TODAY -- AB
TWELVE EIGHTY NINE BY SOME WOMEN
ARAMBULA.
AND AB THIRTY TWO OH SEVEN AND
BY --
ASSEMBLY WOMAN THE MOMENT I STIR
AROUND WHAT HERE SO.
AN INTEREST O I'M GOING TO
START AS A SUB MISTER AROUND IF
YOU DON'T MIND IN.
WHEN YOU'RE READY YOU MAY PRINT
--
PRESENT.
THANK YOU MISTER CHAIRMAN
MEMBERS.
I'M HERE TO PRESENT ON AB TWELVE
EIGHTY NINE I'D LIKE TO START BY
ACCEPTING THE SUGGESTED
AMENDMENTS.
I'D LIKE TO THANK THE COMMITTEE
STAFF AND STAKEHOLDERS THAT OF
SPENT EXTENSIVE HOURS
NEGOTIATING THE LANGUAGE.
AB TWELVE EIGHTY NINE IS A
TECHNICAL BILL.
THAT UPDATES DEFINITIONS IN THE
CIVIL CODE RELATED TO THE
TRANSFER OF REAL PROPERTY AND
REAL ESTATE DISCLOSURE
REQUIREMENTS.
IT WILL MODERNIZE THE REAL
ESTATE LAW PROVIDING GREATER
CLARITY TO CONSUMERS AND
PRACTITIONERS REGARDING
TERMINOLOGY DEFINITIONS AND
EXISTING PRACTICES.
I HAVE JENNIFER SPEC WITH THE
REALTORS ASSOCIATION WHOSE HERE
IF WE HAVE ANY TECHNICAL
QUESTIONS.
NEED ADDITIONAL WITNESSES IN
SUPPORT.
MISTER CHAIR MEMBERS JENNIFER
SPEC ABOUT CALIFORNIA
ASSOCIATION OF REALTORS HERE IN
SUPPORT HELP ANSWER ANY
QUESTIONS THANK YOU.
NO ADDITIONAL INNOCENTS SUPPORT
WITNESSES IN OPPOSITION.
SENIOR --
NINE MALEKAN QUAN BUT ANY
QUESTIONS WHY DEVICE SHARE NONE.
OF THEM WILL IT WILL BE MOVE
WHEN APPROPRIATE AND NEVER COME
A TO RECOMMEND IT DO PASS AS
AMENDED TO APPROPRIATIONS SO AT
APPROPRIATE TIME E HAVE A
QUORUM STYLE WAS WE WILL --
DISPENSE WITH THAT ITEM.
RETURN MEMBERS THANK YOU
MISERABLE [inaudible]
POPULAR
.
AND IF THERE'S ANYONE WHO IS
HERE FOR AB TWENTY NINE FIFTY
THREE AND A. B. THIRTY TEN THOSE
TWO ITEMS HAVE BEEN PULLED FROM
THE DAY'S AGENDA
.
SUBCOMMITTEE WE'VE ARE HEARD
ASSEMBLYMAN AROUND WAS BILL AB
TWELVE EIGHTY NINE WORST DO WE
HAVE A QUORUM REN ASKED US
SECRETARY CALDERON SUBSEQUENT.
SENATOR BRADFORD YOU'RE.
HERE BIDAK PRESIDENT BIDAK HERE
GAINES GALGIANI.
GALGIANI HERE WESO.
BUT SO HERE LARA.
YEAH LAURIE HERE PORTANTINO.
QUORUM ESTABLISH SO WE HAVE ONLY
ONE OTHER VEHICLE THERE WILL BE
HEARD TODAY THAT HE BE THIRTY
TWO ALL SEVEN BY A SOME OMAN.
LIMON AND NOW SHE'S PRESIDENT
AND WHEN YOU'RE READY MUSLIM
OWNED YOU CAN MAKE YOUR
PRESENTATION GREAT THANK YOU
CHAIR AND I WANT TO START OFF BY
TAKING THE COMMITTEE AMENDMENTS
AND COMMITTING TO WORK ON AND I
NEED CONCERNS ADDRESSED IN THE
COMMITTEE ANNOUNCES.
A. B. THIRTY TWO SEVEN WILL
PROVIDE IMPORTANT CONSUMER
PROTECTIONS FOR THE THOUSANDS OF
CONSUMERS AND SMALL BUSINESS
OWNERS WHO ARE.
SERVED BY IF FINANCE LENDERS AND
BROKERS LICENSE AND A CALIFORNIA
FINANCING LAW.
UNDER EXISTING LAW THE
DEFINITION OF BROKER IS VAGUE
AND CIRCULAR LEADING TO THE
CONFUSION FROM LENDERS ABOUT
WHICH ENTITIES THEY CAN PARTNER
WITH WHEN ARRANGING LOANS.
FURTHER THE DEFINITION OF BROKER
IN EXISTING LAW WAS FORMULATED
LONG BEFORE THE RISE OF THE
INTERNET AND THE EVOLUTION OF
ONLINE LEAD GENERATION SO OUR
LAWS NEED TO BE UPDATED WITH
THIS ONLINE ACTIVITY IN MIND.
LEAD GENERATORS PROVIDE VALUABLE
MARKETING SERVICES TO A WIDE
RANGE OF INDUSTRIES AND THIS
BILL CONTAINS A SPECIFIC
EXEMPTION CLARIFYING THAT
DISTRIBUTION OF MARKETING
MATERIALS OR FACTUAL INFORMATION
ABOUT A LENDER IS NOT A BROKER.
BROKERING ACTIVITY.
HOWEVER MANY ONLINE LENDER
GENERATORS THAT SERVE THE
LENDING INDUSTRY PROVIDE MORE
THAN JUST MARKETING SERVICES
THESE ENTITIES ACT AS BROKERS
WHEN THE BRING BUYERS AND
LENDERS TOGETHER. TO ARRANGE A
LOAN BASED ON CONFIDENTIAL DATA
PROVIDED BY A CONSUMER SMALL
BUSINESS OWNER THIS BILL WILL
ALLOW ONLINE THE GENERATORS TO
CONTINUE TO OPERATE IN
CALIFORNIA SIMPLY.
