAVE YOU ROTATE
TO. SOMEONE MARK STONE. I THINK
IT'S. CELEBRATE MARK STONE.
THANK YOU. THANK YOU ANY
ADDITIONAL COMMENTS REQUESTED
MEMBERS. THAT'S A GREAT WAY TO
END THE. ALL RIGHT WITH NO
ADDITIONAL QUESTIONS OR
COMMENTS- WE DO HAVE A MOTION
BY SOME MEMBER WICKS AND A
SECOND BY AS A AS A MEMBER
GRAYSON. THE CELL NUMBER SO
WOULD YOU LIKE TO CLOSE.
ALRIGHT SO THE MOTION IS DO YOU
PASSED TO THE APPROPRIATIONS
COMMITTEE CAN WE PLEASE CALL
THE ROLL. AB TWO NINETY ONE THE
MOTION IS TO PASS LOAN. HI THE
LOAN I CHEN. GEN I BAUER-KAHAN.
OKAY HAND I'D BURKE. CERVANTES
CERVANTES AYE CHOI. CHOI IPHONE
BONNIE HI GABRIEL GABRIEL I
GRAYSON GRAYSON ICE STONE STONE
I'D WEBER WEBER FIVE WEEKS
WICKS I THE BILL HAS ELEVEN
VOTES. IRATE SAID THIS DOES
CONCLUDE OUR HEARING BUT WE'RE
GOING TO GO AHEAD AND START.
HEAD AND YOU ADD ON VOTES AND
WE'RE GONNA LIFT THE CALL FOR
THE REMAINING OF THE BILLS-
WE'RE GOING TO START BY LIFTING
THE CALL FOR. THE AB TWENTY ONE
FIFTY ONE CALDERON. PLEASE CALL
THE ROLL. AB TWO ONE FIVE ZERO
CALDERON CHEN. CERVANTES
CERVANTES AYE. GABRIEL GABRIEL
I. THE BILL HAS NINE VOTES THE
BILL HAS NINE AB TWENTY ONE
FIFTY HAS NINE VOTES IN THE
DOES GET OUT OF THE COMMITTEE-
NEXT WE HAVE ASSEMBLY BILL
TWENTY ONE NINETY SIX BY
GONZALEZ PLEASE LIFT THE CALL.
AB TWO ONE NINE SIX BAUER QUE
EN. EL KAY AND I CERVANTES.
CERVANTES AYE GABRIEL. GABRIEL
I BILL AS TWO ABODES. THE BILL
HAD ASSEMBLY BILL TWENTY ONE
NINETY SIX HAS TWELVE VOTES IT
DOES MOVE OUT OF COMMITTEE THE
NEXT BLL WE HAVE IS ASSEMBLY
BILL THIRTY SEVENTY FIVE AYE
GONZALEZ PLEASE LIFT THE CALL.
AB THREE ZERO SEVEN FIVE
CERVANTES CERVANTES AYE WEBER
WEBER I BILL HAS NINE VOTES.
ASSEMBLY BILL THIRTY SEVENTY
FIVE GONZALEZ HAS NINE VOTES
AND DOES MOVE OUT OF COMMITTEE
AND NEXT WE HAVE A ASSEMBLY
BILL TWENTY FIVE OH ONE LEE
MONN PLEASE LET THE CALL. AB
TWO FIVE ZERO ONE BURKE. IRATE
ASSEMBLY BILL TWENTY FIVE OH
ONE LEE MONA HAS SEVEN VOTES
AND IT DOES MOVE OUT OF
COMMITTEE I NEXT BILL IS
ASSEMBLY BILL TWENTY FIVE
TWENTY FOUR BY WICKS PLEASE THE-
MOVED THE CALL. AB TWO FIVE TWO
FOUR LIMóN. HI THE MON I.
BURKE. THE BILL HAS EIGHT VOTES
ASSEMBLY BILL TWENTY FIVE
TWENTY FOUR BY WICKS HAS A VOTE
AND DOES MOVE OUT OF COMMITTEE-
NEXT BILL WE HAVE IS ASSEMBLY
BILL TWENTY FIVE FIFTY NINE
BARRICADE HAN. PLEASE LIFT THE
CALL AB TWO FIVE FIVE NINE
BURKE. THE BILL HAS TEN VOTES
ASSEMBLY BILL TWENTY FIVE FIFTY
NINE BARRICADE HAND HAS TEN
VOTES DOES MOVE OUT OF
COMMITTEE AND FINAL BILL IS
ASSEMBLY SORRY YES THE NEXT
BILL IS AB TWENTY NINE TWENTY
ONE STONE A PLEASE LET THE CALL.
AB TWO NINE TWO ONE BURKE. THE
BILL HAS ELEVEN VOTES ASSEMBLY
BILL TWENTY NINE TWENTY ONE
STONE HAS ELEVEN VOTES AND
MOVES OUT OF COMMITTEE AND IN
THE FINAL IS THE CONSENT AGENDA
AID WHICH ONLY HAS AB TWENTY
SIX THIRTY SEVEN LIMON. BURKE.
CERVANTES CERVANTES AYE GABRIEL.
CONSENT GABRIEL GABRIEL CONSENT
CONSENT. GABRIEL I THE CONSENT
CALENDAR HAS ELEVEN VOTES THEY
CAN THANK CALENDAR HAS ELEVEN
VOTES AND DOES MOVE OUT OF
COMMITTEE. SO WITH THAT WE WILL
GO AHEAD AND CLOSE THE HEARING.