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On Wednesday, the U.S. House of Representatives passed H.R. 1737 ("Reforming CFPB Indirect Auto Financing Guidance Act"), designed to repeal the CFPB's March 2013 bulletin covering indirect auto finance. The Bill "declares without force or effect Consumer Financial Protection Bureau (CFPB) Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act), published March 21, 2013" and "amends… Read More

The Fair Debt Buying Practices Act of 2013 (Senate Bill 233) was signed by Governor Brown last month.  The Act will apply to debts sold or resold on or after Jan. 1, 2014. Purpose: The Act will regulate the activities of persons and entities that purchase delinquent or charged-off consumer debt by requiring specific documentation to be maintained by the industry. … Read More

The California Department of Corporations proposed new Finance Lender Law regulations.  Attached are copies of the CDC Notice of Rulemaking Action re CFLL Regulation, CDC Statement of Reason re CFLL Regulation, and CDC Text of Proposed CFLL Regulations.   Licensees have an opportunity to provide comments which are due no later than 5 PM, January 28, 2013.  A request for a hearing may also be made in writing… Read More

Governor Brown signed AB 1447 and 1534, two of the three pending bills regarding buy-here, pay-here (BHPH) dealers.  Under AB 1447, such dealers must provide 30-day, 1,000-mile warranties and can not use electronic tracking devices or disable vehicles with starter interrupt technology unless they meet certain disclosure requirements. AB 1534 requires dealers to prominently and conspicuously post the reasonable market… Read More

California state senator Tom Lieu (D-Torrance) introduced SB 956 yesterday, that would require Buy Here Pay Here car dealers to be regulated by the Department of Corporations as lenders. A companion bill (AB 1447) introduced last week by Assemblyman Mike Feuer (D-Los Angeles) would require Buy Here Pay Here dealers to display vehicle sales prices and would block dealers from using GPS… Read More

The Subcommittee on Communications and Technology held a hearing on Friday, November 4, 2011, at 9:00 a.m. in 2123 Rayburn House Office Building on “H.R. 3035, The Mobile Informational Call Act of 2011.”  The link below includes a video of the testimony, a Background Memo and an Opening statement from Communications and Technology Subcommittee Chairman Greg Walden.   http://energycommerce.house.gov/hearings/hearingdetail.aspx?NewsID=9065 Read More

Yesterday, the FCC issued an Order implementing the Truth-in-Caller-ID Act, here.  The FCC's press release explained:   Increasingly, bad actors are altering or manipulating caller ID information—known as caller ID spoofing—to further a wide variety of malicious schemes, from identity theft to placing false emergency calls to SWAT teams.  Using spoofing services accessible through the web or prepaid cards, anyone can… Read More

AB 125, the final enrolled version can be found here, was enrolled and presented to the Governor, and signed into law.  According to the Assembly Analysis, SB 125 does the following:   ANALYSIS  :    Existing law (1) defines guaranteed automobile protections insurance" to be insurance that covers a  vehicle purchaser or lessee for the difference between the actual cash value… Read More

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