THIS BILL REQUIRES THREE BASIC
THINGS FROM THESE COMPANIES ONE
GET A BUSINESS LICENSE FROM THE
STATE DEPARTMENT OF BUSINESS
OVERSIGHT. TO PROVIDE A
TRANSPARENT DISCLOSURES TO THE
CUSTOMERS AND THREE OBTAIN YOUR
CUSTOMERS CONSENT BEFORE SELLING
AND TRANSMITTING THEIR
CONFIDENTIAL DATA.
ARGUMENTS FROM THE OPPOSITION
THAT THIS BILL WILL CAUSE LEAD
GENERATORS TO LEAVE THE STATE
RAISE AN IMPORTANT QUESTION WHY
WOULD A BILL FOCUSED ON
LICENSURE AND TRANSPARENCY
BECAUSE A SMALL.
BUSINESS TO LEAVE A VERY
LUCRATIVE CALIFORNIA MARKET.
OVER THE PAST FIVE MONTHS I HAVE
WORKED EXTENSIVELY WITH LENDERS
ONLY GENERATORS TO ENSURE THAT
THIS BILL APPROPRIATELY
ADDRESSES THE CONSUMER
PROTECTION CONCERNS IN OUR
LENDING MARKETS WITHOUT PLACING
UNNECESSARY BURDENS ON THE
BUSINESSES THAT WORK IN THIS
AREA.
NONE OF THESE COMPANIES HAVE
THREATENED TO LEAVE THE STATE IN
FACT MANY OF THEM HAVE APPLAUDED
THE EFFORTS TO BRING CLARITY TO
EXISTING LAW AND BRING.
ACTORS OUT OF THE BAD ACTORS
EITHER THIS BILL HAS THE SUPPORT
OF CONSUMER AND COMMERCIAL
LENDERS THE DEPARTMENT OF
BUSINESS OVERSIGHT AND A
COALITION OF CONSUMER ADVOCATES
WHO ARE HERE TODAY TO VOICE
THEIR SUPPORT.
I'M WITH ME I HAVE ADAM RIGHT
SENIOR COUNSEL IN THE APARTMENTS
IN THE ENFORCEMENT DIVISION
DEPARTMENT OF BUSINESS OVERSIGHT
TO ANSWER ANY QUESTIONS FROM THE
COMMITTEE.
WITNESSES IN SUPPORT.
PLEASE COME FORWARD STAGE NAME
ORGANIZATION.
JERRY MEMBERS IS AND MARTIN DE
WITH CONSUMERS UNION THAT WE DO
SUPPORT THIS MEASURE AND REALLY
APPRECIATE THE AUTHOR'S
LEADERSHIP AND FROM SEEKING TO
ENSURE THAT OUR LAWS STATE TODAY
TIME IN TERMS OF EVOLVING
TECHNOLOGIES OF COURSE A LOT OF
THE LENDING NOW HAPPENS ONLINE.
AND THAT BUSINESS MODELS HAVE
SHIFTED BUT THAT DOES NOT MEAN
THAT CONSUMERS ARE NOT --
YOU KNOW ANY LESS ENTITLED TO
RECEIVING A PROTECTIONS --
WHEN THE THIRD PARTY IS ACTING
ON BEHALF OF LENDERS ARE
MARKETING TO THEM AND HELPING OF
FACILITATE THE ORIGINATION OF
LOANS AND ALSO IN PARTICULAR
HANDLING SENSITIVE INFORMATION
THE KINDS OF THINGS THAT WE WANT
IT WASN'T SURE ARE PROTECTED?
SO WELL WE UNDERSTAND THAT THERE
IS ON ME ACTUALLY MORE --
DISCUSSION TO BE HAD ABOUT FEEL
FINING THE SWEET SPOT HERE BUT I
REALLY REALLY THINK THAT THE
TIME IS NOW TO MOVE FORWARD --
AND ENSURE THAT THE DB ó HAS
THE ENFORCEMENT TOOLS THAT IT
NEEDS -- TO
PROPERLY REGULATE THE SPACE THAT
CONSUMERS WHO RECEIVE ONLINE
LOANS ARE NO LESS PROTECTING
THOSE WHO GET THEM AND BROKEN
WATER STORES FOR THESE REASONS
WE SUPPORT REQUEST AYE VOTE.
THANK YOU ADDITIONAL WITNESSES
SUPPORT I THINK ALSO HERE IN
STRONG SUPPORT THANK YOU.
I GUESS IT UP ON THE IDEA CENTER
FOR RESPONSIBLE LENDING ALSO IN
STRONG SUPPORT ENQUEUE.
HELLO.
PAT CHOICE ON BEHALF OF CREDIT
KARMA CREDIT FROM ACTUALLY HAS A
A NEUTRAL POSITION ON THE BILL.
AND WANTED OPERATIVE THINK THE
AUTHOR AND SPONSORS THE BILL FOR
WORKING WITH US TO ADDRESS OUR
CONCERNS AND A LOT US RIVER
OPPOSITION SO THANK YOU.
THANK YOU VERY MUCH [inaudible]
X. WITNESS.
SIGMUND DOT APPEARING ON BEHALF
OF ORINDA CAPITAL IN SUPPORT OF
THE BILL THANK YOU.
MARGARET WHAT SHE BEHALF OF
NERDWALLET WE'RE ALSO IN THAT
TWEENER CATEGORY WE'VE BEEN
WORKING VERY PRODUCTIVELY WITH
THE AUTHORS OFFICE AND AND
PARTICULARLY MISTER PARTICULARLY
APPRECIATE THEIR AMENDMENTS IT
BABY THEY'VE MADE.
