COMMITTEE IS CALLED ORDER- WE DO
NOT HAVE A QUORUM AT THIS TIME
SO WE WILL BEGIN AS A SUB
COMMITTEE WELCOME TO THE
ASSEMBLY BANKING AND FINANCE
COMMITTEE WHETHER YOU ARE HERE
IN PERSON WATCHING VIRTUALLY OR
ON THE PHONE LINES I AM GRATEFUL
THAT YOU HAVE JOINED US. IN ROOM
FOUR FOUR FOUR I WILL NOW GO
OVER SOME KEY ELEMENTS OF THE
STRUCTURE OF TODAY'S HEARING DUE
TO ONGOING PANDEMIC WE ARE
TAKING THE NECESSARY STEPS TO
MAKE SURE THIS HEARING IS A SAFE
ONE. MASK ARE REQUIRED TO BE
WORN AT ALL TIMES AND WE ARE
ONLY ABLE TO HAVE A LIMITED
NUMBER OF PEOPLE WATCH AND
PARTICIPATE IN HEARING AND IN
PERSON AND- THE MASK AS FAR AS
WHETHER YOUR FAX OR NOT YOU HAVE
A CHOICE TO WHERE YOU DON'T HAVE
TO. ACTUALLY HAVE A MONTH. WE
CAN ONLY ACCOMMODATE MEMBERS OF
THIS COMMITTEE AND THE AUTHORS A
MINIMAL CONTENDER STAFF IN A
LIMITED NUMBER. OF THE PUBLIC
AND MEDIA FOR TODAY WE WILL
ALLOW TESTIMONY EITHER IN PERSON
OR BY THE PHONE. SO FOR THOSE
THAT ARE USING THE MODERATED
TELEPHONE SERVICE YOU CAN CALL
AND THE NUMBER FOR THIS HEARING
IS ONE EIGHT SEVEN SEVEN. SIX
NINE TWO. EIGHT NINE FIVE SEVEN.
AND THE ACCESS CODE IS ONE THREE
ONE FIVE FOUR FOUR FOUR. YOU CAN
ALSO FIND THIS NUMBER ON THE
ASSEMBLY BANKING COMMITTEE
WEBSITE. AS WELL AS ON YOUR
TELEVISION MONITOR OR SCREEN.
THE OPERATOR ON THE LINE WILL
GIVE YOU INSTRUCTIONS ON HOW TO
BE PLACED IN QUEUE BASED ON
WHETHER YOU SUPPORT OR OPPOSE
THE BILL. IF YOU ARE CALLING IN
PLEASE ELIMINATE ALL BACKGROUND
NOISE THIS INCLUDES MUTING YOUR
LIVESTREAM BROADCAST IN YOUR
SMART DEVICES TO REDUCE SOUND
DISTORTION AND FEEDBACK IF YOU
ARE. HAVING PROBLEMS WITH THE
MODERATE AND PHONE SERVICE YOU
CAN CALL THE COMMITTEE AT. NINE
ONE SIX THREE ONE NINE TWO ZERO
ONE FOUR. AND MY STAFF WILL BE
THERE TO HELP IN ANY WAY
POSSIBLE I ALSO WANT TO NOTE
THAT WE ARE ACCEPTING WRITTEN
TESTIMONY THROUGH OUR POSITION
LETTER PORTAL ON THE COMMITTEE'S
WEBSITE. AND ONE LAST POINT THIS
YEAR PROTESTERS HAVE APPEARED AT
LEGISLATIVE HEARINGS REMOVING
THE MASK YELLING AT THE
AUDIENCE. ISSUING VEILED THREATS
ABOUT POTENTIAL GUN VIOLENCE AND
IN ORDER TO FACILITATE THE GOAL
OF HEARING. AS MUCH FROM THE
PUBLIC WITHIN THE LIMITS OF OUR
TIME WE WILL NOT PERMIT CONDUCT
THAT DISRUPTS. ORDER STROBES OR
OTHERWISE IMPEDES THE ORDERLY
CONDUCT OF LEGISLATIVE
PROCEEDINGS WE WILL NOT ACCEPT
DISRUPTIVE BEHAVIOR OR BEHAVIOR
THAT INCITES OR THREATENS
VIOLENCE. EVEN VEILED THREATS WE
APPLY THESE RULES TO ALL PEOPLE
WHO PARTICIPATE IN OUR
PROCEEDINGS. THANK YOU FOR
BEARING WITH US A WE IMPLEMENT
METHODS TO CONTINUE TO SERVE THE
PEOPLE OF CALIFORNIA. WHILE ALSO
BEING VERY MINDFUL AND
RESPECTFUL OF THE PUBLIC HEALTH
CONCERNS THAT ALL OF US FACE.
AGAIN I. DO NOT SEE A QUORUM AND
WE ARE OPERATING AS A SUB
COMMITTEE. WE DO HAVE AN AUTHOR.
IN THE ROOM. SHALL WE GO AHEAD
AND ASSEMBLY MEMBER RUBIO WOULD
YOU LIKE TO PRESENT.
HANG ON JUST ONE MINUTE WE NEED
THE MICROPHONE TURNED ON. RIGHT
NOW THANK YOU AMERICA THANK YOU
MR CHAIRMAN MEMBERS FOR THE
OPPORTUNITY TO PRESENT AB TWENTY
FOUR TWENTY FOUR WHICH BRINGS
DISCLOSURE AND TRANSPARENCY TO
THE CREDIT REPAIR INDUSTRY I
WOULD LIKE TO BEGIN BY THANKING
THE COMMITTEE STAFF FOR THEIR
WORK ON THIS MEASURE AND BY
ACCEPTING THE PROPOSED COMMITTEE
AMENDMENTS UNDER CURRENT LAW
DISCLOSURES AND DESCRIPTIONS OF
SERVICES TO BE RENDERED BY A
CREDIT REPAIR ORGANIZATION ARE
INSUFFICIENT FOR THE MODERN
MARKET PLACE. UNSCRUPULOUS
CREDIT SERVICE ORGANIZATIONS- OR
CSOS ARE PRAYING I CALIFORNIANS
ARE BY CHARGING EXORBITANT FEES
FOR LITTLE OR NO IMPROVEMENT TO
THEIR CREDIT SCORES THESE CSOS
KEEP CONSUMERS IN THE DARK ABOUT
WHAT CREDIT REPAIR WORK THEY'RE
DOING AND CONSUMER CONSUMERS PAY
CONTINUES MONTHLY FEE UNTIL THEY
PROACTIVELY COUNCIL ONLY TO
DISCOVER THEY WILL NOT BE
REFUNDED FOR PAST PAYMENTS THE
PREDATORY SCSO BUSINESS MODEL IS
TO SEND BASELESS TEMPLATES.
DISPUTE LETTERS TO ALL CREDITORS
ON CONSUMERS CREDIT REPORTS
WITHOUT CONSUMERS KNOWLEDGE
THESE FRIVOLOUS DISPUTES DO NOT
ACTUALLY REPAIR THE CREDIT
SCORES OF CALIFORNIANS BECAUSE
CREDITORS AND DEBT COLLECTORS
VALIDATE THE REPORTED ITEMS IN
ACCORDANCE TO FEDERAL LAW YET
CONSUMERS CONTINUE TO PAY THE
CSOS AND THE CSOS REPEATEDLY
SOME THE SAME ROBO LETTERS EACH
MONTH UNDER THE GUISE OF
PROVIDING CUSTOMIZED CREDIT
REPAIR SERVICES AB TWENTY FOUR
TWENTY FOUR WAS INTRODUCED TO
PUT AN END TO A PIECE OF CSO
BEHAVIOR. I TRANSPARENCY FOR
CONSUMERS AND CREATE ETHICAL
STANDARDS TO CONDUCT OF FOR
CALIFORNIA CSO INDUSTRY TOO MANY
CONSUMERS IN CALIFORNIA ARE
PURCHASING AND OPAQUE SERVICE
WITHOUT TRULY UNDERSTANDING THE
IMPACT OR LACK THERE OF THAT THE
SERVICE WILL HAVE ON THEIR
CREDIT SCORES HERE TODAY WITH ME
IS CINDY YAKIN EXECUTIVE
DIRECTOR FOR THE CALIFORNIA
ASSOCIATION OF COLLECTORS AND
ALSO MARTIN LEE LYNCH PRESIDENT
OF THE FINANCIAL COUNSELING.
ASSOCIATION OF AMERICA THANK
YOU. AND WE- CAN SEND IT WILL
HEAR FROM YOU FOR. THANK YOU.
MISTER CHAIRMAN OF FELLOW
COMMITTEE MEMBERS MY NAME IS
CINDY OFTEN I SERVICE THE
LEGISLATIVE CHAIR IN THE-
CALIFORNIA CESSATION OF
COLLECTORS AND ALSO A PAST
PRESIDENT FOR CHC. AB TWO FOUR
TWO FOUR SPONSORED BY THE C. A.
C. AS A DIRECT RESULT OF
CONSUMER PROTECTION ISSUES THAT
HAVE BEEN IDENTIFIED BY OUR
MEMBERS THE COMMUNICATION WITH
CALIFORNIA CONSUMERS. THIS BILL
AMENDS THE CREDIT SERVICES ACT
WHICH WAS ENACTED IN NINETEEN
EIGHTY FOUR. TO ADDRESSTHE
RELATIONSHIPS BETWEEN CREDIT
SERVICE ORGANIZATIONS OR C. S.
AS IN CALIFORNIA CONSUMERS. THIS
BILL UPDATES THE AXE READ
REQUIRES ADDITIONAL DISCLOSURES
AND FOSTERS TRANSPARENCY BETWEEN
. CSOS AND CALIFORNIA CONSUMERS
I SEE FIRSTHAND HOW UNSCRUPULOUS
CSOS HAVE ADOPTED A BUSINESS
MODEL THAT IS SINGULARLY FOCUSED
ON SENDING FRIVOLOUS REPETITIVE
LETTERS DISPUTING COUNTS. THESE
FOR PROFIT CSOS PRANK CONSUMERS
THAT ARE ALREADY STRUGGLING
FINANCIALLY BY CONTRACTUALLY
OBLIGATING THEM TO PAY MONTHLY
FEES FOR CREDIT REPAIR WHEN THEY
COULD DO IT THEMSELVES OR OBTAIN
FREE SERVICES. CONSUMERS
EXPRESSED ANGER THAT THEY HAVE
BEEN MISLED BY THE CSO FOR
PAYING FOR SERVICES WHEN THE
CREDIT SCORE DOES NOT INCREASE.
SPECIFICALLY THIS BILL REQUIRES
A CSO TO INCLUDE IN ITS
AGREEMENTS WITH THE CONSUMER. A
LIST OF INFORMATION THAT THE CSO
WILL SEEK TO DELETE OR MODIFY
DISCLOSE THE ANTICIPATED PAYMENT
REQUIRED FOR THE CONSUMER FOR
SERVICES. PROVIDE CONSUMERS WITH
A MONTHLY STATEMENT OUTLINING
SERVICES PERFORMS IDENTIFIED THE
CSO. AS THE SENDER. OF ANY
WRITTEN COMMUNICATION SENT ON
BEHALF OF THE CONSUMER TO
SPECIFY PARTIES. AND ALSO TO
REGISTER WITH THE FBI AND RE
REGISTER ANNUALLY. THIS BILL
REQUIRES DEBT COLLECTORS INSTEAD
BUYERS TO RESPOND TO DISPUTES
FROM AND COMMUNICATE WITH THE
CSOS ON BEHALF OF CONSUMERS. THE
FAILURE TO RESPOND AND
COMMUNICATE WILL EXPOSE DEBT
COLLECTORS AND THAT BUYERS
POTENTIAL LIABILITY. LEGISLATIVE
COUNCIL HAS ISSUED AN OPINION
STATING THAT. THAT THE MANDATE
TO RESPOND TO AND COMMUNICATE
WITH CSS IS NOT PREEMPTED BY
FEDERAL LAW. ACTUALLY ASK FOR
YOUR SUPPORT YOUR AYE VOTE TODAY
ON AB TWENTY FOUR TWENTY FOUR
THANK YOU. THANK YOU FOR YOUR
TESTIMONY NOW WE'RE GOING TO ASK
THE MODERATOR TO PLEASE CONNECT
US WITH MARTIN LYNCH ON BEHALF
OF FINANCIAL COUNSELING
ASSOCIATION OF AMERICA. GOOD
AFTERNOON MISTER CHAIR CAN YOU
HEAR ME. YES WE CAN. THANK YOU
AND THANK YOU AND MEMBERS OF THE
COMMITTEE FOR THE OPPORTUNITY TO
TESTIFY THIS AFTERNOON MY NAME
IS MARTIN LYNCH BY SERVICE
PRESIDENT OF FINANCIAL COMPANY
ASSOCIATION OF AMERICA. YEAH
YOUR AREAS THE NATIONAL INDUSTRY
TRADE ASSOCIATION REPRESENTING
TWENTY SIX BOB PROSPECTING FOR
CREDIT COUNSELING AGENCIES MOST
OF WHICH PROVIDE A VARIETY OF
LOW COST SERVICES HERE IN
CALIFORNIA. THE FTA STRONGLY
SUPPORT THE ADOPTION OF AB.
