Your Help is Needed!
The fate of the credit union and repossession industries is at stake next week. Both the California State Assembly and State Senate are preparing to vote on two bills that would put to a halt the delicate balance of the credit ecosystems. Your voice is desperately needed to save thousands of jobs!
AB 1436, the “Long Term Mortgage Forbearance and Eviction Moratorium goes to vote in the State Senate next week and Governor Gavin Newsom has stated to the Judicial Counsel of California that “he is working to extend statewide protections”, which may be indicative of his openness to sign this bill well before the current September 1 date when the current moratorium comes to an end.
AB 2501, the “Repossession and Foreclosure Moratorium Bill” was just placed on the state assembly bill again on Wednesday. This procedural four day posting allows it to go for vote again as soon as Monday. AB 2501 places a moratorium on auto repossessions until January 2023!
Despite it’s good intentions, these bills will tighten and cripple the auto dealership industry and undoubtedly cause yet more business closures and reductions in staff for credit union lending, collections, repossessions and auto sales further increasing the roles of the unemployed in the state of California.
Please reach out and contact your state representatives to voice your disapproval of these bills today!
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