TO DATE TO ADDRESS NERD WALLETS
CONCERNS WE HAVE A COUPLE OF
MORE ISSUES RELATED TO
DISCLOSURES AS THE BELL
CURRENTLY STANDS THEY'RE
MANDATED RISK DISCLOSURES THAT.
BUT REPRESENT OUR BUSINESS MODEL
WE HAVE TO TELL CONSUMERS WERE
DOING THINGS WE AREN'T DOING SO
WE'RE CONTINUING TO WORK WITH
THE AUTHOR AND HIS AND HER STAFF
TO RESOLVE THOSE ISSUES --
WE APPRECIATE THE COMMITTEES
THEIR ANALYSIS AND ALL THE WORK
AND AND HELP TO COME TO
RESOLUTION I REMAINING ISSUES
GREAT THANK YOU.
EMILY PAPPAS ON BEHALF OF
LENDING TREE SIMILAR POSITION TO
WHAT MARGARET JUST SD --
OUR CLIENT HAS GENERALLY SUPPORT
OF THE FREE MARKET THIS BILL I'M
WE HAVE VIRTUALLY UNOPPOSED LESS
MEGA POSITION DUE TO THE SOME OF
THE DISCLOSURE REQUIREMENTS --
HOWEVER WE LEARN FROM THE
AUTHORS OFFICE TODAY THAT THEY'D
BE WILLING TO TAKE THE
AMENDMENTS THAT RELIEVE US OF
OUR CONCERNS ARE FOR WILL SWITCH
FROM NEUTRAL POSITION.
THANK YOU.
IN ADDITION WITNESSES IN
SUPPORT.
WITNESSES IN OPPOSITION
[inaudible]
YEAH.
HI DAVID CANTON ON BEHALF THE
ONLINE LENDING ALLIANCE --
I DO YOU HAVE A CLEAR A
CLARIFYING QUESTION WE ARE IN
STRONG OPPOSITION AS THE BILL
WAS IN PRINT WE'VE HEARD.
DISCUSSION ABOUT AMENDMENTS.
AND IF ALL OF THE AMENDMENTS
THAT WERE IN THE ANALYSIS WERE
ACCEPTED I THINK THAT MOVES US
TO NEUTRAL BUT WE'RE NOT CLEAR
ON THAT AT THIS POINT.
SO NOT SURE HOW TO PROCEDURE
MOVEMENTS THAT WE'RE REFERRING.
TO THAT WERE ANNOUNCED.
AND AS WELL AS WERE ADDRESSING
THE CONCERNS THAT WERE RAISED AS
WELL.
IN THE BILL.
WOULD THAT BE POSSIBLE SO WE
CAN.
I'M SORRY.
THOUGH.
FROM SORT OF THE THINGS
GALGIANI.
YEAH YEAH IF YOU WANT TO MISS.
I WOULD JUST LIKE TO CLARIFY
WITH THE AUTHOR OF THE
AMENDMENTS THAT HAVE BEEN AGREED
TO IN AND LOOKING THROUGH THE
ANALYSIS AND THEN TRYING.
TO COMPLETE WHICH ALL OF THOSE
ARE ONLY MAKE SURE THAT WE'RE ON
THE SAME PAGETHAT.
THE AUTHOR OF THE MEMBERS OF THE
OPPOSITION --
AND THERE'S THEIR TO CONCERNS
THAT ALL START WITH THAT WE
DON'T HAVE EXPRESS AMENDMENTS
FOR BUT WE'RE HOPING THAT YOU'LL
WORK WITH THE OPPOSITION AND
YOUR STAKEHOLDERS OVER THE JULY
BREAKING WE CAN COME BACK IN AND
ADDRESS THOSE.
AND ONE IS DEALING WITH AND LEAD
GENERATORS IT BEING DESIGNATED
AS SUCH AS OPPOSED TO BEING
REFERRED TO AS BROKERS.
AND THAT THOSE LEAD GENERATION
GENERATORS HOLD THE GENERATOR
LICENSES THAT'S A CONCERN.
AND AND THE OTHER CONCERN IS.
IMPOSING THE SAME STANDARD OF
LIABILITY ON THE GENERATORS FOR
THE ACTS OF THOSE FROM WHOM NAY
BY A LEADS.
AS THE BILL IMPOSES ON LENDERS
FOR THE ACTS OF LEAD GENERATORS
FROM WHOM THEY BY LEADS.
SO I CAN SAY THAT WE CONTINUE
THE CONVERSATIONS THAT'S
DEFINITELY NOT --
A PROBLEM I THINK THAT YOU KNOW
THIS BILL HAS GONE THROUGH SIX
ROUNDS OF AMENDMENTS AND SO I
THINK THAT'S REFLECTIVE OF THE
FACT THAT WE CONTINUE TO HAVE A
CONVERSATION.
ON THE TWO SEPARATE LICENSE
DEFINITIONS WE KNOW IS THAT
CREATING TWO SEPARATE LICENSE AT
LICENSES FOR BROKERS AND LEAD
GENERATORS THAT WOULD REQUIRE
MANY COMPANIES TO ATTAIN TO
SEPARATE LICENSES FROM THE DB
ó.
AND ADDITIONALLY DRAFTING A
SEPARATE REGULATORY FRAMEWORK
FOR THE GENERATOR BUT ALSO --
ADD CONFUSION FOR THE BUSINESSES
THAT WOULD NEED TO DECIDE
WHETHER THEY NEED A LEAD
GENERATOR OR A BROKER LICENSE.
AND THE BILL DOES REQUIRE
REQUIRE A TO HAVE ONE LICENSE
RIGHT NOW ON AND THE BILL
PROVIDE SPECIFIC DISCLOSURE
REQUIREMENTS THAT MAKE SENSE ON
IN TERMS OF THE ONLINE
GENERATION WORLD SO THAT'S KIND
OF WHERE.