TWENTY FOUR TWENTY FOUR FOR THE
FOLLOWING REASONS. THE BILL
LIMITS CUT REPAIR FOR TOUCH A
HUNDRED NINETY DAYS AND
PROHIBITS FUNDS. COMPANIES FROM
REPEATEDLY CHALLENGING THE SAME
ACCOUNTS AND OVER. THE BILL
PROHIBITS THE CHALLENGING PART
REPORT ENTRIES THAT THE CONSUMER
AND THE COVERAGE THEIR COMPANY
SHOULD RECOGNIZE ARE ALREADY
ACTOR. THE BILL ALSO PROHIBITS
IT SENATE THOSE FROM INTELLIGENT
CONSUMERS TO CREATE A NEW CREDIT
HISTORY. BUT USING A DIFFERENT
NAME OR EMPLOYEE EMPLOYEE
IDENTIFICATION NUMBER. THE BILL
REQUIRES UPFRONT DISCLOSURES
DETAILED INFORMATION CONSUMERS
NEED TO KNOW INCLUDING THE
CREDIT REPORT ENTRIES THAT ARE
GOING TO BE CHALLENGED THE BASIS
FOR THAT CHALLENGE THE EXPECTED
COSTS IN THE AMOUNT OF TIME
NEEDED TO CHALLENGE THE GENTRY.
HOST OF CLOSURES WILL HELP
CONSUMERS FULLY UNDERSTAND THE
SCOPE AND THE COST OF THE
SERVICES BEING OFFERED. I
IMAGINE THAT THE OPPONENTS OF AB
TWENTY FOUR TWENTY FOUR WILL
TAKE THE CHECK A LITTLE APPROACH
AND SUGGEST THE PERFECT I WILL
SURELY FALL IF THIS BILL PASSES.
IT WOULD ELIMINATE CREDIT REPAIR
SERVICES FOR THE PEOPLE WHO NEED
THEM PROBABLY. THE MOST. IN FACT
pKIND. THE ROUGHLY EIGHTY
NONPROFIT COMPANY CONTINUES THAT
WE ROUTINELY PROVIDE. CREDIT
REPORT REVIEWS AND PROVIDE
INFORMATION ABOUT REPAIRING
CREDIT FOR FREE. TO BE FAIR
HOWEVER I WILL ACKNOWLEDGE THAT
THERE ARE SOME CONSUMERS WHO
INSIST THEY JUST CAN'T WORK ON
THE CURRENT ON THEIR OWN. THE
MATTER HOW YOU DO THE PROCESSES
ARE HOW LITTLE TIME IT TAKES.
THAT IS CERTAINLY TRUE. FOR
THOSE CONSUMERS AB TWENTY FOUR
TWENTY FOUR WILL PROVIDE
PROTECTIONS IN THE FORM OF
REASONABLE GUARDRAILS THAT EVERY
REPUTABLE SERVICE PROVIDERS
SHOULD BE ABLE TO WORK WITH
THEM. WHICH IS WHY WE URGE ITS
PASSAGE. I THANK YOU AND WOULD
ANSWER ANY QUESTIONS YOU MIGHT
HAVE. THE THANK YOU FOR YOUR
TESTIMONY AND I WILL ASK NOW ARE
THERE ANY OTHER WITNESSES IN
SUPPORT IN THE ROOM. PLEASE COME
FORWARD TO THE MATCH THANK YOU.
JUST SIMPLY STATE YOUR NAME
AFFILIATION AND POSITION MISTER
CHAIRMAN FOR SCOTT GOVERNOR OF
HALF CALIFORNIA FINANCIAL
SERVICES ASSOCIATION IN SUPPORT. THANK YOU VERY MUCH ANY OTHER
MEMBERS WHO WERE. SUPPORTERS IN
THE ROOM SAYING NONE LET US TAKE
A MOMENT TO ESTABLISH A QUORUM.
AND THEN WE WILL MOVE ON THANK
YOU VERY MUCH SECRETARY WILL
YOU. PLEASE CALL THE ROLL.
GRAYSON HERE. GRAYSON HERE. CHEN
CHEN HERE BEAR CAN'T- CAN HERE
CERVANTES CHOI YEAH CHOI HERE MY
FONG. MY FATHER HERE APRIL.
CRISTINA GARCIA CRISTINA GARCIA
HERE WHEN. PETRIE-NORRIS STONE
STONE HERE WICKS. SO WE HAVE
ESTABLISHED A CORD AND WE WILL
CONTINUE WITH THE HEARING OF A
AB TWENTY FOUR TWENTY FOUR
MODERATOR ARE THERE ANY OTHER
WITNESSES IN SUPPORT ON THE
PHONE OR IN THE QUEUE. IF YOU
ARE IN SUPPORT OF AB TWENTY FOUR
TWENTY FOUR WEEKS PREGNANT.
GARDENS ON SORRY ONE AND THEY'RE
ALL I APOLOGIZE I APOLOGIZE ONE
NINE ZERO FOUR A QUESTION OR
COMMENT IN SUPPORT. AND WHAT THE
KIDS GOT A QUEUE SO WE'RE
WAITING FOR THEM TO GET BACK
INTO Q. YEAR. APOLOGIZE ONCE
AGAIN THAT IS ONE NINE ZERO. ANY
pTWENTY NINE PLEASE GO AHEAD.
GOOD AFTERNOON MEMBERS OF THE
COMMITTEE MY NAME IS TANYA
GIPSON HERE. FOUR TWENTY FOUR WE
BELIEVE THAT THE BILL BRING MUCH
NEEDED CONSUMER PROTECTIONS FOR
OUR CONSUMERS WHICH ARE ONE IN
FIVE CALIFORNIANS THANK YOU VERY
MUCH. THANK YOU VERY MUCH AND
JUST A REMINDER NAME AFFILIATION
AND POSITION MODERATOR ARE THERE
IS ANY OTHER. MEMBERS WISHING TO
EXPRESS SUPPORT. IF YOU ARE IN
SUPPORT OF ONE TEN ZERO ONLY THE
BOTTOM LINE THIRTY ONE PLEASE GO
AHEAD. GOOD AFTERNOON WITH THE
TIM LYNCH FROM PLATINUM ADVISORS
ON BEHALF OF THE RECEIVABLES
MANAGEMENT ASSOCIATION
INTERNATIONAL AND WE SUPPORT AB
TWENTY FOUR TWENTY FOUR. THANK
YOU NOW WE WILL GO TO LINE UP
THIRTY PLEASE CONTACT. HELLO CAN
YOU HEAR ME. YES BUT BRENDA BACK
. BRENT ABOUT THE ON BEHALF OF
THE CALIFORNIA CHAMBER OF
COMMERCE IN SUPPORT. THANK YOU.
THANK YOU WE DO NOT HAVE ANY
MORE IN SUPPORT IN THE QUEUE.
THANK YOU FOR THAT AND WE WILL
NOW MOVE ON TO WITNESSES IN
OPPOSITION OUR FIRST WITNESS IN
OPPOSITION THIS PASTOR ANDREW
CHAPEL ON BEHALF OF THE AFRICAN
AMERICAN EMPOWERMENT COALITION
WHO IS HERE IN PERSON. WE'LL
HAVE YOU COME FORWARD. AND A
SECOND WITNESS IN OPPOSITION AS
CHRISTIAN CABALLERO ON BEHALF OF
PROGRESSION PROGRESSION AND WHEN
YOU'RE READY YOU MAY BEGIN.
THANK YOU FOR PRONOUNCING MY
NAME CORRECTLY ONLY HERE IN
CALIFORNIA'S MY NAME TO
PRONOUNCE RIGHT. THE REPORTERS
ARE. MISTER CHAIRMAN I THINK THE
PASTORS IN- LISTED ITS FIRST
WOULD IT BE OKAY IF WE SWITCHED
ORDER THAT WOULD BE FUN OKAY
THANK YOU THANK YOU MISTER
CHAIRMAN THANK YOU COMMITTEE
MEMBER FOR TAKING MY TESTIMONY-
I DON'T REALLY WANT TO GET
CAUGHT UP IN A IN A BACK AND
FORTH WITH WITH THE DEBT
COLLECTORS ON THEIR BILL- I
WANNA TALK ABOUT CONSUMERS IN
CALIFORNIA. THOSE OF THE PEOPLE
THAT MATTER THOSE OF PEOPLE HERE
TO ADDRESS AND I WANT TO GO OVER
SOME STATISTICS. CALIFORNIA
ALONE WE ADDRESS ONE POINT SEVEN
NEGATIVE. ONE POINT SEVEN
MILLION NGATIVE TRADE LINES OR
NEGATIVE ITEMS ON PEOPLE'S
CREDIT REPORT LAST YEAR IN
TWENTY TWENTY ONE. OF THOSE ONE
POINT SEVEN WE WERE ABLE TO
CLEAR HALF A MILLION FIVE
HUNDRED THOUSAND PEOPLE. IN YOUR
DISTRICT ALONG MISTER CHAIRMAN
THERE WAS FOURTEEN THOUSAND
CREDIT LINES THAT WERE REMOVED
FROM CONSUMERS IN YOUR DISTRICT
. ALSO TALK ABOUT COMPLAINTS WE
HEAR A LOT ABOUT COMPLAINTS WE
DON'T SEE ANY OF THEM. THE CFPB
LAST YEAR. HAD FIFTY SEVEN
THOUSAND COMPLAINTS TO THE
PORTAL COMPLAINT PORTAL. OF THE
FIFTY SEVEN THOUSAND ONE HUNDRED
AND ONE. WERE ABOUT US QUICKER
NOW THAT'S ONE HUNDRED ONE TOO
MANY ADMITTED. THAT COLLECTORS
AT SEVEN THOUSAND SIX HUNDRED
COMPLAINTS. SEVEN THOUSAND SIX
HUNDRED. OVER THE LAST THREE
YEARS THE FOR THE CALIFORNIA BBB
HAS RECEIVED EIGHTY FIVE
COMPLAINTS ABOUT US EIGHTY FIVE
. MORE THAN 50% OF THOSE WE
REIMBURSED. SO EVERY TIME I HEAR
ABOUT ALL THESE COMPLAINTS BUT I
DON'T SEE THEM IT'S CONCERNING
TO ME. SECONDLY THIS IS
SUPPOSEDLY CONSUMER BILL. YES
BROUGHT BY DEBT COLLECTORS TO
MAKE AN ENTIRE LIVING. TAKING
PEOPLE TO COURT SEEKING DEFAULT
JUDGMENTS AND BLOWING UP THE
FUNDS TO COLLECT MONEY. NOT ONE
CONSUMER GROUP IF YOU'RE IN
FAVOR OF THIS BILL. AND WHEN
THEY SAY THE CONSUMER
FEDERATION. OF THAT SETTLEMENT
FOLKS THERE GIVEN THAT
SETTLEMENT AND THAT NONPROFIT IS
USUALLY FUNDED BY CREDITORS. SO
THERE'S A CONFLICT OF INTEREST.
