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AB 7 (2007) c. 358

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AB 7, c. 358:  Armed services members; consumer loans. Requires any state-chartered bank or credit union that makes a refund anticipation loan to a covered borrower, as defined, to comply with specified provisions of federal law relating to terms of consumer credit extended to armed services members and dependents of armed services members.  This bill, effective October 1, 2007, makes it unlawful under the California Finance Lenders Law (regulating specified consumer loans) and the California Deferred Deposit Transaction Law (regulating payday loans) to violate specified provisions of the federal John Warner National Defense Authorization Act of 2007 (JWNDAA) relating to members of the Armed Services. This bill also provides that any payday lender who does not market or extend payday loans to armed services members, pursuant to the provisions of JWNDAA, would not be in violation of the anti-discrimination provisions of the Military and Veterans Code, which prohibit discrimination in lending or financing practices against service members based upon the person's state or federal military status.