Effects of High Cost Loans in San Diego
*SAN DIEGO MEDIA AVAILABILITY FRIDAY, JUNE 7*
(SAN DIEGO) – Please join Assemblywoman Lorena Gonzalez (D-San Diego) as she moderates a panel discussion on improving responsible lending in San Diego County on Friday, June 7 at 1 p.m. at the Westin San Diego Gaslamp Quarter.
BACKGROUND: Shockingly high interest rate loans are putting chains of debt on Californians. State lawmakers have proposed Assembly Bill 539, joint-authored by Assemblywoman Gonzalez, to stop the predatory lending trap. Modern-day loan sharks prey on low-income and financially strapped families. While current law regulates interest rates on loans of less than $2,500, there’s a loophole. Unscrupulous lenders can charge customers any amount of interest they want if the loan is $2,500 or more.
AB 539 would bring consumer loans between $2,500 and $10,000 under a new cap of 36%. The bill was approved by the state Assembly last month and needs to pass the state Senate before reaching Gov. Gavin Newsom.
WHEN: Friday, June 7; Panel discussion begins at 1 p.m.
WHERE: Westin San Diego Gaslamp Quarter; 910 Broadway Circle, San Diego CA 92101
WHO: Assemblywoman Gonzalez (moderator) and participants Alysson Snow (San Diego Legal Aid), Graciela Aponte (Center for Responsible Lending), Geneve Villacres (OneMain Financial) and Sean Elo (San Diego Youth Development Office)
MEDIA CONTACT: To RSVP, email firstname.lastname@example.org; for questions on AB 539, call Sami Gallegos at (209) 658-7617