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Senate banking committee advances bill to apply debt‑settlement rules to commercial borrowers
Summary
The California State Senate Committee on Banking and Financial Institutions advanced AB 1166, a bill by Assemblymember Valencia that would extend the Fair Debt Settlement Practices Act to cover commercial financing, on a motion to "do pass, but first amend and re‑refer to judiciary."
The California State Senate Committee on Banking and Financial Institutions advanced AB 1166, a bill by Assemblymember Valencia that would extend the Fair Debt Settlement Practices Act to cover commercial financing, on a motion to "do pass, but first amend and re‑refer to judiciary," receiving the five committee votes required to move out of the committee.
Assemblymember Valencia, the bill’s author, told the committee that "AB 1166 expands the Fair Debt Settlement Practices Act to cover commercial financing, ensuring that debt settlement providers must follow the same rules for business customers as they do for individual customers." She said the 2021 measure (AB 14005) established the Fair Debt Settlement Practices Act and created guardrails that, in her view,…
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