Store Research

SENATE BILL 251 (DILL � 1983)

CHAPTER 50, STATUTES OF 1983 - SB 251

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Former Financial Code sections 18206, 22005, 22454, 24005, 24454, and 24466 were amended in 1983 following legislative approval of Senate Bill 251, which affected these sections only. (See Exhibit #1c) This bill was introduced on February 2, 1983 by Senator Ralph C. Dills. (See Exhibit #1a) He carried this bill for the Consumer Finance Lenders Association. (See Exhibit #11, document PE-4)

Senate Bill 251 was assigned to the Senate Committee on Banking and Commerce and the Assembly Committee on Finance and Insurance where policy issues raised by the bill were considered. (See Exhibits #3 and #7) One amendment was made to Senate Bill 251. (See Exhibits #1b and #2) Subsequent to legislative approval, Governor George Deukmejian signed Senate Bill 251 on May 27, 1983, and it was recorded by the Secretary of State on that day as Chapter 50 of the Statutes of 1983. (See Exhibits #1c and #2)

In his letter to Governor Deukmejian, Senator Dills described his bill as follows:

SB251 permits loans with flexible repayment provisions to be made to graduate students by lenders under the Industrial Loan, Personal Property Broker and Consumer Finance Lender Laws.

Personal property brokers and consumer finance lenders, who are now the only persons in California who are barred from collecting costs awarded by the courts, are authorized by the bill to collect court costs.

SB 251 also creates an exception to the general prohibition in the Consumer Finance Lenders Law against taking both real and personally property security which permits mobilehome loans to be secured by both the mobilehome and the land beneath it.
(See Exhibit #10, document A-3)