California Finance Lenders Law: reporting.

Existing law, the California Finance Lenders Law, prohibits acting as a finance lender without a license from the Commissioner of Business Oversight and defines a "finance lender" as a person in the business of making consumer or commercial loans. Existing law defines a "consumer loan" as a loan, secured or unsecured, the proceeds of which are to be used primarily for personal, family, or household purposes. Existing law, in certain instances, prescribes the maximum rate of the charges that may be received for making a consumer loan in relation to the amount of the loan. This bill would require the commissioner to prepare and submit a report to the Legislature on or before July 1, 2018, that identifies the availability of credit for low-income and low- and no-credit borrowers in California, and the extent to which the interest rate limitations in the Consumer Finance Lenders Law limit access to credit. The bill would require that report to include specified information. The bill would repeal these provisions as of January 1, 2022.