Legislation

Today, the Financial Services Committee approved legislation that will establish a new, independent federal agency solely devoted to protecting Americans from unfair and abusive financial products and services.   The Committee's press release states as follows: As called for by President Obama, the Consumer Financial Protection Agency (CFPA) represents one of the most significant efforts by Congress to bring about long… Read More

Committee to Hold Hearing on Consumer Financial Protection Agency   Washington, DC – The Committee on Financial Services will hold a hearing titled “Perspectives on the Consumer Financial Protection Agency” on Wednesday, September 30.     Who:               House Financial Services Committee What:             Hearing: “Perspectives on the Consumer Financial Protection Agency” When:             Wednesday, September 30 10:00 a.m. Where:           Room 2128, Rayburn House Office… Read More

SB 95 enacts the California Car Buyer' Protection Act of 2009.  Specifically, this bill:           1. Increases the fee for a license issued to dealers and  lessor-retailers by $25 for the original license, or any change which requires a new application and the annual renewal of a license, and the fee for an auto broker's endorsement to a dealer's license and annual renewals by $50.… Read More

On Wednesday, the House Financial Services Committee heard testimony from industry on the Administration's financial reform proposals.   The testimony can found be found here, highlighted by prepared statements from AFSA, MBA. and ABA.  Today, the House FSC is hearing testimony from Consumer Advocates, whose prepared statements can be found here. Read More

SB 95 7.1.09 Amendments and SB 95 7.14.09 Bill Analysis and SB 95 Analysis 7.16.09 Read More

On June 30, the Obama administration delivered legislation to the Hill in support of creating a Consumer Financial Protection Agency.  The text of the legislation can be found here, and the FTC's prepared statement to the House Financial Services Committee can be found here. The House Financial Services Committee Press Release can be found here.  The Senate Committee on Banking,… Read More

SB 95 passed the Senate.  Yesterday, the Assembly Committee on the Judiciary issued a Bill Analysis, which outlined the legislation and identified that a deal apparently had been reached between sponsors and opponents: As proposed to be amended, the bill reflects consensus reached between supporters and the new car dealers association, which had previously been opposed to the bill.  The proposed amendments… Read More

On May 28, SB 98 passed Committee by a vote of 7-5.  This bill (1) would enact the California Car Buyers Protection Act of 2009.  This bill increases from $50,000 to $100,000 the bond required of a vehicle dealer for issuance or renewal of a dealer's license by the Department of Motor Vehicles (DMV); (2) provides that a person who… Read More

The Consumer Credit and Debt Protection Act, introduced by Bobby Rush (D. Ill) on May 7, 2009, and co-sponsored by Doris Matsui (D. Cal.) and Janice Schakowski (D. Ill), currently is pending before the House of Representatives.   (H.R. 2309)   Section 2 of the Bill would authorize the FTC to regulate automobile sales: (2) AUTOMOBILE SALES- The Federal Trade Commission shall… Read More

For our auto finance colleagues who, like us, also work in the mortgage industry, we post here our summary of the recently-enacted 2009 Foreclosure Prevention Act.  2009 California Foreclosure Prevention Act For more information, contact Sunny S. Huo at (415) 677-5519 or ssh@severson.com or any of the Financial Services Group attorneys. Read More

Here is the draft text of the auto legislation that Congressional Democrats shared with the White House yesterday. Proposed Auto Legislation Update: 121008-revised-text Read More

AB 2116 seeks to amend Civil Code § 2983.2(a)(2) regarding reinstatement of a motor vehicle conditional sales contract after repossession for non-payment. Civil Code § 2983.2(a)(2) sets forth post-repossession obligations a finance company must follow when consumers seek to reinstate their contracts.     ab_2116_bill_20080220_introduced ab_2116_bill_20080507_amended_asm_v97 ab_2116_bill_20080403_amended_asm_v98 ab-2116-assembly-bill-bill-analysis-judicial ab-2116-assembly-bill-bill-analysis   BILL STATUS as of 9/22/08 MEASURE :  A.B. No. 2116 AUTHOR(S)… Read More