Assembly Bill 2591 (Ross – 1982)
Chapter 1082, Statutes of 1982 - AB 2591
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Former Financial Code sections were affected in 1982 following legislative passage of Assembly Bill 2591. (See Exhibit #1g) Assembly Bill 2591 was introduced by Assembly member Mike Roos on February 9, 1982 at the request of the California Consumer Finance Association. (See Exhibits #la and #4, document AP-11)
While before the Legislature, Assembly Bill 2591 was heard in the Assembly Committee on Finance, Insurance and Commerce and the Assembly Committee on Ways and Means. (See Exhibits #3 and #5) In the Senate, the bill was heard in the Senate Committee on Banking and Commerce and the Senate Committee on Finance. (See Exhibits #2 and #7) Assembly Bill 2591 was amended five times and approved by the Legislature. (See Exhibits #1b through #1f and #2) The bill was heard on the Consent Calendar in each house, indicating it was unopposed, and received unanimous votes in all committees. On the floor of each house it was on the Special Consent Calendar, voted on as a unit with other non-controversial measures, rather than being voted individually. (See Exhibit #2)
Governor Edmund G. Brown, Jr., signed the bill on September 14, 1982 and it was recorded on September 15, 1982 as Chapter 1082 of the Statutes of 1982. (See Exhibits #1g, and #2)
The Enrolled Bill Report of the Department of Corporations described Assembly Bill 2591 after enrollment as follows:
This bill would create a class of lenders which is exempt from the limitation on interest rates contained in the California Constitution to be known as “commercial finance lenders”, and would provide for their licensing and regulation by the Commissioner of Corporations.
(See Exhibit #15, document PE-5)