Relating to: interest rates on consumer loans and activities of consumer lenders regulated by the Department of Financial Institutions. (FE)

AB 763 caps the annual percentage rate (APR) for most consumer loans at 36%, affecting licensed lenders regulated by the Department of Financial Institutions. It requires these lenders to report detailed data on high-rate loans, including the number of loans above 18% APR, repossession rates, and default outcomes. The bill also clarifies who qualifies as a lender to prevent evasion, such as disguising loans as property sales or leasebacks. These changes aim to increase transparency and limit excessive interest charges for borrowers.