Sacramento, CA – 17 June 2020 – At 9:20 am PST, the California State Assembly met, voted on a small handful of bills and adjourned until July 13, 2020 (2 hours of work and a month off? What do we pay these people for?). AB 2501, was not reintroduced.
In short, AB 2501 is dead for all intents and purposes, for now.
Technically, the bill has until June 19th for passage, but with no assembly meeting tomorrow, this is not possible.
It is, however, possible for this bill to grow legs and reemerge in the state senate in July when they reconvene if it finds a senate sponsor, which we have little doubt that it can do.
AB 2501’s fortunate demise was the result of many people, associations, banks, credit unions, repossession agencies and lobbyists who made countless calls and emails to teh state assembly members opposing this disastrous bill.
Most notable of efforts goes to Joe Collins, legislative liaison for the California Association of Licensed Repossessors (CALR) who worked diligently throughout this process. Especially on Monday, when his texts to assembly members on the floor alerted them to the lack of changes to the self-help repossession and foreclosure portions of the bill, which were promised by Assembly Woman Limon.
The entire California credit union community really stepped up in their emails and calls which helped maintain pressure and acknowledgment of the long-term damage this bill posed to not only their industry, but the entire state economy.
The efforts of all involved exemplified the meaning of grassroots and the value of community involvement in politics. It also illuminated the value of having experienced and connected lobbyists in the capital representing the industry.
We will continue to monitor the legislative journals for any evidence of the possibility of this bill’s second life in the state senate and keep you posted.
Great job everyone and thank you!
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