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ASSEMBLY BILL 253 (LANCASTER – 1985)

CHAPTER 126, STATUTES OF 1985 - AB 253

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Former Financial Code sections 22454, 22470, 24454, and 24470, relating to loans, were amended in 1985 following legislative passage of Assembly Bill 253, which affected these four sections only.  (See Exhibit #1c)  This bill was introduced on January 14, 1985 by Assembly member Bill Lancaster, who carried this bill for the Transworld Insurance Company.  (See Exhibits #1a and #8, page 1)

Assembly Bill 253 was assigned to the Assembly Committee on Finance and Insurance and the Senate Committee on Banking and Commerce where policy issues raised by the bill were considered.  (See Exhibits #3 and #6)  One amendment was made to Assembly Bill 253.  (See Exhibits #1b and #2)  Subsequent to legislative approval, Governor George Deukmejian signed the bill on July 1, 1985 and it was recorded by the Secretary of State on that day as Chapter 126 of the Statutes of 1985.  (See Exhibit #1c)

The Consent analysis of Assembly Bill 253 as last amended on April 29, 1985 that was prepared by the Office of Senate Floor Analyses described this bill as follows:
 

DIGEST:  This bill exempts student loans, made by an eligible lender under the Higher Education Act of 1965, from equal periodic installments requirements and maximum term requirements.
(See Exhibit #8, page 1)