WE'VE BEEN THINKING ABOUT IT --
IN TERMS OF THAT IN TERMS OF THE
LENDER LIABILITY ON THE BILL AND
EXISTING LAW HOUSEHOLD LICENSEES
ACCOUNTABLE FOR THEIR OWN
ACTIONS --
SO BOTH THE LENDERS AND BROKERS
ARE LIABLE FOR VIOLATIONS OF THE
LAW THAT OCCUR WITHIN THEIR
COMPANIES.
UP FOR LICENSE BROKERS WHO
CHOOSE CHIP TEAM REFERRALS FROM
UNLICENSED THEIR PARTY THE BILL
REQUIRES THOSE BROKERS TO
ESTABLISH POLICIES AND
PROCEDURES INTENDED. TO ENSURE
THAT THOSE UNLICENSED PARTIES
UPHOLD THE CONSUMER PROTECTIONS
PROVIDED BY THE LAW.
AND THE ISSUE THE LENDER
LIABILITY RAISING THE ANALYSIS.
YEAH.
YEAH I IS A RED HERRING AT AGE
IT JUST AS EXISTING CURRENT LAW
IN THE BILL WOULD CONTINUE TO
PRACTICE AND THE PRACTICE OF
HOLDING LICENSEES ACCOUNTABLE
FOR THEIR OWN VIOLATIONS AND I
JUST WANT TO AGAIN SAY THAT
THAT'S CURRENT LAW.
OKAY SO MY AND MY HEARING.
I'M YOU'RE HEARING THAT WE ARE
HAPPY TO CONTINUE THOSE
CONVERSATIONS YOU BROUGHT UP THE
TURKEY TO CONCERNS THAT I WANTED
TO SHARE.
ON THE FEEDBACK ON THOSE TWO
CONCERNS.
BUT WERE STILL OPEN TO MOVE
FORWARD IN HAVING.
RESOLVE OUR DIFFERENCES AS IT
RELATES TO THE TO ALWAYS OUR IN
UP THOSE TWO CONCERNS FOR SURE
BECAUSE RECALL REMEMBER WE'RE
NOT GONNA.
SPLIT DEBATE HERE TODAY WE'RE
GOING TO TRY TO FIGURE OUT.
HOW TO MOVE FORWARD ON THAT ON
THOSE CONCERNED SO WE HAVE THAT
COMMITMENT AS WE MOVE FOR TO
ADDRESS IT IN A WAY THAT WE ALL
COME TOGETHER AND THE CORRECT?
YOU HAVE A COMMITMENT TO
CONTINUE THE CONVERSATION THE
WAY TO ADDRESS IT.
THIS ARE YOU STILL ON THE ISSUE
OF THE OF THE OF THE TWO
REMAINING ISSUES THAT WE WE
THINK THE AUTHOR FOR TAKING THE
AMENDMENTS AS PRESENTED BY YOUR
CONSULTANT IN THE ANALYSIS.
OF THE TWO REMAINING ISSUES I
BELIEVE THE BROKERAGE SHE WAS
ONE THAT WE CAN WORK WITH THAT'S
FINE OF THE DEVIL'S IN THE
DETAILS.
THE PROBLEMS WITH THIS ISSUE AS
YOU KNOW THE DETAILS HAVE
DETAILS ABOUT IS A VERY VERY
COMPLEX ISSUE SETS ARE ONE
CONCERT BUT WE CAN WORK WITH THE
BROKER SHE THAT I THINK WE'RE
OKAY WITH THAT THAT'S FINE AS IT
IS.
I AM.
HOWEVER BEING HELD. FOR STRICT
LIABILITY FOR THE ACTIONS BUT
THE THIRD PARTY AFFILIATES IS A
VERY FAR REACHING LEGAL STANDARD
AND WE HAVE REALLY SERIOUS
CONCERNS WITH THAT'S WE JUST
WANT TO CLARIFY IF IT IS STILL
THAT WE ARE HELD.
WITH STRICT LIABILITY FOR THE
ACTIONS OF A THIRD PARTY
AFFILIATE LIKE WE WOULD STILL
HAVE TO OPPOSE THE BILL WITH
THAT SO I I JUST WANT
CLARIFICATION ON THAT MISTER
CHAIRMAN.
WELL.
AS FAR AS THAT'S CONCERNED NOT
I'M HOPING WE'RE GOING TO SIT
DOWN AT THE TABLE AGAIN DURING
THE BREAK AND AND AND AND AND
AND WHAT'LL THAT OUT AND FIGURE
OUT HOW WE COME TO CONSENSUS AND
I UNDERSTAND YOUR CONCERNS.
AND THAT'S WHY THEY'RE STILL
LISTED AS CONCERNS HAVE BEEN
AMENDED IN THE BILL BUT
HOPEFULLY QUAN FOR WE WILL
FINANCE SOME SOLUTION OR
AMENDMENT TO ADDRESS THAT. FORTY
THROUGH I THINK I THINK AT THIS
POINT -- AYE
TO FINISH MY STATEMENT ARE
HANDED OVER VERY BRIEFLY DEEMED
TO JASON --
AT THIS POINT I WOULD SAY THAT
WE WOULD STILL BE UP CLOSE UNTIL
WE CAN SEE THAT AMENDMENT
BECAUSE THAT IS A VERY VERY
SERIOUS --
ISSUE THAT COULD HOLD US LIABLE.
BUT REACHES WE HAVE NO AUTHORITY
OVER SO ON IT IT I'D LIKE TO
INTRODUCE MISTER JASON BROMWELL
WHO IS WITH LEADS MARK ONE OF
THE LEADING --
WE GENERATORS IN THE STATE OF
CALIFORNIA THANK YOU
[inaudible]
CHAIRMAN I'M [inaudible]
OKAY.
HAVE YOU CHAIRMAN AND COMMITTEE
MEMBERS THANK YOU FOR ALLOWING
ME TO SPEAK ON A. B. THIRTY TWO
A SEVEN THAT THE THING THAT I
WANT TO MAKE CLEAR.
WHERE A CALIFORNIA BASED LEAD
GENERATOR WE HAVE A SISTER
COMPANY THAT HAS A DDT ALLEN CFL
LICENSE?
