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<ns0:Id>20250AB__235097AMD</ns0:Id>
<ns0:VersionNum>97</ns0:VersionNum>
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<ns0:ActionText>INTRODUCED</ns0:ActionText>
<ns0:ActionDate>2026-02-19</ns0:ActionDate>
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<ns0:ActionText>AMENDED_ASSEMBLY</ns0:ActionText>
<ns0:ActionDate>2026-03-16</ns0:ActionDate>
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<ns0:ActionText>AMENDED_ASSEMBLY</ns0:ActionText>
<ns0:ActionDate>2026-03-26</ns0:ActionDate>
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<ns0:SessionYear>2025</ns0:SessionYear>
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<ns0:MeasureType>AB</ns0:MeasureType>
<ns0:MeasureNum>2350</ns0:MeasureNum>
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<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Assembly Member McKinnor</ns0:AuthorText>
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<ns0:Name>McKinnor</ns0:Name>
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<ns0:Title> An act to add Section 22348 to the Financial Code, relating to consumer loans.</ns0:Title>
<ns0:RelatingClause>consumer loans</ns0:RelatingClause>
<ns0:GeneralSubject>
<ns0:Subject>Consumer loans: residential real property rental obligations.</ns0:Subject>
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<html:p>The California Financing Law (CFL) generally regulates consumer loan lending practices by finance lenders, brokers, and program administrators. The CFL makes a willful violation of its provisions a crime.</html:p>
<html:p>This bill would prohibit finance lenders, brokers, and program administrators from making a consumer loan if a purpose of the loan is to pay for any obligation under an agreement to rent residential real property,
including, but not limited to, a rent split loan agreement, as specified. By expanding the scope of a crime under the CFL, this bill would impose a state-mandated local program.</html:p>
<html:p>The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.</html:p>
<html:p>This bill would provide that no reimbursement is required by this act for a specified reason.</html:p>
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<ns0:VoteRequired>MAJORITY</ns0:VoteRequired>
<ns0:Appropriation>NO</ns0:Appropriation>
<ns0:FiscalCommittee>YES</ns0:FiscalCommittee>
<ns0:LocalProgram>YES</ns0:LocalProgram>
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<ns0:ImmediateEffect>NO</ns0:ImmediateEffect>
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<ns0:Urgency>NO</ns0:Urgency>
<ns0:TaxLevy>NO</ns0:TaxLevy>
<ns0:Election>NO</ns0:Election>
<ns0:UsualCurrentExpenses>NO</ns0:UsualCurrentExpenses>
<ns0:BudgetBill>NO</ns0:BudgetBill>
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<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
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<ns0:Num>SECTION 1.</ns0:Num>
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Section 22348 is added to the
<ns0:DocName>Financial Code</ns0:DocName>
, to read:
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<ns0:Num>22348.</ns0:Num>
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<html:p>A licensee shall not make a consumer loan if a purpose of the loan is to pay for any obligation under an agreement to rent residential real property, including, but not limited to, a rent split loan agreement.</html:p>
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<ns0:Num>SEC. 2.</ns0:Num>
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No reimbursement is required by this act pursuant to Section 6 of Article XIII
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B of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIII
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B of the California Constitution.
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