The California Chamber of Commerce today added AB 2501 (Limón; D-Santa Barbara) to its Job Killer list.
The bill requires lenders to maintain home and auto loans for an extended length of time with no payments from borrowers. This strain imposed on financial institutions will limit the availability of credit in the future, which will harm our economic recovery.
Specifically, the bill requires financial institutions to carry homeowner loans for a year or more without payment and without assessing fines or penalties, prohibits repossession of mobile homes or motor vehicles for non-payment and without assessing fines and penalties, and places onerous restrictions on deferred deposit loans. The provisions of the bill are unprecedented and will restrict Californians’ ability to access credit now and in the future.
AB 2501 shifts a significant portion of the costs of this pandemic to the private sector. As the CalChamber has repeatedly stated, the private sector cannot be the safety net for this crisis. That is the role of government. The private sector cannot absorb the burdens proposed in AB 2501 without it causing further harm, including loss of jobs.
AB 2501 is scheduled to be considered by the Assembly Banking and Finance committee today.
Bill Stalled
SB 893 (Caballero; D-Salinas) has stalled after failing to secure enough votes to pass the Senate Labor, Public Employment and Retirement committee on May 14. The bill was granted reconsideration.
SB 893 would significantly increase workers’ compensation costs for public and private hospitals by presuming that certain diseases (including COVID-19) and injuries are caused by the workplace and establishes an extremely concerning precedent for expanding presumptions into the private sector.
Job Killer Tag Removed
Due to May 11 amendments, the CalChamber has removed its opposition to AB 2992 (Weber; D-San Diego) and it is no longer a job killer.
The California Chamber of Commerce (CalChamber) is the largest broad-based business advocate to government in California. Membership represents one-quarter of the private sector jobs in California and includes firms of all sizes and companies from every industry within the state. Leveraging our front-line knowledge of laws and regulations, we provide products and services to help businesses comply with both federal and state law. CalChamber, a not-for-profit organization with roots dating to 1890, promotes international trade and investment in order to stimulate California’s economy and create jobs. Please visit our website at www.calchamber.com
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