THAT WOULD HELD THOSE FOR THE
LAST FIVE YEARS.
THAT OUR INTEREST IN THIS BILL
IS NOT TO OPPOSE THE BILL IT'S
TO MAKE SURE THAT THE GOOD LEAD
GENERATORS THAT LEE GENERATORS
WHO FUNCTION ETHICALLY.
ARE STILL ALLOWED TO FUNCTION IN
THE FINTECH ENVIRONMENT THAT IS
BECOMING THE MOVEMENT.
IF WE DON'T DO THAT WE ARE
PUTTING CONSUMERS AT A HUGE
DISADVANTAGE IN FACT OR BOARD
PUTTING THEM AT MORE RISK THAN
THEIR AT NOW.
WE HAVE BEEN INVOLVED IN THIS
DISCUSSION.
WITH THE DB ó WITH MEMBERS OF
THE LEGISLATURE AND EVEN ON THE
FEDERAL LEVEL FOR MANY YEARS SO
THE ROLE THAT WE PLAY AS A GOOD
ETHICAL LEAD GENERATOR IS A VERY
IMPORTANT CONSUMER PROTECTION
ROLE.
WE HAVE THE SAME OBJECTIVE DOES
ASSEMBLY MEMBER AT LEE MON WE
HAVE THE SAME OBJECTIVE AS THE
DB ó IT'S TO PROTECT CONSUMERS.
SO THE ISSUES THAT THAT WE WERE
FACING PRIOR TO THE AMENDMENTS
BEING BEING.
PUT FORWARD.
THAT WERE IN THE DETAILS.
THERE IS NO OPPOSITION TO THE
CONCEPT WE WANT TO BE HERE TO
PROTECT CONSUMERS BUT IT IS THE
DETAILS.
SO THE SO THE ONE THING I DO
WANT TO TO MENTION AS LEAD
GENERATION IS COMPLEX THERE ARE
A LOT OF LAYERS TO IT.
IT IT IS A IT IS NOT A ONE SIZE
FITS ALL.
ACTIVITY AND THAT IS ONE OF THE
CHALLENGES IN CRAFTING GOOD
LEGISLATION SO I'M NOT GOING TO
GO INTO THAT THEY DETAILS THAT
WE HAD ISSUES WITH BECAUSE I
THINK IN LIGHT OF THESE
POTENTIAL AMENDMENTS EVERYTHING.
HAS CHANGED.
BUT WHAT I DO WANT TO POINT OUT
IS THE DISTINCTION BETWEEN THE
GODLY GENERATION THE BADLY
GENERATORS.
THE GOODLY GENERATORS ALREADY DO
A LOT OF WHAT IS IN A B. THIRTY
TWO A SEVEN WE GET CONSENT.
WE'VE THAT OUR LENDERS WE MAKE
SURE THE MARKETING MESSAGE THAT
GOES TO THE CONSUMER IS ACCURATE
TRUTHFUL.
AND PROPER WE DO A LOT OF THAT
WORK AND IT'S TIME CONSUMING IT
TAKES A LOT OF MONEY AND ENERGY.
THE BADLY GENERATORS.
DO NOT CARE.
SO THE RISK WE RUN WITH
LEGISLATION IS IF WE OVER
LEGISLATE THE GOOD GUYS.
WE WILL AND ASSEMBLY MEMBER WE
MOAN ASK THE QUESTION WHY WOULD
A SMALL BUSINESS LEAVE
CALIFORNIA.
IF WE CAN'T FUNCTION.
WITHOUT THREAT OF CLASS ACTION
LAWSUITS IF WE LITERALLY CANNOT
COMPLY WITH THE DETAILS OF A
BILL.
WILL MOVE TO OTHER MARKETS IF WE
DO THAT CONSUMERS ARE ARE
INJURED SEVERELY.
SOME MIGHT MY PLEA TO THIS.
COMMITTEE AND TO ASSEMBLY MEMBER
LEE MON IS.
WE ARE HERE WE ARE INVESTED IN
THE PROCESS WE WANT TO GET IT
RIGHT WE DON'T WANT TO OPPOSE
THE BILL WE WANT TO MAKE IT.
WORK FOR US AND FOR CALIFORNIA
CONSUMERS AND AND THAT.
IS OUR POSITION IS TO PROTECT
THE PEOPLE THAT WE LIVE AND WORK
WITH EVERYDAY.
ANY ADDITIONAL WITNESSES IN
OPPOSITION.
BOB OUR FROM BEHALF OF ELEVATE
--
I'M COMING THAT TWEENER CATEGORY
THAT OTHER PEOPLE HAVE --
STEP FORWARD AND I JUST WANTED
TO LEND OUR VOICE TO THOSE OF
MISTER KITANA MISTER ROMERO WHO
PRESENTED IN WE ALSO WANT TO SEE
THE BILL BE MORE PERFECTED AS WE
MOVE FORWARD SO.
WHAT VOTER THAT WORK THANK YOU
APPRECIATE IT?
ALEX HALEY'S ON BEHALF OF SMALL
BUSINESS FINANCE ASSOCIATION IN
OPPOSITION.
I DOMINIC MARK HOW BEHALF OF THE
NOVA.
HOA MY SHARE MISTER BAUER AND
ACCUSE POSITION FOR TO WORKING
AND HEARING FROM THE AUTHOR.
ON CHANGES TO BE MADE THANK YOU
THANK YOU.
AFTER IN THIS IS JERRY CONLAN
BEHALF OF LEAD FLASH AND WHERE
WHERE CURRENTLY IN OPPOSITION
BUT LOOKING FORWARD TO SEEING
THE AMENDMENTS AND WORKING WITH
THE BILL'S AUTHOR AND MAKE A
GREAT FILM.
THINK THANK YOU.
THANK YOU MISTER CHAIRMAN
RESTRICTION SHELTER HERE ON
BEHALF OF THE CALIFORNIA
FINANCIAL SERVICE PROVIDERS ARE
ALSO THE SAME POSITION AS MR
CONTANDO WOULD LOVE.