WE'RE VERY PROUD OF THE WORK WE
DO ASK THE MEMBERS OF THIS
COMMITTEE IF THE THIS BILL
PASSED. WITH THE FIGURES THAT I
GAVE YOU WITH THE GO UP OR DOWN
NEXT YEAR WOULD MORE
CALIFORNIA'S BENEFIT FROM CREDIT
REPAIR SERVICES WOULD BE WORSE
MANY OF YOU ARE CHAMPIONS OF
AFFORDABLE HOUSING IN THE STATE
OF CALIFORNIA IT'S A HUGE
PROBLEM IN THE STATE. CREDIT IS
A MAJOR PLAYER IN AFFORDABLE
HOUSING IN THE STATE. IF YOU
HAVE POOR CREDIT. YOU'RE LESS
LIKELY TO GET AFFORDABLE HOUSING
WELL IF THERE'S NOBODY HERE TO
FIGHT FOR YOU. AND YOUR CREDIT
REPAIR NEEDS. HOW ARE YOU GONNA
DO IT YOURSELF. PEOPLE I HEAR
ALL THE TIME WHAT PEOPLE COULD
DO THEMSELVES WILL MY MOTHER IS
ELDERLY SHE BARELY SPEAKS
ENGLISH SHE WOULD EVEN KNOW
WHERE TO START THE FEDERAL
CREDIT. WOULD EVEN KNOW WHERE TO
START. AND NOW WE'RE SAYING YOU
DON'T WANT. THAT COLLECTORS HAVE
AT IT GO AFTER MY MOM. FOR SORT
OF PICTURE CREDITORS OF WHICH
YOU CAN BURY DEFENDERS OF. WE
STAND BETWEEN THAT COLLECTIVE TO
CONSUMERS WITH THE LAST LINE OF
DEFENSE. AND THEY WANT TO HAVE I
WAS REMOVED. NOW I RESPECT THE
AUTHOR OF THIS BILL I THINK IT
TOO AND TRYING TO DO THE RIGHT
THING IT'S CLEAR FROM YOUR
HISTORY. YOUR BIG FIGHT ACROSS
CALIFORNIA I JUST THINK THIS
ISN'T THE RIGHT BILL FOR THAT.
SO THANK YOU MISTER. WELL THANK
YOU ALMOST. ASSEMBLY WOMAN RUBIO
AND- A- GERMAN. GRAYSON I'M PASS
AUDREY CHAPLAIN PASTOR THE
PICTURES LOS ANGELES. I'M MORE
IMPORTANTLY- I LEAD A NONPROFIT.
CALLED THE AFRICAN AMERICAN
EMPALME COALITION. WE'RE I'M
ACTUALLY IN THE STREETS. IN IN
IN IN THE NET AT GROUND LEVEL
DOING TO ACTUAL WORK- HELP
MARKET ARTS CONSTITUENTS ARE
CITIZENS. IN OUR COMMUNITY. I
WITH FINANCIAL LITERACY WE DO
WORKSHOPS TWICE A WEEK I SEE
ABOUT TWO. TO THREE HUNDRED
PEOPLE DIFFERENT PEOPLE ACH
EACH MONTH- OF WHICH WE TALK A
LOT ABOUT. CREDIT RESPONSIBILITY
CREDIT REPAIR. AND CREDIT
RECOVERY. AND SO. WHEN WE TALK
ABOUT THIS BILL I'M I'M IMPACTED
BECAUSE I GREW UP. AND YOU KNOW
MOST AFTER AMERICANS AND DOES
LITTLE. BLACK AND BROWN NOBODY
TEACHES US ABOUT. CREDIT MANY OF
THEM DIDN'T KNOW ANYTHING ABOUT
AND- WHERE 54% WITH. WITH POOR
OR NO CREDIT REPORT CREDIT ALL-
SO WHEN I LOOKED AT THIS BILL.
YOU KNOW IT WAS KIND OF
INSULTING AN INTERESTING. AND
BY- THAT. THERE'S SOME THINGS
ABOUT THIS BILL. BETTERMENT
SMOKESCREEN BY THE GOOD STUFF
BUT THE MAIN THING IS- IT'LL
ACTUALLY PUT US IN POSITION TO
NOT GET ANY PROFESSIONAL HELP.
MOST PEOPLE THAT THAT I COULD
WHERE I COME FROM. THEY DON'T
KNOW ANYTHING THEY DON'T KNOW
HOW TO HOW TO GO ABOUT IMPROVING
THEIR CREDIT. SO WHY TAKE AWAY
THEIR PRIVILEGE. TO HIRE
PROFESSIONAL OR- COME TO KEEP IT
AFFECTS EVEN ME AS A NON PROFIT-
WE GOT A MARK AREN'T MARK ARE.
YOU KNOW LETTERS AND ALL THAT
KIND OF THING. THAT'S GOING TO
BE. IT THAT'S JUST A SMALL
SCREEN FOR THE LOOPHOLE. THAT'S
IN THE FEDERAL LAW. THAT LETS
THEM JUST ALL IT IS A WAY. THAT
DOES NOT BENEFIT CALIFORNIANS
I'M A PROUD CALIFORNIA- I'M
PROUD OF ALL OF OUR ELECTED
OFFICIALS BECAUSE ALL OF YOU ARE
VERY CONSUMER- FRIENDLY YOU PUT
YOU PUT YOUR CITIZENS FIRST-
IT'S JUST IRONIC THAT THE
CREDITORS- ARE THE ONES TO BRING
THE BILL IN ITS I'M INSULTED AT
THE SANDY SPEAKING ON BEHALF OF
MY COMMUNITY. THAT'S A PROBLEM
IT'S NOT CHICKEN LITTLE IS A
PROBLEM. INTO YOUR BILL WHERE
WE'VE BEEN. HOW DO YOU GET THE
RIGHT TO SPEAK FOR US. THE WITH
THIS BILL IS- IF US IN A- TO
KNOW GIVE YOU THE- THAT WE NEED
FOR PROPER. AND SO I I'M IN
TOTAL OPPOSITION TO IT. AND I
THINK THE MOST OF MY COMMITTEE
MY COMMUNITY IF THEY KNEW ABOUT
THIS KIND OF THING WE PROBABLY
WOULD FILL THIS PLACE UP. SAYING
NO WE DON'T WANT THIS. THANK
YOU. THANK YOU FOR YOUR
TESTIMONY NOW WE WILL TURN TO
THE ROOM ARE THERE ANY OTHERS IN
OPPOSITION THAT WOULD LIKE TO
STATE THAT OPPOSITION IN THE
ROOM. SEEING NONE MODERATOR WE
WILL NOT TURN TO THE PHONE LINES
ARE THERE ANY WITNESSES IN
OPPOSITION ON THE PHONE LINE.
YOU ARE NOTPOSITION AB TWENTY
FOUR TWENTY FOUR IT'S ONE THEN
ZERO. ONCE AGAIN OPPOSITION AND
ONE THEN ZERO. WE DO HAVE SO
MANY QUEUING UP HERE'S A LOOK AT
JUST ONE MOMENT. BUT AGAIN WE'RE
LOOKING FOR OPPOSITION. OKAY
MAKING HIMSELF UP TO YOU SO WE
DO NOT HAVE ANYBODY IN
CONSTRUCTION. THANK YOU FOR THAT
MODERATOR I WILL NOW CLOSE-
WITNESS TESTIMONY BRING IT TO
THE COMMITTEE FOR ANY QUESTIONS
OR CONCERNS ASSEMBLY MEMBER STOP
. THANK YOU INTO THE AUTHOR PREP
YOU COULD ADDRESS THE OPPOSITION
THAT THEY RAISE ME DID IT DOES
SEEM LIKE. WHEN WE'RE TRYING TO
PROTECT CONSUMERS. AND THEN WE
HAVE TO BE CAREFUL ABOUT
CONFUSING SO ABSOLUTELY- TAKE ON
THE ABSOLUTELY- YOU KNOW AND YOU
MADE A STATEMENT ABOUT HIRING A
PROFESSIONAL- TO HELP YOU WITH A
CREDIT REPORT AND I'VE BEEN IN
SITUATIONS. AS A COMMUNITY
MEMBER AND A FORMER TEACHER AND
A WOMAN OF COLOR I CAN TELL YOU
THAT MY COMMUNITY IS EXACTLY
LIKE YOUR COMMUNITY AND WHEN WE
HIRE PROFESSIONAL UNDER THE
ASSUMPTION THAT THIS IS THIS IS
GOING TO HAPPEN- AND IT DOESN'T
HAPPEN WE ALSO DON'T UNDERSTAND
WHERE WE CAN GO TO MAKE THAT
CHANGE- BECAUSE WE DON'T HAVE
THE FINANCIAL LITERACY WE DON'T
HAVE THE- THE- LITERACY TO. TO
NAVIGATE SOME OF THESE ISSUES
AND SO SPECIFICALLY MY INTEREST
IN THIS BILL WAS- BACKED ON THE
FIELD THE SEATTLE WILL BE
REQUIRED TO. SPECIFY WHAT YOUR
CREDIT- TRADE LINES ARE GOING TO
WORK ON IN THE CONTRACT I'VE
BEEN ONLINE WHERE WHERE ALL
THESE CREDIT REPAIR REPAIR
AGENCIES SAY ALL WE'RE GOING TO
FIX IT IT DOESN'T SAY
SPECIFICALLY HOW. RIGHT AND
THAT'S TO YOUR POINT WE DON'T
KNOW HOW TO DO IT SO I'M NOT
TRYING TO ELIMINATE- KIND OF THE
SERVICE OF THE OF THE INDUSTRY
BUT I WANT TO MAKE SURE THAT
THOSE OF US THAT DON'T
UNDERSTAND- GET SPECIFIC
INFORMATION AS TO WHERE AND
AGAIN WHAT THE WHAT TRADE LINES
ARE GOING TO WORK ON- AND
PROVIDE MONTHLY STATEMENTS TO
CONSUMERS WHICH SHOW THE WORK
DONE IN EXCHANGE- MY COMMUNITY
MEMBERS KEEP PAYING AND PAYING
AND PAYING. AND THEY DON'T KNOW
WHAT THEY'RE PAYING FOR SO I A
MONTHLY REPORT TO OUTLINE WHAT
THEY'RE SPECIFICALLY WORKING ON-
ON THEIR BEHALF WOULD BE
SOMETHING THAT THAT I THINK
WOULD BE BENEFICIAL I'M-
ESPECIALLY IF THEY'RE BEING
CHARGED FEES- YOU WE ALL GOT
INTO THE TRAPS WHERE YOU SIGN UP
AND IF YOU DON'T CANCEL YOU KEEP
GETTING THE FEES CHARGED WHEN
YOU'RE IN A FINANCIAL SITUATION
LIKE THAT. THE LAST THING YOU DO
IS START CHECKING YOUR BILLS
BECAUSE YOU'RE AFRAID OF LOOKING
AT THOSE BILLS AND SO YOU'RE
NEVER GOING TO STOP THAT MONTHLY
CHARGE- FROM THE CONSERVADOR
CREDIT REPAIR AGENCY AND ALSO
GIVE CONSUMERS COPIES OF THE
LETTERS SENT ON THEIR BEHALF-
THE- TWO YOUR- THE COME. HOW
BEEN ABOUT THESE GENERIC LETTERS
RIGHT WELL THE CONSUMER NEVER
GETS TO SEE THOSE WHATEVER YOU
SEND. MY TURN UP WHAT IT
WHATEVER YOU SEND- AGAIN WE'RE
ALL AFRAID OF LOOKING IN THE
MAIL FOR THOSE BILLS YOU'RE NOT
LOOKING AT THE MAIL YOU'RE NOT
LOOKING ONLINE AND YOU'RE NOT
CHECKING YOU KNOW WHAT YOUR
BILLING FORM FOR ME SPECIFICALLY
I WANT TO MAKE SURE THAT THOSE
CONSUMERS YOU'RE TALKING ABOUT.
HAVE SPECIFICS AS TO WHAT'S
BEING DONE ON THEIR BEHALF
INSTEAD OF YOU KNOW TRYING TO
FIGURE OUT HEY IT'S BEEN SIX
MONTHS AND NOTHING HAS HAPPENED
AND SO THAT'S REALLY THE INTENT
FOR ME NOT TO PUT YOU OUT OF
BUSINESS BECAUSE TRUST AND
BELIEVE THAT I KNOW HOW MANY OF
MY FOLKS IN THE BACK. WE ALL
WANT- WE ALL HAVE THE DREAM OF
HOMEOWNERSHIP AND YOU CAN'T DO
THAT WITHOUT A GOOD CREDIT SO
I'M NOT TRYING TO PUT YOU ON A
BUSINESS I'M JUST TRYING TO MAKE
SURE THAT THE PEOPLE THAT YOU'RE
YOU'RE HELPING OF THAT WE'RE
TRYING TO HELP. HAVE THE
INFORMATION AS TO WHAT'S
HAPPENING ON THEIR BEHALF AND
MOST IMPORTANTLY TO ME AS- IF
NOTHING'S HAPPENING THEY DON'T
KEEP PAYING THAT MONTHLY FEE IF
NOTHING IS HAPPENING AND SO
AGAIN I'M NOT TRYING TO PUT YOU
OUT OF BUSINESS I'M TRYING TO
JUST TRYING TO MAKE SURE THAT
WHAT'S HAPPENING IS CLEAR. WHEN
YOU'RE IN A FINANCIAL SITUATION
LIKE THAT THE LAST THING WE ALL
PUT OUR HANDS IN THAT OUR HEAD
IN THE SAND TRYING TO IGNORE
EVERYTHING THAT'S GOING ON AND
IF THESE ARE C. AS OLDER
PROMISING. TO FIX FOLKS CREDIT
THEM THAT'S WHAT THEY SHOULD BE
DOING SO- I DON'T KNOW IF THAT
ANSWERS YOUR QUESTION BUT FOR ME
THAT'S THE INTENT OF THIS BILL.
