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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

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

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

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