TO SEE THE ASSEMBLY MEMBER AT
WORK THIS OUT AND WE WERE RIVER
OPPOSITION THAT THANK YOU.
RACHEL SCHREIBER WITH THE TMX
FINANCE FAMILY OF COMPANIES WERE
OPPOSED TO THE BILL IMPRINT BUT
CERTAINLY OPTIMISTIC ABOUT
FINDING A PATH FORWARD I
APPRECIATE.
ANY ADDITIONAL WITNESSES.
ANY TWENTY NURSE.
PARENT WILL BRING IT BACK TO
COMMITTEE ANY QUESTIONS BY THE
COMMITTEE MEMBERS.
MR LA VALPO [inaudible]
OKAY MISC. ONE OF OUR MORE THE
BILL BUT THE UNKNOWN IS COACH I
WANTED TO FINISH AND GETS UP GO
GO AHEAD MISSISSIPPI GODDAM THAT
A LOT OF WORK ON THIS BECAUSE WE
OUT.
TODAY AND I'VE BEEN AND TWO
OTHER COMMITTEES TODAY --
SINCE NINE O'CLOCK THIS MORNING
SO I MAKE SURE WE'RE ON THE SAME
PAGE.
ON THE CELL --
THE SECOND I SINCE FROM LEAD
GENERATOR DEFINITION FOR
ADMINISTRATIVE AND CLERICAL
TASKS.
GREAT BUREAUS INTERNET SEARCH
ENGINES AND SOCIAL MEDIA
PLATFORMS.
HAS AB AMENDMENT AND AGREED.
TO THAT'S ON PAGE FOURTEEN BE
DID ANY ANALYSIS PAGE FOURTEEN
BE ADDRESSES THE CONCERNS AND
HERE THE AMENDMENT WOULD BE TO
PROVIDE EXEMPTION FOR THOSE
CLERICAL STAFF.
ETCETERA AND AND THIS IS ADAM
ITEM HAVING A DB OVER --
WHEN IT COMES TO THAT REQUEST
ABOUT WHAT WE DO NOT BELIEVE
IT'S NECESSARY BECAUSE OF THE
WAY THAT THE ACTIVITIES ARE
ALREADY DRAFTED?
UP WE DO NOT BELIEVE THAT A
COVER SEARCH ENGINES FOR SOCIAL
MEDIA ADVERTISEMENTS --
BECAUSE THOSE ARE TWO MEDIUMS OF
ADVERTISEMENTS DO NOT SEND
ACTUAL CONSUMER DATA TO LENDERS
AND THEY ARE NOT PAID ON A
PROCESS PER SUCCESSFUL LOAN
BASIS BUS THEY WOULD NOT BE
CAUGHT UP MONDAY ACTIVITIES.
HUNTING OR BROKER MULTI SO WHAT
WHAT IS THE MOMENT THAT YOU'RE
TAKING THEM BECAUSE IT SOUNDS
LIKE NO.
AND MY NEPHEW.
AND MY RIGHT OR I I I MAYBE WE
SHOULD START WITH THE AUTHOR
SHARING WITH US THE AMENDMENT I
THINK HE'S TAKING YOU KNOW
BECAUSE WE'VE SPENT A WHOLE LOT
OF TIME AND ALL DUE RESPECT TO
THE AUTHOR AND TO THOSE WHO ARE
OPPOSNG THIS BILL BUT IT'S A
LOT.
OF TIME BEEN IN THAT SIT HERE
AND WELL THAT.
FIRST PROTECTS CONSUMERS BUT
ALSO ALLOWS INDUSTRY TO THRIVE
AND SURVIVE HEARING CALIFORNIAN
I THINK THE MINUTES THAT WE'VE
PUT FORTH I THOUGHT WE HAD
UNDERSTANDING.
WITH AND AND A COMMITMENT THAT
WE'RE GOING TO CONTINUE TO MOVE
FORWARD AND AND KEEP THIS
VEHICLE ALIVE AND AND AN
UNDERSTANDING THAT WE HAVE SOME
KIND OF AGREEMENT BUT IT APPEARS
THAT THE ALRIGHT SO IF YOU LOOK
ON PAGE --
THIRTEEN AND IT SAYS AMENDMENTS
AND IN IN IT YOU SEE IT
DESCRIBES SOME OF THE ISSUES BUT
THERE'S NOT SPECIFIC AMENDMENT
SO ACCORDING TO OTHERS OFFICE
THE USE OF THE WORD EXPRESSES
INTENSIFIED FRANK THAT RIGHT.
WE CAN GO ON AND SO I THINK THAT
THAT'S WHAT WE HAVE TO CONTINUE
TALKING ABOUT BECAUSE IN THE
AREAS WHERE THERE'S VERY
SPECIFIC THINGS I'M IT'S EASIER
TO SAY YES OR NO.
I'M IN AREAS WHERE IT TALKS
ABOUT A CONCERN BUT IT DOESN'T
IT DOESN'T GIVE YOU ACTUAL
LANGUAGE.
THAT'S WHERE WE'RE TRYING TO
FIGURE OUT HOW.
DO WE KNOW WE'RE GONNA FIND THAT
ACTUALLY WHICH YOU TODAY WHAT
WE'RE TRYING TO GET CLARITY ON
IT'S WHAT HAS BEEN PUT FORTH AN
ANALYSIS THOSE CONCERNS THAT
WERE RAISED AS WELL AS THOSE
AMENDMENTS AMENDMENTS THAT WHICH
SUGGESTED THAT WE GET AGREEMENT
ON THAT TODAY.
AND WORK OUT THE DETAILS MOVING
FORWARD AND WITH THE
UNDERSTANDING THAT WE COME TO
AGREEMENT WILL PULL THIS BILL
BACK TO COMMITTEE.