THANK GOODNESS ASSEMBLY MEMBER
STONE FOR THAT QUESTION VICE
CHAIR. GEN THANK YOU MISTER
ADULTS. AS ONE TO THANK AS A
MEMBER. BRING THIS. IMPORTANT
AFFORD YOU KNOW I BELIEVE THAT
ONE OF THE MAIN ISSUES OF THIS
BILL THAT. HELPS CONSUMERS IS
THE ISSUE TRANSPARENCY AND I
THINK. WITH THIS BILL IT GIVES.
THE CONSUMER AND AN OPPORTUNITY
TO MAKE INTELLIGENT DECISION
REGARDING THEIR- THEIR CREDIT
SERVICE REPAIR ALSO- PREVENTS
FROM ANY UNFAIR. OR DECEPTIVE
ADVERTISING AND FOR ME
PERSONALLY I THINK HAVING A- A
QUICK REPORTER CONSUMER REPORT
GIVEN TO THE CONSUMER. IS NOT.
OPPRESSIVE AND I THINK ACTUALLY
IT'S CRUZ TRANSPARENCY IN
INFORMATION TO THE CONSUMER. AND
WHICH- THEY CAN MAKE A-
INFORMED. INTELLIGENT INSIGHTFUL
DECISIONS SO I'M A CO AUTHOR OF
THIS BILL. AND ON. A PART OF
SUPPORTERS OF THANK YOU FOR
BRINGS FORTH. THANK YOU VICE
CHAIR AND THIS MEMBER. BARKHANE
THANK YOU AND I WON I THINK MISS
BILL FOR SO ELOQUENTLY-
EXPLAINING THE BENEFITS OF THIS
BILL I THINK IT HAS A LOT IN IT
THAT'S REALLY GOOD THAT WILL
PROVIDE TRANSPARENCY BETTER
ENFORCEMENT AND OVERSIGHT I
THINK THE HEART OF WHAT THERE IS
I MEAN IF I THOUGHT THERE WERE
TWO ISSUES THAT THE OPPOSITION
WAS REALLY FOCUSED ON ONE
COMMITTEE IS ADDRESSED IN THEIR
AMENDMENTS FOCUSED ON THE BURDEN
OF PROOF AND THE SECOND REMAINS
THIS QUESTIONABLE LETTERS RIGHT.
AND I GUESS THE QUESTION THAT I
WAS LEFT WITH IS. THE PEOPLE
THAT I THINK EVERYONE SITTING
HERE ON THIS DIRE S. INCLUDING
YOU CARES ABOUT OTHER CONSUMERS.
RIGHT WE WANT TO MAKE SURE
CONSUMERS ARE TAKEN CARE OF
FIRST AND FOREMOST. AND YOU KNOW
WE'RE WE'RE STUCK BETWEEN TWO
INDUSTRIES BOTH OF WHICH HAVE
BAD ACTORS AND- RIGHT AND SO I
THINK. I JUST WANT TO CENTER
CONVERSATIONS ON THE CONSUMERS
AND DOING WHAT IS BEST FOR THEM.
AND AS I LOOKED AT THIS QUESTION
OF YOU KNOW TAKING AWAY THE
ABILITY OF THESE SERVICERS TO
SEND COMMUNICATIONS. ON BEHALF
OF THEIR CLIENTS IS AN ATTORNEY.
WHEN WE CLEAR ATTORNEYS AS YOU
SAW THE CONSUMER JOURNEYS WILL.
DO IT ALL THE TIME I MEAN THAT
IS WHAT YOU DO WHEN YOU
REPRESENTS ONE OF THEIR BEHALF
RIGHT AND I INDICATED THAT I WAS
THE ATTORNEYS IN THOSE LETTERS
BUT- WHEN YOU'RE WORKING ON
SOMEONE YOU HAVE THAT POWER OF
ATTORNEY TO DO IT YOU CAN WRITE.
ON THEIR BEHALF AS THEY DO AND
WE'RE TAKING THAT ABILITY AWAY
AS- THE- ANALYSIS CLEARLY
INDICATED UNDER FEDERAL LAW IT
WOULD THEN STOP THE DEBT
COLLECTORS FROM HAVING TO
RESPOND. IN THE SAME WAY AS IF
IT'S WRITTEN FROM THE CONSUMER.
SO THAT PEACE DOES NOT FEEL
LIKE. THERE'S A BENEFIT TO THE
CONSUMER AND I GUESS I WOULD
LIKE THE SPONSORS TO EXPLAIN
WHAT THEY SEE THE BENEFIT TO
CONSUMERS MAX THAT'S NOT A
TRANSPARENCY ISSUE. STILL
PROBABLY GO AHEAD AND TAKE THAT
WHEN I THINK WHAT WE'RE TALKING
ABOUT HERE IS. IN ULTIMATELY
THIS- WHETHER OR NOT THE DEBT
COLLECTORS ARE OBLIGATED UNDER
CURRENT FEDERAL LAW TO RESPOND
TO IT A CONSUMER DISPUTE AND
VALIDATE THAT DEBT- THIS ISSUE
CAME UP WE ACTUALLY DID ENTER AN
AMENDMENT INTO OUR BILL THAT
REQUIRES ALL DEBT COLLECTORS.
I'M NOT REGARDLESS OF THE SENDER
WE HAVE TO NOW RESPONDS TO EACH
AND EVERYONE OF THOSE DISPUTES.
OKAY SO- WHETHER IT'S FEDERAL
LAW OR STATE LAW THE STATE LAW
NOW IS ENTERED INTO TWO FOUR TWO
FOUR- WHICH REQUIRES ALL OF US
TO RESPOND WHETHER IT'S
DISCLOSES THAT ITS PROMISE YES
SO OR WHETHER IT'S FROM AN
ATTORNEY OR WHETHER IT'S FROM
THE DEBTOR THEMSELVES. AND I
DON'T KNOW IF THAT ANSWERS YOUR
NO BECAUSE I ASKED WITH A
BENEFIT TO THE CONSUMER AS OF
THEM IDENTIFYING THEMSELVES AND
I STILL DON'T HAVE AN ANSWER
OKAY. SO THE OTHER BENEFIT TO
THAT IS IF RIGHT NOW THE- IF THE
LETTER IS COMING DIRECTLY FROM
THE CONSUMER OR- THE CONTRACT
WITH THIS YES SO. WE DO NOT KNOW
THAT THE- THE CSO IS THAT
DISPUTE VALIDATION IS GOING
DIRECTLY TO THE CONSUMER THE CSO
HAS NO IDEA THAT WE HAVE ALREADY
VALIDATED AND PROVIDED PROOF. TO
THE CONSUMER. VALIDATING THAT
ACCOUNT. SO THEN THEY CONTINUE
TO GET CHARGE FROM THE CSM. IT'S
LIKE THIS PERPETUAL LOOP. THAT
IS NOT CLOSED AND SO THEY
CONTINUE TO GET CHARGED BY THE
CSO. SO OKAY SO WHAT I'M HEARING
FROM THE COLLECTORS IS THAT THE
BENEFIT IS THAT IT WOULD SAVE
THE CONSUMER MONEY BECAUSE OF
THE LETTER WENT DIRECTLY TO THE
SERVICING ORGANIZATION. THEN
THAT CHARGES WOULD STOCK IT
CLOSES THAT LOOP IF THE DATA IS
VALID AND WE PROVIDE THE PROOF
READING THIS IS A VALID DEBT
HERE'S A STATEMENT OF ACCOUNT.
OKAY BATES REPORTED AS A
DISPUTED COUNTING YOUR CREDIT
OKAY THAT CLOSES THE LOOP IT'S
NOT IT'S A VALID ACCOUNT CANNOT
BE REMOVED- IF IT'S PAID THEN
IT'S SHOWING AS PAID BUT
WHATEVER'S BEING REPORTED TO THE
CONSUMER CREDIT FATHER HAS
ACCURATE TRUE CORRECT RIGHT.
UNDERSTOOD SO I WOULD LOVE TO
HEAR THE OPPOSITION'S RESPONSE
TO THAT WOULD THAT HELP THE
CONSUMER KNOW WHERE. I'D WE
COMMUNICATE WITH OUR CONSUMERS
ALL THE TIME THEY HAVE ACCESS TO
A PORTAL WITH A SIGN ON SEE
EVERYTHING THAT'S HAPPENING IN
THE ACCOUNT ACTIVE. REAL TIME
SERVICE THERE IS IT'S UNDENIABLE
THAT FEDERAL LAW TRUMPS. STATE
LAW ON THIS ISSUE EVEN THE
COMMITTEE ANNOUNCES THAT
KNOWLEDGE IS IT. ON PAY AT I
WILL GO THROUGH IT ON. IN HERE
THE COMMITTEE THE COMMITTEE
ANNOUNCES ACKNOWLEDGES THAT THIS
WILL MAKE IT VERY DIFFICULT FOR
CSOS TO OPERATE IN THE STATE. TO
DENY THE FEDERAL LAW WHICH TRUMP
HERE IS JUST A MISAPPLICATION
AND MISINTERPRETATION OF THE
LAW. IF WE HAVE TO MARK OUR
LETTERS. THEY CAN SIMPLY IGNORE
THE LETTERS. THERE'S BEEN TWO
FEDERAL LAWSUITS WITHIN THE LAST
YEAR THE FIFTH CIRCUIT TENTH
CIRCUIT WOULD AFFECT ELECTORS
BROUGHT SUIT AGAINST US ON THIS
MARKET ISSUE. WE WON IN BOTH
CASES. SO THIS IS FOR- SHOPPING
THIS IS FINDING A STATE THEY'LL
DO WHAT THE COURT WILL DO.
THEY'RE ASKING THIS LEGISLATIVE
PLEASE DO WITH THE COURTS WILL
DO. AND CORRECTED SO THAT WE
DON'T HAVE TO RESPOND TO THESE
CONSUMERS CLEAR AS DAY WE HAVE A
LEGAL OPINION ON FILE AS WELL.
OKAY SO YOU DIDN'T ANSWER MY
QUESTION HERE SO. THAT WOULD BE
EVEN MORE I'M HAPPY TO THE WHY
QUESTION WAS IF THE LETTER WERE
TO GO TO YOU INSTEAD OF THE
CONSUMER AS THE SPONSORS HAVE
INDICATED WITH THAT CLOSE THE
LOOP AND THE CHARGES FOR THE
CONSUMER THAT'S THE BENEFIT
THAT'S BEEN DESCRIBED TO ME BY
THE SPONSORS ONCE. ONCE THE DATA
HAS BEEN VALIDATED ON SOMEONE'S
CREDIT REPORT THAT THE CONSUMER
THAN THE RELATIONSHIP CEASES
WITH US IT WOULD BE A MATTER OF
SEMANTICS FOR THE LETTER GOES TO
THEM THEY TELL US OR WE GET THE
LETTER IT'S- SO HOW OFTEN DO
CONSUMERS AND I YOU MAY NOT KNOW
THIS UP HAVE YOUR HATS I'M GOING
TO GIVE. A LITTLE BIT OF GRACE
HERE BUT I GUESS SO I'M AS THE
AUTHOR SAID YOU KNOW I AM A-
BUSY PERSON WHO CHECKED MY MAIL
IN THE MAIL BY MY DOOR MAY PILE
UP EDUCATION. I THINK MANY OF US
IN THIS ROOM EXPERIENCE WHEN
WE'RE BUSY- AND SO I GET THOSE
LETTERS BACK. VALIDATED IT AND
NOW THE RELATIONSHIP ISN'T
CEASING TO EXIST BECAUSE IT'S
SITTING IN MY PILE BY THE DOOR
AND YOU HAVE NO WAY OF KNOWING.
SO I THAT I THINK SHE HAS
ACTUALLY INDICATED A SITUATION
THAT WOULD CAUSE THE CONSUMERS
TO PAY MORE I MEAN YOU HAVE. A
RESPONSE TO THAT SO THE SCENARIO
WOULD BE THAT THE LETTER WOULD
COME TO US AND THEN WE WOULD
KNOW IT'S VALIDATED SO WE WOULD
BE ABLE TO STOP THE RELEASE YES.
MAY I MAY COME. IN EVERY CREDIT.
A DOES HAVE THIS THEY HAVE A
SUBSCRIPTION PAID TO BEGIN WITH.
