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Committee passes bill to set guardrails on rent‑now‑pay‑later products
Summary
AB 2,350, put forward by Assemblymember McKenna, would set consumer protections for rent‑now‑pay‑later products used for rental housing; tenant advocates and legal‑aid groups urged support and financial‑industry groups asked to refine the bill to avoid unintended impacts.
The Assembly Banking and Finance Committee voted to pass AB 2,350 as amended to the Committee on Appropriations after sponsor remarks and testimony from advocates and industry representatives.
Assemblymember McKenna accepted committee amendments and said AB 2,350 would set guardrails on rent‑now‑pay‑later services to protect renters from high interest, junk fees and potential…
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