WE WE CAN AND WE CAN FIGHT WE
YES WE CAN PROVIDE CLARITY FOR
ALL OF THESE AMENDMENTS WE ARE
JUST LOOKING FOR ACTUAL
LANGUAGE.
ARE WE DRAFTING THOSE AMENDMENTS
AND COMMITTEE THE COMMITTEE
STAFFER WILL HAVE THOSE
AMENDMENTS UPS WE CAN WE DRAFT
THE AMENDMENTS AND PROVIDE THE
COMMITTEE WILL WORK IN
CONDUCTING CONCERT WITH YOU AND
DRAFTING THOSE AMENDMENTS THAT'S
UNDERSTAND YOU WE HAD WITH.
OUR UNDERSTANDING OF FINDING
COMMON GROUND ON WHAT WE HAVE
ALREADY IN ANALYSIS LONG IS OUR
OFFICE IN AS THE AUTHOR AND ABLE
TO ALSO BE PART OF THAT AYE AYE
CONSERVE UNDERSTANDING THAT
WE'RE GOING TO WORKING
COLLABORATION AYE AS WE MOVE
FORWARD ON THE SAME.
OKAY YEAH YEAH OKAY--
NEXT.
ITEM NUMBER FOR MY LIST OF
CONCERNS AND AMENDMENTS --
DEFINED THE TERM EXPRESS CONSENT
AND PROVIDE THE EXPRESS CONSENT
PROVIDED BY A PROSPECTIVE
BORROWER TO ONE ENTITY SATISFIES
THE REQUIREMENT FOR ALL OTHER
ENTITIES THAT PURCHASE A
CONSUMERS CONFIDENTIAL DATA. TO
OBTAIN EXPRESS CONSENT AND THAT
IS ADDRESSING THE CONCERN
OUTLINED ON PAGE THIRTEEN A OF
THE ANALYSIS SO BACK TO THE
CONCERNS WERE HAPPY TO HAVE A
CONVERSATION I THINK.
HOW I AM TRYING TO GO TO TO THE
AMENDMENTS BURGER?
SO WHAT ARE SOME OF WE ARE HAPPY
TO CLARIFY IT THERE'S NO YOU
KNOW SO HERE'S THAT THE
CONFUSION RIGHT THAT YOU HAVE
SOME AMENDMENTS AND WE'VE AGREED
TO TAKE THOSE AND TO WORK
TOGETHER.
AND THEN YOU HAVE THE CONCERNS
AND THE CONCERNS I THINK NEED A
DISCUSSION WE WERE PREPARED TO
GO BACK AND FORTH ON THE
CONCERNS HERE WE'RE NOT TRYING
TO DO THAT'S IT WE'RE TRYING TO
GET CLARITY ON THOSE AMENDMENTS
THAT HAVE BEEN IDENTIFIED BUT
ALSO ADDRESS THOSE CONCERNS
MOVING. FOR IT AS WELL THE TWO
AREAS OF CONCERNS ARE BEING
RAISED SO WE CAN KEEP THIS
VEHICLE ALIVE AND CONTINUE OUR
DISCUSSION SO WE'RE CLEAR I
THINK ON THE SAME PAGE THAT THE
CONCERNS.
WE NEED TO KEEP TALKING ABOUT
THE AMENDMENTS WE ARE GREEN TO
WORK TOGETHER ON LANGUAGE I
UNDERSTAND THAT WE HAVE SPECIFIC
AMENDMENTS THAT WERE TRYING TO
GET AGREEMENT ON TODAY THE
CONCERNS WE CAN WORK OUT THAT
THAT YOU KNOW THAT'S GOING FOR
BUT THE AMENDMENTS THAT WE HAVE
BEFORE.
US TODAY WE'RE TRYING TO CLARITY
ON IT SENATOR LOTT.
WITHOUT SKIPPING OVER CYNICAL
JOHNNY I'D MY UNDERSTANDING OF
THAT SHE'S ALREADY AGREED TO THE
AMENDMENTS.
AND WE'RE TRYING TO CLARIFY WHAT
THOSE AMENDMENTS ARE.
SPECIFICALLY SAID THAT WE DON'T
JUST LEAVE IT TO THE FACT THAT
THERE'S GOING TO BE A DISCUSSION
UNDERSTAND JULY WE WANT IT WE
WANT CLARITY I WAS VERY SPECIFIC
AMENDMENTS A STARTED BY SAYING I
AGREED TO THE AMENDMENTS AND SO
IF THERE ARE COULD YOU KOW
CLEAR AMENDMENTS.
THAT'S EASY BECAUSE THERE'S
LANGUAGE IF THERE'S NOT LANGUAGE
WE HAVE TO HAVE A DISCUSSION AND
WHAT I HEARD WAS THAT WE WERE
SIMULTANEOUSLY GONNA DRAFT THOSE
THAT LANGUAGE LEARNING AND I'M
TRYING TO GO THROUGH ALL THOSE
AMENDMENTS.
ITEM BY ITEM SAID THAT WE'RE ON
THE SAME PAGE.
I OUT GALGIANI AYE I THINK WHAT
WE'RE GONNA HAVE DISCUSSION ON
AND NEGOTIATIONS IS ON THE
CONCERNED BUT THE AMENDMENTS ARE
THE AMENDMENTS THAT WERE TRYING
TO GET A COMMITMENT ON TODAY THE
AMENDMENTS THAT WE HAVE.
THAT WERE IN AN ANALYSIS THAT
WERE COLLUDED SPELLED OUT IN
ANALYSIS YOU'RE TAKING THOSE
[inaudible]
GREAT.
AND THE COMMITTEE STAFF IS
DRAFTING THERE'S AT LEAST
COLLABORATION FROM OUR OFFICE SO
WE ENTER THEM TOGETHER.
OKAY OKAY SOLVES ALL CONTINUE TO
THE FIFTH ONE REQUIRING THAT THE
ENTITY THAT COLLECTS A
PROSPECTIVE BORROWERS
CONFIDENTIAL DATA TO PROVIDE
THAT BORROWER WITH THE
DISCLOSURE DESCRIBED IN SECTION.