I MEAN I THINK WITH THE ONE THE
BABY OUT WITH THE WATER- WE- WE
DON'T DO THAT. I MEAN SUPPORT AS
A NONPROFIT- IF THEY GET THE
LETTER THERE IS NOT GOING TO BE
A CHARGE THE NEXT MONTH SO. I
MEAN. IT HURTS IT HURTS
EVERYBODY SOLD IN A PERSON HURTS
THE MOST IS GOING TO BE
CONSUMER. GOT IT I MEAN IS THERE
A WAY I GUESS I'M TRYING TO FIND
A HAPPY MEDIUM BECAUSE I SEE THE
BENEFIT THE CONSUMER. IS CLEARED
TO HAVE PEOPLE LIKE THE PASTOR
SENDING THESE LETTERS ON THEIR
BEHALF THIS IS A MORASS AS
ACTUALLY. BEING ALICE'S
INDICATED. THIS IS COMPLICATED.
THE AVERAGE CONSUMER CANNOT DO
THIS ON THEIR OWN AND SO THE
IDEA THAT. WE'RE SAYING THAT YOU
CAN'T DO THIS ON THEIR BEHALF-
IF YOU DO IT ON THEIR BEHALF
THEY'RE NOT GONNA GET THE SAME
LEVEL OF RESPONSIVENESS DOESN'T
FEEL RIGHT TO ME. BUT I DO
UNDERSTAND. YOU KNOW THAT WE
WANT YOU TO HAVE THE INFORMATION
THAT'S BEEN VALIDATED IF THAT.
ENDS THE CYCLE OF PAYING FOR THE
CONSUMER. SO IS THERE A WAY TO
DO BOTH IS THERE A WAY TO ENSURE
IT. I MEAN I GUESS IF YOU'RE NOT
LISTED THERE'S NO WAY FOR THE-
COLLECTORS TO KNOW TO SEND IT TO
YOU. RIGHT WHICH WAS THE
ARGUMENT MADE BY THE SPONSORS-
SO. I DON'T KNOW WHAT THE
SOLUTION HERE IS BUT I THINK
THAT- THIS PIECE OF THE BILL
FEELS LIKE ADS WRITTEN. NEED IT
TO BE RIGHT WE'RE SEIZING ALL
COMMUNICATIONS THAT WOULD
ADEQUATELY GET A RESPONSE WHICH
I DON'T THINK IS IN THE BEST
INTEREST OF THE CONSUMER AS THE
PASTOR IS SAYING- BUT WE ALSO
WANT TO MAKE SURE THAT THEY'RE
ONCE IT'S VALIDATED THEY'RE NO
LONGER PAYING BECAUSE THE
SERVICE IS. DONE SO I THINK YOU
KNOW I TRUST THE AUTHOR AND I
THINK WE CAN GET TO A PLACE
WHERE WE'RE DOING BOTH OF THOSE
THINGS AND PROTECTING AND REALLY
AGAIN CENTRING THE CONSUMER AND
THAT'S BECAUSE THEY ARE THE ONES
WE CARE MOST ABOUT. BUT IT IS
CRITICAL TO ME THAT THOSE
LETTERS CONTINUE TO BE RESPONDED
TO AND SENT BY THE PEOPLE WHO
UNDERSTAND THIS SYSTEM. BECAUSE
IT'S NOT THE CONSUMERS WHO HAVE
THE DEBT. AND WE ALL KNOW THAT
SO- YOU KNOW I'LL BE SUPPORTING
IT TODAY BUT I REALLY HOPE WE
CAN WORK TO GET THAT PASSED.
ABSOLUTELY AT THE END OF THE DAY
THE TO THE YOU KNOW TO YOUR
POINT IS OUR GOAL IS TO- PROTECT
THE CONSUMER AND IT YOU KNOW TO
THE PASTOR'S POINT THERE'S SO
MANY. PEOPLE THAT HAVE GOTTEN
THEMSELVES IN SITUATIONS THAT
THEY CAN'T GET OUT OF I DON'T
WANT TO STOP THEM FROM BEING
ABLE TO BE HELPED BY THE SAME
TOKEN WHEN YOU'RE IN A SITUATION
WHERE WHERE YOU'RE KIND OF- I
GOT A- A- ROPE AROUND YOUR NECK
YOU KNOW YOU DON'T KNOW WHERE TO
GO AND SELL. I THANK YOU FOR
THAT WE DO HAVE ANOTHER MEMBER
HAS A QUESTION DR CHOI. GET THE
- THANK CHAIR ASSEMBLY. RUBIO
YOUR STATE INTO YOUR- PURPOSE OF
THIS BILL IS SO TO PROTECT THE
CONSUMERS ABOUT THE- PROVISIONS-
SAYS THAT THE YOUR YOUR- US YES
SOUL- TO FIND THIS IS SET
FEDERAL RECOGNITION- WITH THE
IDEA FOR PI. FOUR HUNDRED
DOLLARS AND THAT THIS FEE WILL
KEEP ON INCREASING ESTIMATED
THAT THERE'S NO NOR LIMITATION
SO WHO KNOWS OF SEOUL-
EVENTUALLY OF WHEN THIS FEE
RISES ONCE MORE WATER AND UP BY
PAYING A LOT MORE FOR THEIR FEES
SEOUL. I'M IN A TO ME IT IS NOT
THE. PROTECTING THE CONSUMERS.
I'M LOOKING AT WHEN SURE TO
ANSWER EXISTING LAW RIGHT NOW-
RICK. FOR THE CSOS GOOD REGISTER
PROCESS AND THAT FEE TO REGISTER
IS A HUNDRED DOLLARS AND THAT'S
CURRENTLY THE OVERSIGHT FOR THAT
CURRENTLY LIES WITH THE ATTORNEY
GENERAL- AND SO REALLY WHAT THIS
IS LOOKING TO DO NOW IS SHIFT
THAT OVER. INTO THE DEPARTMENT
OF FINANCIAL PROTECTION BECAUSE
THAT IS THE DEPARTMENT NOW THAT
IS THE WATCHDOG FOR CONSUMERS SO
THE BILL AS PROPOSED THERE IS NO
INCREASE IT IS SIMPLY STATED IT
IS STILL THE ONE HUNDRED DOLLARS
AS WHICH IS ORIGINALLY PROPOSED
IN NINETEEN EIGHTY FOUR SO THERE
IS NO INCREASE THE DF PI AS THEY
ARE GETTING THROUGH THEIR
LICENSING IF THEY DEEM IT DOWN
THE ROAD THEY MAY RESERVE THE
RIGHT. TO INCREASE THEIR
REGISTRATION FEES DOWN THE ROAD
BUT THAT IS NOT THE INTENT OF
THE BILL AS DRAFTED I'M SORRY
IN. THE WHAT I READ ABOUT YOU
YOUR BILL IS OTHER. IT OR ALLOW
THE FBI TO PERIODICALLY INCREASE
THE FEE. THEY MAY IF THEY SO
CHOOSE WHAT SORT. DOES THE POINT
UP PERIODICALLY KNOW PERIODICAL
COULD BE EVERY MONTH EVERY YEAR
HOMEOWNERS AND THE TO THE TO THE
LIMITS THAT THAT THEY WANT TO
CHARGE CORRECT- AND I UNDERSTAND
IT'S JUST IT'S A REGISTRY AND
NOT A LICENSING- IT SO THERE IS
A DIFFERENCE- SO IT'S A SIMPLE
APPLICATION PROCESS FOR THE CSOS
RIGHT NOW TO BE ABLE TO FILL
OUT. AND COMPLETE THE
REGISTRATION. DID YOU HAVE P. I.
CURRENT RAMPING UP- RIGHT NOW IN
ORDER TO COVER A LOT OF
DIFFERENT DEPARTMENTS AND
LICENSING INCLUDING DEBT
COLLECTIONS. RIGHT NOW SO IT AND
WE'RE SUBJECT TO THE SAME FEES
AND REGISTRATIONS AS WELL SO I
UNDERSTAND YOUR POINT- IT'S NOT
SOMETHING THAT WE CAN CONTROL
IT'S COMPLETELY UP TO THE BUDGET
AND THE FBI. THEY DO RESERVE THE
RIGHT AND IT SAYS THEY MAY.
SWING DOWN THE REAL BILL HAS NO
ABILITY TO LIMIT TWO HUNDRED
DOLLARS THERE THERE IS A AYE BUT
THERE THERE IS A LIMIT- IN THE
WAY THAT IT'S CURRENTLY WORDED
RIGHT NOW. TO CA- FORGIVE ME AND
HAVE TO TURN TO THAT.
AND IT SHALL NOT EXCEED THAT
WHICH IS REASONABLY UNNECESSARY.
TO SATISFY THE D. F. P. I. COSTS
IN COMPLYING WITH THE DUTIES
UNDER THE TITLE OF REGISTRATION
BASICALLY. A SORE SUBJECT TO
PROVE TO ME. OKAY THANK. ARE
THERE ANY OTHER MEMBERS WITH
QUESTIONS OR COMMENTS. SEEING
NONE. ASSEMBLY TO THE AUTHOR OF
AB TWENTY FOUR TWENTY FOUR THE
RECOMMENDATION IS TO PASS AS
AMENDED TO THE COMMITTEE ON
PRIVACY AND CONSUMER PROTECTION
. YES SIR. AND SO WITH THE
SEATED. WITH THAT THOSE- WITH
THAT I WANTED TO GIVE YOU THE
OPPORTUNITY TO BE ABLE TO. MAKE
A CLOSE ABSOLUTELY THANK YOU
VERY MUCH FOR THE OPPORTUNITY TO
A TO SPEAK AND JUST SO YOU KNOW
THE INTENT IS NOT TO DESTROY THE
CSO INDUSTRY THE POINT IS TO TRY
AND HELP THE CONSUMER AND I'M
OPEN TO SUGGESTIONS AND TO
WORKING WITH- WITHIN REASON I'M
NOT GOING TO MAKE ANY PROMISES
AS I'M SURE YOU WON'T BITE- I'M
WILLING TO AND OPEN TO MAKING. I
AMENDMENTS THAT. WILL HELP THE
CONSUMER THANK YOU THINK. THANK
YOU ASSEMBLY MEMBER I'D I DO
WANNA THANK YOU YOUR STAFF. AND
THE SUPPORTERS OF THE BILL FOR
WORKING WITH THE COMMITTEE AND
OTHER STAKEHOLDERS TO ADDRESS
SOME OF THE CONCERNS THIS BILL I
ALSO WANT TO CONTINUE TO. OR TO
ENCOURAGE YOU TO CONTINUE AS YOU
JUST STATED TO DO SO. THIS TOPIC
CONTINUES TO GENERATE A LOT OF
DISCUSSION AND DEBATE AND- FROM
MY PERSPECTIVE. IT'S CLEAR THAT
THE CREDIT REPAIR INDUSTRY NEEDS
ADDITIONAL OVERSIGHT AND
CONSUMERS NEED ADDITIONAL
PROTECTIONS. I KNOW THAT THIS IS
WHAT THE AUTHORS REALLY TRYING
TO ATTEMPT AND DO AND I
ENCOURAGE EVERYONE TO KEEP
WORKING TOGETHER AS IT WAS JUST
STATED. ON THIS BILL AS IT MOVES
FORWARD FORWARD THROUGH THE
LEGISLATIVE PROCESS. WITH THAT I
AM LOOKING TO ENTERTAIN A MOTION
. OKAY SO I HAVE A MOTION FROM
ASSEMBLYMEMBER. R. K. ON SECOND
FROM. VICE CHAIR CHEN. SECRETARY
PLEASE CALL THE ROLL. THE MOTION
IS TO PASS AS AMENDED REFERRED
TO THE COMMITTEE OF PRIVACY
CONSUMER PROTECTION. GRAYSON HI
GRAYSON NINE CHEN AYE CHAN AYE
AMERICAN WHERE CAN I CERVANTES
CERVANTES AYE. CHOI NOW FOURTEEN
TWENTY NOT VOTING. MICHAEL BUT
MY PHONE I APRIL. CRISTINA
GARCIA CRISTINA GARCIA I WENT.
PETRIE-NORRIS THE TRAINERS HI
STONE STONE HI WICKS. THE BILL
HAS A BOAT. SO THIS BILL HAS
EIGHT VOTES THE BILL GETS OUT WE
WILL HOLD IT OPEN FOR ABSENT
MEMBERS. WE DO HAVE A MOTION TO
MOVE CONSENT BY. ASSEMBLY MEMBER
IS HERE AND THE SECOND BY. AFTER
TWO WOMEN. IT SECTOR CALL THE
ROLL. AB EIGHTEEN- TO DO PASS.
