Store Research
Assembly Bill 244 (Ackerman – 2000)
Chapter 469, Statutes of 2000
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As enacted in 2000, Assembly Bill 244 was a single-section bill that added only Corporations Code section 25118, relating to usury. (See Exhibit #1i) Assembly member Dick Ackerman introduced the bill on February 1, 1999. (See Exhibit #1a) The State Bar of California Business Law Section was the sponsor of the measure. (See Exhibit #3, page 3)
Assembly Bill 244 was assigned to the Assembly Committee on Banking and Finance and the Senate Committee on Finance, Investment and International Trade where policy issues raised by the bill were considered. (See Exhibits #3 and #5) Seven amendments were made to Assembly Bill 244 as it passed through both Houses of the Legislature. (See Exhibits #1b through #1h and #2) Subsequent to legislative approval, Governor Gray Davis signed the bill on September 16, 2000, and the Secretary of State recorded it on September 18, 2000 as Chapter 468 of the Statutes of 2000. (See Exhibits #1i and #2)
As enacted, Assembly Bill 244 contained an uncodified section that provided the following statement regarding the Legislature’s intent:
SEC. 2. It is the intent of the Legislature that the standards contained in Section 1 of this act are approved with respect to commercial loans only. They do not reflect any judgment by the Legislature regarding loans for personal, family, or household purposes. No inference should be drawn from those standards as to the appropriate treatment of any loans other than loans for commercial purposes that qualify for the exemption provided therein.
It is also the intent of the Legislature that the exemption contained in Section 1 of this act shall not affect the application of any other provision of law that (1) requires any person in connection with a transaction described in Section 1 to comply with applicable licensing requirements, (2) protects parties to a
transaction described in Section 1 from unfair, unlawful, or deceptive acts or practices, or (3) affects the availability of the exemption provided by Section 1 to a successor in interest of the originating lender of a loan described therein.
(See Exhibit #1i, SEC. 2, pages 2710 and 2711)