BILL ANALYSIS Ó
SENATE COMMITTEE ON APPROPRIATIONS
Senator Ricardo Lara, Chair
2015 - 2016 Regular Session
SB 984 (Hueso) - Pilot Program for Increased Access to
Responsible Small Dollar Loans: extension
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|Version: February 10, 2016 |Policy Vote: B. & F.I. 6 - 1, |
| | JUD. 7 - 0 |
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|Urgency: No |Mandate: Yes |
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|Hearing Date: May 27, 2016 |Consultant: Jolie Onodera |
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Bill
Summary: SB 984 would repeal the January 1, 2018, sunset date
for the Pilot Program for Increased Access to Responsible Small
Dollar Loans, thereby making its provisions operative
indefinitely, as the Program for Increased Access to Responsible
Small Dollar Loans (Program).
*********** ANALYSIS ADDENDUM - SUSPENSE FILE ***********
The following information is revised to reflect amendments
adopted by the committee on May 27, 2016
Fiscal
Impact: Annual costs potentially in excess of $150,000 (Special
Fund*) through 2022 to the Department of Business Oversight
(DBO) to continue administrative and enforcement activities over
the Program, to be recovered through the authority to charge
fees. To the extent the removal of the sunset date fosters
SB 984 (Hueso) Page 1 of
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growth and greater participation in the Program, the future
costs of the Program could potentially increase.
*State Corporations Fund
Committee
Amendments: Strike the repeal of the sunset date and instead
extend the sunset on the Program for five years to January 1,
2023, and reinsert the requirement on DBO to include a
recommendation in its report on whether the Program should
continue after the sunset date.
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