AB TWENTY THREE THIRTY TWO TO
PASS OUR FOR TO COMMITTEE ON
APPROPRIATIONS. AB TWENTY FOUR
THIRTY ONE TO PASS HER FOR TO
COMMITTEE ON APPROPRIATIONS
RECOMMENDATION TO CONSENT. IN AB
TWENTY FOUR THIRTY THREE DO PASS
REFER TO COMMITTEE ON
APPROPRIATIONS GRAYSON HI
GRAYSON NINE CHAN. CHAN I CAN'T. CERVANTES TORONTO I CHOI HI
CHOI HI MY FONG BUT MY PHONE
LINE APRIL. CRISTINA GARCIA
CRISTINA GARCIA I WENT.
PETRIE-NORRIS IN ORDER AYE STONE
STONE I WICKS. IS A BOTH EIGHT
VOTES THE CONSENT CALENDAR
PASSES WE WILL KEEP THAT OPEN
THE TWELFTH THE NEXT ROLE IN
FILE ORDER IS AB SEVENTEEN
EIGHTY FILE ITEM THREE THE
RECOMMENDATIONS TO PASS AS
AMENDED TO INCLUDE A FIVE YEAR
SUNSET FOR THE BILL'S MAIN
PROVISIONS MISTER VICE CHAIR
WHEN YOU'RE READY PLEASE BEGIN
WITH YOUR TESTIMONY. THANK YOU
MISTER MEMBERS FOR ALLOWING ME
TO PRESENT AB SEVENTEEN EIGHTEEN
FIRST OFF I WANT TO THANK THE
COMMITTEE FOR WORKING SO HARD
WITH MY STAFF ON THIS BILL AND
WE'RE MORE THAN HAPPY TO ACCEPT
THE COMEDIAN AMENDMENTS TO
CREATE A FIVE YEAR SUNSET.
CURRENTLY AN EXISTING LAW
PROHIBITS CORPORATIONS FROM
CONDUCTING A MEETING OF
SHAREHOLDERS REMOTELY. HOWEVER
ON MARCH THIRTIETH TWENTY TWENTY
GOVERNOR GAVIN NEWSOM SIGN
EXECUTIVE ORDER. AND FORTY
TWENTY AS A MEANS OF ADDRESSING
THE CHALLENGES RESULTING FROM
THE COVE IN NINETEEN PANDEMIC.
UNFORTUNATELY THESE PROVISIONS
ARE TEMPORARY AND EXPIRE IN THE
EARLY TWENTY TWENTY TWO. THE E.
L. HAD GIVEN MANY BENEFITS THE
COMMUNITY BY DRAMATICALLY
INCREASING THE NUMBER OF
ATTENDEES AT THESE MEETINGS. AS
WELL AS THEIR ENGAGEMENT.THIS
BEING SAID. AB SEVENTEEN EIGHTY
WOULD BUILD UPON THAT YEAR WHEN
AUTHORIZED SUPPORT TO DETERMINE
THAT A MEETING MAY BE CONDUCTED
VIRTUALLY. RATHER IT JUST IN
PERSON. BUT TODAY WE HAVE-
ESTEEMED GUEST HERE MISTER CAN
COSTS REPRESENTING SDG WHAT
TRICK AND MORE PARKS AND A SOUL
CAL ADDISON. TO GIVE US SOME
WITNESS TESTIMONY. FREES UP
THANK YOU MR CHAIRMAN MEMBERS
CAN'T COUNTS ON BEHALF OF SAN
DIEGO GAS ELECTRIC SOCALGAS
COLLECTIVELY STEPPER IN SUPPORT
OF THE BILL. ABOUT THE AUTHOR
STATED WE'VE BEEN HOLDING REMOTE
MEETINGS LAST TWO YEARS UNDER.
EXECUTIVE ORDERS AND THANK YOU
MISTER CHAIR FOR ALLOWING AN
EXTENSION FOR THIS YEAR'S.
SHAREHOLDER MEETINGS WHAT WE'VE
LEARNED OVER THE LAST COUPLE OF
YEARS AS IT MAKES IT A LOT
EASIER FOR OUR SHAREHOLDERS TO
PARTICIPATE- WE ARE NOT A
CALIFORNIA ONLY COMPANY WITH.
OPERATIONS IN TEXAS MEXICO AND
ELSEWHERE. WHAT WE'VE DISCOVERED
AS WE GET GREATER PARTICIPATION.
OF REMOTELY ALSO WHEN THE
ORIGINAL REQUIREMENTS WHEN IN A
PLACE THAT WAS DECADES AGO. WE
DIDN'T HAVE THE TECHNOLOGY THAT
WE HAVE TODAY BUT ALLOWS NOT
JUST FOR PARTICIPATION BUT FOLEY
ARTIST FULL PARTICIPATION WITH
ENGAGEMENT BACK AND FORTH IN A
DIALOGUE. AND WE ALSO SUPPORT
THE FIVE YEAR EXTENSION TO GIVE
TIME FOR US TO REVIEW THIS. OVER
THE NEXT COUPLE OF YEARS AND
POTENTIALLY COME BACK AND. ASK
FOR YOUR SUPPORT OF AB SEVENTEEN
EIGHTY. THANK YOU FOR YOUR-
THANK YOU FOR YOUR TESTIMONY OR
SECOND WITNESSES LARA PARO ON
BEHALF OF SOCAL EDISON AFTERNOON
LARA PARM HAVE A SOUTHERN
CALIFORNIA EDISON JUST TO ECHO
CAN COUNTS REMARKS ARE FORTY TWO
OTHER STATES ALSO ALREADY HAVE
GONE THE VIRTUAL SETTING SO WE
THINK- THIS'LL HELP BUSINESSES
HERE IN CALIFORNIA MODERNIZE AND
FOR THOSE REASONS WE ASK FOR
YOUR SUPPORT. THANK YOU. THANK
YOU AS WELL WE ARE NOW LOOKING
FOR THE WITNESSES IN SUPPORT IN
THE HEARING ROOM. C. NO STIRRING
WE WILL NOW TURN TO THE
MODERATOR AND THE PHONE FOR
WITNESSES IN SUPPORT. IF YOU ARE
IN SUPPORT OF AB ONE SEVEN EIGHT
ZERO. IT'S ONE DAY IN GENERAL IF
SUPPORT. AB. ONE SEVEN EIGHT
ZERO ONE TEN ZERO. WE DO HAVE A
COUPLE PEOPLE HERE HEARING UP
SORT OF THE TESTAMENT. ONCE
AGAIN THE PORT AB. ONE SEVEN
EIGHT ZERO. AND THEN WE WILL GO
TO THE LINE- EACH YEAR THIRTY
FIVE PLEASE GO AHEAD. HI GOOD
AFTERNOON MY LUCKY LANI ON
BEHALF OF CALCHAMBER FORTY
THOUSAND MEMBERS SPENDING
BUSINESSES OF ALL TYPES AND
SIZES ALL BUT THE PART OF EIGHTY
SEVENTEEN EIGHTY THANK YOUNG.
THANK YOU WE WILL GO TO LINE
NUMBER THIRTY FOUR BY NUMBER
THIRTY FOUR. GOOD AFTERNOON MR
CHAIRMAN MEMBERS ACTUALLY
JUMPING ON THE APPLICANT THAT
THE GAS AND ELECTRIC COMPANY IN
SUPPORT THANK YOU. THANK YOU WE
DO NOT HAVE ANY MORE IN Q.
MESSENGER THANK YOU MODERATOR WE
WILL NOW MOVE TO WITNESSES IN
OPPOSITION WE DO NOT HAVE ANY
PRIMARY WITNESSES IN OPPOSITION
LISTED SO WE WILL GO TO THE
PUBLIC ARE THERE ANY WITNESSES
IN OPPOSITION IN THE HEARING
ROOM. SEEING NONE MODERATOR WE
WILL TURN TO YOU FOR WITNESSES
IN OPPOSITION ON THE PHONE OR IN
THE QUEUE. YOU ARE IN OPPOSITION
AB. ONE SEVEN EIGHT ZERO ONE TEN
ZERO. OPPOSITION ONE THEN BIRO.
CAN WE DO NOT HAVE ANYBODY
GIVING UP MUCH OF CARE. THANK
YOU VERY MUCH DOES THE AUTHOR OR
TO THE COMMITTEE I WANT TO BRING
IT BACK CLOSE TESTIMONY FOR
WITNESSES AND BRING IT TO THE
COMMITTEE FOR QUESTIONS DR CHOI.
YEAH I'LL BE HAPPY TO MAKE A
MOTION TO PASS- BUT THEY DO HAVE
A QUESTION A THE ORTHO WAS
SUPPORTING WITNESS- IN IN THIS
UP AND THEN MAKE- WE HAVE SEEN
IN A LOT OF MEETINGS. AND THE
LARGE OR SMALL ON THROUGH ASSUME-MEETINGS- THE FOR JOINT
MEETINGS. I MEAN THIS IS A FULL
COOPERATION IS- HOWTHEY CONDUCT
A MEETING. IN PERSON OR BY
TELEPHONE WAS SOON A WHY I
WONDER OF THE LEGISLATURE HAS TO
GET INTO IT AND THE GOVERNMENT
YES YOU CAN MEET. IN A VIRTUALLY
ALL WHITE IN PERSON ONLY. AND
THAT MAY BE- THE NON. A IN
SUPPORT THE WITNESS YOU CAN.
TYLER'S IN YOUR OPINION IN
PERSON MEETING VERSUS OF WHICH
ARE WHAT ARE THE PROS AND CONS.
YEAH. YEAH CAN'T COUNT ON BEHALF
OF SEMPRA- IT'S HARD SAID MOST
OF OUR INVESTORS ARE
INSTITUTIONAL INVESTORS WE HAVE
A RELATIVELY SMALL NUMBER OF
INDIVIDUAL SHAREHOLDERS THE
OPPORTUNITY I GUESS WOULD BE TO
BE ABLE TO TALK DIRECTLY TO THE
SHAREHOLDERS ORTO THE TO THE
BOARD BUT YOU HAVE THAT SAME
ABILITY. HAVE REMOTELY SO I
DON'T I DON'T REALLY KNOW AND
THAT'S WHAT WE'VE EXPERIENCED
OVER THE LAST COUPLE YEARS THERE
HASN'T BEEN ANY ISSUES WITH THE
REMOTE ANOTHER BENEFIT OF THE
FIVE YEAR EXTENSION IS TO SEE IF
THERE IS ANYTHING THAT WE'RE NOT
AWARE OF BECAUSE TO THIS POINT
WE HAVEN'T SEEN ANY. REAL
DIFFERENCE AND GREATER
PARTICIPATION A HIGH NUMBER OF
OUR NON INSTITUTIONAL INVESTORS
ARE SENIORS THEY INVEST FOR THE
DIVIDENDS- AND DON'T PARTICIPATE
ALL THAT FREQUENTLY IN THE YEAH
I DO BELIEVE IN IN PERSON
CONTACT IS AT THE FRONT
ENVIRONMENT THE HOWEVER. IN A
SERIES OF BUSINESSES-
INTERRUPTIONS QUESTIONS CAN BE
RAISED EVEN PHONE WAS ON MEETING
SET BUT THAT'S WHY I JUST DON'T
YOU KNOW WHEN I READ THIS ONE MY
GOVERNMENT HAS TO. GET INTO THE
IS AND THE GULF ON. HOW THE
GOING TO THE MEAT SHOULD BE
CONDUCTED ON BOARD MADE SHOULD
BE CONDUCTED. THE COMMITTEE
CONSULTANT COMPARTE CORRECTLY
BUT I THINK IT'S BEEN LAW SINCE
THE MID SEVENTIES FOR IN PERSON.