TWENTY TWO THREE FORTY EIGHT SO
IN ESSENCE THE ORIGINAL POINT
PERSON WHO COLLECTED THE
PERSONAL INFORMATION.
IS THE PERSON WHO IS REQUIRED TO
PROVIDE THE DISCLOSURE.
OKAY.
AND NUMBER SIX ADD TO ADDITIONAL
STATEMENTS TO THE DISCLOSURE
DISCLOSURE DESCRIBED IN SECTION
TWENTY TWO THREE FORTY A A.
LENDERS TO HONE THE PROSPECTIVE
BORROWER IS REFERRED MAY
SEPARATELY CONTACT THE
PROSPECTIVE BORROWER.
AND BE LENDERS TO WHOM THE
PROSPECTIVE BORROWER IS REFERRED
ME SEPARATELY CONTACT THE
PROSPECTIVE BORROWER.
AND NUMBER.
SEVEN DELETE THE DISCLOSURE
REQUIRED UNDER SECTION TWENTY
TWO SIX THREE THIRTY EIGHT
POINT.
FIVE SO EIGHTEEN OKAY AND THAT'S
ON PAGE.
HERTZBERG TURKISH BETWEEN.
THREE FOR AT THE I SAID YOU
KNOW.
I HAVE AGREED CITY AMENDMENTS
WEATHERIS CLEAR LANGUAGE --
AND SO I A YEAH OKAY THINK THAT
THIS IS THIS FEELS LIKE IT'S
LEADING INTO A CONVERSATION AND
I JUST UP.
AND WE WANT TO HAVE THAT
CONVERSATION OR BUT WELL I I'M
GONNA GO ON RECORD RIGHT NOW.
THE MOMENT SO WE HAVE BEFORE IS
THAT WASN'T ANNOUNCES I'M GONNA
BE CLEAR THE BULLS ARE THE ONES
YOU'RE AGREEING TO AND WILL
CONTINUE TO WORK OUT.
THE CONCERNS AM I CORRECT.
AND AND AND IF IF IF IF WE
DEVIATE FROM THAT.
WE WILL PULL THE BILL BACK TO
THIS COMMITTEE.
RIGHT AND WE WILL WORK TOGETHER
INTO ACTING THAT LANGUAGE SO
THAT IT'S NOT JUST RIGHT
DRAFTING THE LANGUAGE AS IT
RELATES TO THE CONCERNS
[inaudible]
YES.
AND WE ALL HAVE AGREEMENT ON
THAT [inaudible]
EXACTLY [inaudible]
SO.
SO WORD TAKING THEM IMMENSE
BETTER.
IN THE COMMITTEES ANALYSIS.
THAT'S THE MOTION YOU'RE PUTTING
FORTH MISS GALGIANI YES YES.
YES OKAY GREAT.
ANY ADDITIONAL QUESTIONS OR
COMMENTS BY COMMITTEE.
AS WELL AS AMENDED.
MISSILE AMONG WHICH ELECT CLOSE.
UP UNLICENSED BROKERING ACTIVITY
POSES A RISK TO CONSUMERS
FINANCIAL WELL BEING AND THIS
BILL WHEN IT WILL ENSURE THAT
CALIFORNIA'S FINANCIAL REGULATOR
CAN FORCE THE CONSUMER
PROTECTIONS IN THE CALIFORNIA
FINANCING LAW. FOR THIS REASON
TODAY I ASK YOU FOR AN AYE VOTE.
SO WE HAVE A MOTION AND IT WILL
IT'S DO PASS AS AMENDED TO
APPROPRIATIONS.
BASED ON COMMITTEE ANALYSIS AND
WE WILL MOVE FORWARD AND
ADDRESSING THE CONCERNS AS WE
MOVE TOWARD AND THE CORRECT.
SO IS THAT UNDERSTANDING
SECRETARY AROUND ARMAMENT.
MOUNT CHIEF CONSULTANT TO
UNDERSTANDING GREAT.
ALL RIGHT.
DO PASS AS AMENDED --
IN THE CAN COMEDIAN AND ANALYSIS
I'M SECRETARY PLEASE CALL THE
ROLL.
ASSEMBLY BILL THIRTY TWO OF
SEVEN MOTION IS DO PASS AS
AMENDED TO APPROPRIATIONS
SENATOR BRADFORD ARE.
I FIGHT BACK.
FIGHT ACT NO GAINES.
GALGIANI GALGIANI AYE WAS SO.
WITH SO AYE LARA.
LARA AYE PORTANTINO [inaudible]
PORTANTINO I RIGHT YOUR BILL IS
OUT.
THANK YOU WE LOOK FOR TO OUR
CONTINUED DISCUSSION WORK ON
THIS ISSUE.
RIGHT -- THE
ONLY OTHER AYE OUTSTANDING ITEM
IS -- A. B.
ITEM ONE A. B. TWELVE EIGHTY
NINE WE HAVE A MOTION BY MIX TO
THE VICE CHAIR MISTER VIA BACK.
IT'S A DO PASS AS AMENDED TO
APPROPRIATIONS.
OF THE CHIP BACK --
AUTHOR HAS ACCEPTED OUR
COMMITTEE AMENDMENTS --
I'M SECRETARY PLEASE CALL THE
ROLL WELL TWELVE EIGHTY NINE
MOTION IS DO PASS AS AMENDED TO
APPROPRIATIONS SENATOR BRADFORD
BY.
I FIGHT ACT LIVE BY THAT AYE
GAINES GALGIANI.
GALGIANI AYE QUEST SO.
WHERE SO AYE LARA?
AYE LARA AYE PORTANTINO
[inaudible]
PORTANTINO I THE ONLY
[inaudible]
AREN'T.
THAT CONCLUDES THE BUSINESS
TODAY OF THE BANKING AND FINANCE
COMMITTEE ON ONE Z. JUNE TWENTY
SEVENTH WE STAND ADJOURNED