MEETINGS AND WE JUST DIDN'T HAVE
THE TECHNOLOGY TO ENGAGE IN THAT
. REMOTE TYPE OF SETTING
BACKGROUND. INDUCTOR COMING OUT
I THINK PART OF IT TOO IS IT
GIVES AN OPPORTUNITY FOR OF THE
LEGISLATURE TO PROVIDE SOME
LEADERSHIP AND GUIDANCE FOR SOME
OF THE COMPANIES THAT WE HAVE
THE STATE OF CALIFORNIA DURING
THIS TUMULTUOUS TIMES DURING A
PANDEMIC IN TERMS OF THEIR
CONFUSION SO TO ME THAT'S BILLS
PRAGMATIC IN TERMS OF ITS
APPROACH. I DO SUPPORT. THANK
YOU DOCTOR. SO WE DO HAVE A
MOTION- FROM DOCTOR CHOI. AND WE
DO HAVE A SECOND FROM THE CINEMA
ROBERT K. AND- ARE THERE ANY
OTHER QUESTIONS OR COMMENTS FROM
MEMBERS OF THE DICE. SEEING NONE. ASSEMBLY MEMBER JIM BY STATE
WOULD YOU LIKE TO MAKE A CLOSING
STATEMENT MR ARE RESPECTFUL FOR
PASSWORD IPHONE THANK YOU THANK
YOU VERY MUCH AND I DO COMMEND
YOU FOR BEING A LITTLE LEADER ON
THIS ISSUE THAT WE'RE TRYING TO
FIGURE OUT HOW TO GIVE
CALIFORNIA BUSINESSES ESPECIALLY
IN COMPANIES SOME ADDITIONAL
FLEXIBILITY ESPECIALLY- WITH
WHEN IT COMES TO THEIR ANNUAL
MEETINGS AND SOME AFFECT YOU AND
I JUST WORK TOGETHER TO PASS A
SHORT TERM EXTENSION THAT ALLOWS
FOR FULLY REMOTE SHAREHOLDER
MEETINGS UNTIL JUNE OF TWENTY
TWENTY TWO. WHICH IS A MUCH
NEEDED FIRST STEP WHILE COVERED
NINETEEN PANDEMIC CONTINUES TO
CAUSE- THE BECAUSE A LOT OF
UNCERTAINTY FOR BUSINESSES RIGHT
HERE IN CALIFORNIA BUT I DO
HAVE- I HAVE BEEN LESSEN COMP
ABOUT MAKING THIS OPTION PERMITS
I DO WORRY THAT WE DO LOSE
SOMETHING- WHEN IT COMES TO
VALUE BY HAVING THESE MEETINGS
BE FULLY REMOTE ON A ON A
PERMANENT BASIS AND AFTER ALL-
COMMUNICATION DEBATE WORKS
DIFFERENTLY IN PERSON- THE BATES
YOUR- THEY SAY THAT
COMMUNICATION 70% OF ALL
COMMUNICATION IS NONVERBAL. AND
SO- I APPRECIATE THE ALL THE
DIFFERENT PLATFORMS WE HAVE OUT
THERE TO GO VIRTUAL BUT I ALSO
UNDERSTAND I BELIEVE- THE
SIGNIFICANT VALUE OF IN PERSON
SO WHILE I AM OPTIMISTIC- THAT
REMOTE SHAREHOLDER MEETINGS WILL
CONTINUE SERVE BOTH THE
SHAREHOLDERS AND THE
CORPORATIONS WELL I DO THINK
IT'S APPROPRIATE TO ALLOW THE
LEGISLATURE TO RE VISIT THIS IN
FIVE YEARS TO SEE WHAT
EXPERIENCE- IT'S BEEN LIKE FOR
EVERY PERSN THAT'S OUT THERE
BOTH. CORPORATE SIDE AND OTHERS
SO WITH THAT I DO HAVE A MOTION
AND A SECOND SECRETARY PLEASE
CALL THE ROLL. SOME OF THE BILL
SEVENTEEN EIGHTY TO PASS AS
AMENDED GRAYSON. HI GRAYSON AYE
CHAN AYE CHAN AYE THAR CAN'T.
SIR CAN HIGH. TORONTO'S
CERVANTES I CHOI HI CHOI HI MY
FONG. MY FONG I APRIL. CRISTINA
GARCIA IN A GARCIA I WENT.
PETRIE-NORRIS TRAYNOR'S HI STONE
STONE HIGH. THE BILL HAS NINE
BOTH. REGISTER YOUR BILL AS NINE
VOTES TO GETS OUT WE WILL HOLD
IT OPEN FOR ABSENT MEMBERS
RESEARCHER AND I WILL AT THIS
TIME HANDS. THE GAVEL OVER TO
VICE CHAIR.
THANK YOU MISTER THANK YOU FOR
THE NEXT BILLING FOLLOW ORDERS
AB NINETEEN OH FOUR FILE ITEM
NUMBER SIX THE RECOGNITION TO
PASS TO THE COMMITTEE ON PRIVACY
CONSUMER PROTECTION MISTER
CHARACTER PLEASURE. WITH THAT I
WILL. BE BRIEF GOOD AFTERNOON MR
VICE CHAIR AND MEMBERS OF THE
COMMITTEE I AM PLEASED TO
PRESENT AB. NINETEEN ZERO FOUR
THERE'S BEEN A LOT OF CONCERN
ABOUT THE HARM FROM DECEITFUL
PREDATORY MARKETING PRACTICES
ESPECIALLY IN THE WORLD OF
FINANCIAL SERVICES. IN SOME
CASES TARGETING ADVERTISEMENTS-
TARGETED ADVERTISEMENTS
IDENTIFYING THE CONSUMER BY
NAME- AND THEN LIST DEBTS THAT
THEY ACTUALLY DON'T EVEN- GIVING
THEM THE IMPRESSION THAT THE
MAIL IS ACTUALLY FROM A
CREDITOR. SO THESE TACTICS CAN
BE ESPECIALLY ANXIETY INDUCING
AND HARMFUL FOR FINANCIALLY
VULNERABLE CONSUMERS- AB
NINETEEN ZERO FOUR WILL SIMPLY
ADDRESS THIS BY REQUIRING-COMPANIES TO INCLUDE THREE BASIC
THINGS IN ANY TARGETED DIRECT
ADVERTISEMENT. FIRST THE NAME OF
THE COMPANY SECOND THEIR CONTACT
INFORMATION AND THEN THIRDLY A
STATEMENT THAT INFORMS THE
CONSUMER THEY ARE LOOKING AT AN
ADVERTISEMENT WITH THAT I DO
HAVE A WITNESS HERE TO TESTIFY
DANNY CONDO KISER. ON BEHALF OF
CALIFORNIA LOW INCOME CONSUMER
COALITION. GOOD AFTERNOON VICE
CHAIRMAN BIRDS IT'S WONDERFUL TO
HAVE YOU BACK IN THIS ROOM AGAIN
AFTER TWO YEARS. MY NAME IS
DANNY KENDALL KAISER I'M HERE ON
BEHALF OF CLICK A CLICK AS A
STATEWIDE COALITION OF LEGAL AID
PROVIDERS THAT SEEK TO ENSURE
THAT LOW INCOME CONSUMERS HAVE
THEIR VOICES HEARD AND
LEGISLATURE. WE URGE YOUR
SUPPORT OF AB NINETEEN OH FOUR
WHICH WILL STRENGTHEN THE
STANDARDS AROUND DIRECT
MARKETING TECHNIQUES USED BY
CONSUMER FINANCIAL SERVICE
PROVIDERS. LAST YEAR WE WERE
PROUD TO PARTNER WITH- FELLOW
COMMITTEE MEMBER ASSEMBLY MEMBER
WICKS TO PASS AB FOURTEEN OH
FIVE WHICH PUTS IN PLACE NEW
RULES FOR DEBT SETTLEMENT
PROVIDERS. THIS BILL COMPLIMENTS
THAT WORK BY ENSURING THAT DEBT
SETTLEMENT PROVIDERS AS WELL AS
OTHER TYPES OF SERVICE
PROVIDERS. SUCH AS THOSE
OFFERING SO CALLED STUDENT DEBT
RELIEF FOLLOW BASIC DISCLOSURE
RULES WHEN THEY SEND TARGETED
ADVERTISEMENTS TO CONSUMERS-
INCREASINGLY WE SEE THAT
TECHNOLOGY AND BIG DATA
EMPOWERING COMPANIES TO DEVELOP
SOPHISTICATED WAYS OF REACHING
OUT TO CONSUMERS. SOMETIMES
THESE ADS DO NOT EVEN LOOK LIKE
ADS THEY LOOK LIKE MAIL FROM A
BANK OR ANOTHER CREDITOR- AB
NINETEEN OH FOUR SIMPLY CREATES
A STRAIGHTFORWARD DISCLOSURES SO
THAT CONSUMERS ALWAYS KNOW WHEN
SOMETHING IS AN ADVERTISEMENT
FOR THOSE REASONS WE URGE AN AYE
VOTE. THANK YOU FOR YOUR
TESTIMONY- WE DO NOT HAVE ANY
ADDITIONAL PRIMARY WITNESSES
LISTED SO WE'LL MOVE ON TO THE
PUBLIC ARE THERE ANY WHEN THIS
IS A SUPPORT IN THE HEARING
ROOM. SEEING NONE. MODERATOR ARE
THERE ANY OTHER WITNESSES IN
SUPPORT ON THE PHONE. YOUR
SUPPORT OF AB. ONE NINE ZERO
FOUR ONE NINE ZERO. THAT'S IN
SUPPORT OF AB ONE NINE ZERO
FOUR. AND WE DO NOT HAVE ANYBODY
DOING UP THE SWITCH CARE. THANK
YOU SYNONYMES WILL NOW MOVE ON
TO WIN IS AN OPTICIAN- WE DO NOT
HAVE ANY PRIMARY WHEN ISN'T
OPPOSITION LISTED SO WE'LL MOVE
ON TO THE PUBLIC TESTIMONY. ARE
THERE ANYONE IS IN OPPOSITION
HEARING. SEE NON- MODERATOR
THERE ANYONE IS IN OPPOSITION ON
THE PHONE OR THE CUTE. IF YOU
ARE IN OPPOSITION OF AB ONE NINE
ZERO FOUR IT IS ONE NINE ZERO.
AND WE DO NOT HAVE ANYBODY
GIVING UP THE SEARCH CARE. THANK
YOU- WITH THE COMEDIAN LIKE TO
MAKE ANY COMMENTS AS ANY
QUESTIONS. THE BILL HAS BEEN
MOVED AND SECONDED WITHOUT
MISTER WAS LIKE TO MAKE A
CLOSING STATEMENT I RESPECTFULLY
ASK FOR NEIGHBORHOOD THANK YOU.
MADAM PLEASE CALL THE ROLL. AB
NINETEEN OH FOUR DO PASSER FOR
TO COMMITTEE ON PRIVACY CONSUMER
PROTECTION GRAYSON HI GRAYSON
AYE CHAN. CHEN NOT VOTING BEAR
CAN'T- CAN I. CERVANTES
CERVANTES. I CHOI.
THE BILL HAS SEVEN BOTH. THANK
YOU UNSURE THE BILLS OUT THE
NEXT BILL IS AND FOLLOW ORDER AB
TWO ZERO ZERO ONE THE
RECOMMENDATION IS DUE PASSED MR
AT YOUR PLEASURE. THE THANK YOU
MR VICE CHAIR I AM PLEASED TO
PRESENT TO YOU A B. TWO ZERO
ZERO ONE WHICH WILL ALLOW
EMPLOYEES OF LICENSE FINANCE
LENDERS TO WORK FROM HOME SO
LONG AS THEY FOLLOW CERTAIN
RULES AROUND DATA PRIVACY AND
RECORD KEEPING IN RESPONSE TO
COVER NINETEEN PANDEMIC THE
ADMINISTRATION GAVE FINANCE
LENDER SOME FLEXIBILITY TO ALLOW
EMPLOYEES TO WORK FROM HOME THIS
TEMPORARY POLICY HAS WORKED WELL
BUT UNFORTUNATELY IT WILL EXPIRE
WHEN THE STATE OF MERGENCY DOES
END SO ALLOWING REMOTE WORK HAS
PROVEN VITAL FOR EMPLOYERS
INCLUDING THE STATE OF
CALIFORNIA AND ATTRACTING AND
RETAINING TALENT. REMOVING
DISABILITY FOR FINANCE LENDERS
WILL PLACE AN UNNECESSARY BURDEN
ON LICENSEES AS AND THEIR
EMPLOYEES SO AB TWO ZERO ZERO
ONE SIMPLY AUTHORIZES FINANCE
LENDERS TO LET EMPLOYEES WORK
FROM HOME BUT ONLY IF THEY
COMPLY WITH THE BILL STRONG
PROTECTIONS AROUND RECORD
KEEPING DATA PRIVACY AND
CONSUMER SAFETY THIS BILL DOES
GIVE CALIFORNIA BUSINESSES MORE
FLEXIBILITY AND A BETTER CHANCE
TO COMPETE IN THE MODERN ECONOMY
WITH OUT SACRIFICING CONSUMER
SAFETY WITH THAT I WOULD LIKE TO
INTRODUCE MY WITNESS SCOTT
GOVERNOR ON BEHALF OF CALIFORNIA
FINANCIAL SERVICES ASSOCIATION.
THANK YOU MISTER CHAIR MEMBERS
THANK YOU TO THE CONSULTANT
FIRST THOROUGH ANALYSIS- AS WAS
MENTIONED THE DEPARTMENT OF
BUSINESS OVERSIGHT NOW DF PI
AUTHORIZED WORK FROM HOME
GUIDANCE DURING THE COVERT
PANDEMIC- THE SYSTEM HAS WORKED
WELL THIS MEASURE EXTENDS THAT
ALBEIT WITH ADDITIONAL CONSUMER
PROTECTIONS AND AS EMPLOYERS
THERE'S AN EXPECTATION ON THE
PART OF EMPLOYEES NOW THAT THEY
HAVE THE OPPORTUNITY TO WORK AT
HOME AT TIMES THIS MEASURE WOULD
PERMIT THAT MAKING IT EASIER FOR
EMPLOYERS WHAT THE SAME TIME
INCREASING THOSE CONSUMER
PROTECTIONS BEYOND WHAT THE BE-
PUT IN PLACE THE FIRST GO
AROUND. SO. FOR THIS REASON WE
ASK FOR YOUR SUPPORT THANK YOU.
AS I UNDERSTAND THERE'S NO
ADDITIONAL PRIMARY WITNESSES- IS
THAT CORRECT. FOUR AND IF CHAIR
THROUGH THE CHAIR OR VICE CHAIR
IF WE MADE CHARITY SENATORS
ABSOLUTELY. FEW SECONDS I'M-
EVERSLEY COMMITTEE ARMOR ON KING
ST REPRESENT THE- ESCROW
INSTITUTE OF CALIFORNIA WE HAVE
BEEN INACTIVE- DISCUSSIONS WITH-
HE COMMITTEE STAFF- TO
RESPECTFULLY ASK THAT THIS BILL
BE EXPANDED TO ALSO RECOGNIZE
THE IMPORTANCE OF REMOTE WORK.
THAT INDEPENDENT ESCROW
COMPANIES DO WITH ALL THE
CONSUMER PROTECTIONS AND THEN
SOME- THAT EXIST TODAY WITH ONE
NOTABLE- ISSUE THAT WE WANTED
SAY- THE LANGUAGE THAT WE HAVE
PROVIDED COMMITTEE STAFF IN THIS
REGARD- TO EXPAND THE BILL.
WOULD PROVIDE ADDITIONAL
ESSENTIAL CLARITY- TUBE FOR
CONSUMERS AND WE BELIEVE THAT-
AND HOPEFULLY WILL WILL REACH-
SAT SATISFACTORY- MEASUREMENTS-
WORKING WITH THE CHAIR UPON THIS
BILL AS THIS BILL MOVES. THROUGH
THAT PROCESS THANK YOU. THANK
YOU FOR TESTIMONY- SIR- ARE
THERE ANY OF THE WITNESSES IN
SUPPORT OF THE HEARING ROOM.
CHRIS URSO ONE MAIN FINANCIAL IN
SUPPORT OF THE BILL. MODERATOR
ARE THERE ANY OTHER WITNESSES IN
SUPPORT ON THE PHONE. YOUR
SUPPORT FIFTY P. THERE ARE OTHER
ONES IT IS ONE THEN ZERO ON YOUR
PHONE. IN SUPPORT. ONE TEN ZERO.
WE DO NOT HAVE ANYONE QUEUING UP
AS OF NOW. ANNELISE MOVE ON TO
WIN THIS IN OPPOSITION- DO WE
HAVE ANY WITNESSES OPPOSITION.
THERE ARE NO PRIMER WOULD SNAP
SESSION ARE THERE ANYONE IS
OPPOSITION HEARING. SINAN
MODERATOR ARE THERE ANYONE IS IN
OPPOSITION PHONE HERE. YOUR
OPPOSITION OF EIGHTY TWO ZERO
ZERO ONE IT IS ONE THEN ZERO ON
YOUR PHONE. ONE BANK THERE ARE.
QUEUING UP. THAT'S THE COMMITTEE
OTHER ANY QUESTIONS OR COMMENTS
- WOULD ANYONE LIKE TO MOVE A
CERTAIN THE BILL. SO HOW MOVE BY
SOME MCCARTY A SECOND BY SOMEONE
MY PHONE. MISTER CHAIR WAS LIKE
TO CLOSE. THANK YOU VERY MUCH
AND- EXPANSION HAS BEEN A
CONVERSATION HOWEVER CONSUMER
PROTECTION CONTINUES TO BE TOP
PRIORITY AND WITH THAT WOULD
ONLY CONSIDER IT A WITH
SIGNIFICANT INPUT FROM D. D. PFI
SO WITH THAT I. CAREFULLY IN
CONCERT WOULD ASK FOR
RESPECTFULLY ASK FOR AN AYE VOTE
. MANCHESTER PLEASE CALL THE
ROLL. AB TWO ZERO ZERO ONE THE
MOTION IS TO PASS OUR FRIDGE
COMMITTEE ON PRIVACY AND
CONSUMER PROTECTION GRAYSON HI
GRAYSON AYE CHAN. CHAN I CAN'T-
CAN I CERVANTES CERVANTES AYE
CHOI MIKE VON MY FONG HI GABRIEL
. CRISTINA GARCIA IN GARCIA I'D
WHEN. PETRIE-NORRIS
PETRIE-NORRIS AYE STONE AYE
STONE AYE WICKS. THE BILL HAS A
BOTH. THE BILLS OUT ON EIGHT
VOTES. YEAH. WHAT WE WILL KEEP
THE ROLE OPEN FOR MEMBERS AND-
SECRETARY CAN GO THROUGH THE
FIRST PASS AND WE HAVE OTHER
MEMBERS ON THE WAY RIGHT NOW.
AB TWENTY FOUR TWENTY FOUR THE
MOTIONS D. PASSER FOR CHECKING
ME ON CONSUMER- COMMITTEE ON
PRICING CONSUMER PROTECTION.
GABRIEL. WHEN WICKS. STILL HAS A
PULSE. AND I WOULD MAKE IT
BETTER. CONSENT CALENDAR. BARRA
CAN CAN I. GABRIEL. WHEN WICKS.
THANK YOU HAS NINE VOTES. YEAH
COMMITTEE. SEPARATE I. THE
BUSINESS RIGHT YEAH. PEOPLE
THINK THE ABOUT. I'M NOT. THAT'S
NOT IT TOO DIFFICULT FOR ME.
YOUR LOCAL. I THOUGHT. YEAH. WE
GOT HERE YEAH BECAUSE RIGHT
RIGHT OF THE GIVING PROTECT.
YEAH. YOUR SEVENTY TWO BECAUSE
THEY INTO SAP SET. YOU TOO DOES
NOT. IT GETS LIKE OFF THE BENCH
YEAH. THANK I'M ON YEAH. YEAH.
IT HAS. THE HOUSEHOLDS THE
CABLES AND. RIGHT. SEVEN MISTER
CHOI THEY SAID. THAT HE LEFT I
DON'T KNOW IF I DON'T KNOW IF
YOU GOT IN ON THE LAST. NOT TO
DENIGRATE THE WORK HERE BUT
THEY'RE DOING AFFECTS ANOTHER
HEARING OVER. YES YOU KNOW IT'S
A LITTLE MORE- THE GOVERNMENT OF
ALL. HAS OKAY YEAH. ME TOO- YEAH
YEAH NO WAY POLITICS FOR WHICH
IS NOT EXACTLY CAL. TO WHAT DO
YOU REMEMBER WHAT KIND OF PUT
TOGETHER. IT WAS. YEAH I DO. THE
STOCK THAT GONNA BE DONE. LET ME
CHECK MY STAFF EVEN IF I DON'T.
FOR IF. WE ARE GOING TO WAIT FOR
IT TO BE ABLE TO OPEN UP WITH
THIS PROGRAM. I WAS JUST
WONDERING FOR LIKE TWO MINUTES
FROM MY ON THE TYPE OF THE-
STATE HOW TO GET HERE IN THE
COUNTRY WHAT KIND OF HERE. I
FELT LIKE WAS LITERALLY. SO
KOPPEL. IN AREA THAT'S BEEN. OFF. AND I COULD GET OUT. SO GO
BACK ON THE BASEMENT COME UP IT
WAS.
AB TWENTY FOUR TWENTY FOUR
GABRIEL GABRIEL I. AB SEVENTEEN
EIGHTY KERO KERO I. AB NINETEEN
OH FOUR GABRIEL. I. AB TWO ZERO
ZERO ONE CABLE APRIL HI.
SORRY TO MATCH MY- OKAY WELL
GOOD WHAT CALL TRANSFER TO. AT
SEA FOR THE LEFT ABOUT FIVE FEET
FROM THE GROUP THE TRACK OF THE
FOR THE OTHER TEAM- ON THE A
SINGLE CITY VERIFICATION
COMMITTEE. SHE HAS. SO THE
PROBLEM IS THAT IF YOU WANT HIM
TO GO OVER WE COULD RESET. IN
ORDER. FOR A AND THEN WE CAN BE
RECESSED WITH PUBLIC I THINK
HERE. WELCOME THEY'LL COVER. I
WAS GONNA SAY ONE OF ONE HAVE TO
GO BACK DURING THE- SIX O'CLOCK
THE- MORE. WHAT OKAY BACK AND
FORTH ALL BACK TO THE PERFECT
THAT. THAT WOULD BE THE BEST
THING. OKAY OKAY OVER THAT
TRANSPACIFIC. WHO WILL BUT
PEOPLE WHEN WHAT ACTUALLY YEAH. BOTH OF. SEVEN I MEAN I COULD
ASK IF THEY WANT TO COME OVER
THAT ONE FRIEND. MAKE A- BECAUSE
IT WILL AFFECT OUTCOME. RIGHT
BUT AND THEN YOU WOULD HAVE TO
GO THROUGH IT. THE STATE. MARK
OKAY THERE- HEY WE'RE TRYING TO
GET A HOLD OF- THIS ON THIS
WEEK'S FIND OUT THE ONE THAT
SERVICE IN BANKING FINANCE. AND
ASKING THAT YOU BROUGHT THEM.
OKAY ASK YOU WOULD WITH COUPLE
FOR AND VOEPEL FAST AND ALL I
WORK FOR PROFIT. BUSINESSMEN
HELLO PARTICULAR IT COMES WITH
ASSEMBLY. OKAY AFTER WITH WICKS
AND WHEN. FIVE PASSED. DOWN BY
KIND OF FAST SHE'S IF SUPPORTERS
YEAH. OKAY SO MY PARTNER IN THE
PROCESS OF FINDING OUT WHAT THEY
WANT TO. ADD ON. YEAH I DON'T
SEE A LOT. YES IT WILL HAVE A
FANTASTIC THANK YOU. AND I
DIDN'T EVEN AT THE VERY
BEGINNING AND IF YOU LOOK AT THE
REST OF. HI.
YEAH.
TWENTY
AB EIGHTEEN TO. WHEN WICKS AT
NINE BILLS. CONSENT AB EIGHT
CLIPS JONES. THE CONTENT
CALORIES. WHEN WICKS HAS TURNED
UP SOME COUNTERTOP. CONSENT
CALENDAR IS OUT WITH TEN VOTES.
AB TWENTY FOUR TWENTY FOUR
NGUYEN WICKS HAS NINE BOTH. AB
TWENTY FOUR TWENTY FOUR NINE
VOTES THAT BILL IS OUT AB
SEVENTEEN HE- WHEN WICKS AND
THOSE. AB SEVENTEEN EIGHTY TEN
VOTES AND THAT BILL IS OUT OF
COMMITTEE. AB NINETEEN OH FOUR.
CHOI WHEN WICKS THE BILL HAS A
BILLS AB NINETEEN ZERO FOUR THE
BILL HAS EIGHT VOTES IT IS OUT
OF COMMITTEE. AB TWO ZERO ZERO
ONE CHOI WHEN WICKS THE BILL HAS
NINE BILLS AB TWO ZERO ZERO ONE
NINE VOTES THAT BILL AS WELL AS
OUT OF COMMITTEE. WE HAVE
COMPLETED OUR AGENDA FOR TODAY'S
HEARING. I DO WANT TO EXTEND MY
GRATITUDE TO THE VICE CHAIR THE
SPEAKER'S OFFICE STAFF THE RULES
COMMITTEE STAFF THE LEGISLATIVE
DATA CENTER THE MODERATOR AND
ALL WHO ENSURE THAT THIS HEARING
COULD TAKE PLACE THE ASSEMBLY
BANKING AND FINANCE COMMITTEE IS
NOW ADJOURNED.