April 6, 2019

The Honorable Steven Bradford, Chair Senate Banking and Financial Institutions Committee State Capitol #2059 Sacramento, CA 95814

RE: SB 482 (Hueso) – SUPPORT – Consumer Loans: Restrictions

Dear Chairman Bradford:

We are contacting you on behalf of BizFed, a grassroots alliance of more than 180 business organizations, representing more than 400,000 employers with 3.5 million employees in Los Angeles County. As a united federation, we advocate for policies and projects that strengthen our regional economy. For those reasons and the ones listed below, we support SB 482 (Hueso).

This legislation enacts several critically important consumer protections. These protections include provisions that strengthen the requirements of companies that act as lenders, to provide transparent information on topics such as total cost of loan, lower cost borrowing options, loan payment reminders, and flexibility in early loan repayment and reschedule loan payments to the borrowers.

SB 482 (Hueso) with its consumer protection provisions, will also help the borrowers of these loans, build a stronger credit history, which can set them on the path toward accessing traditional financial institutions products in their future.

As the California State Legislature considers policies that help strengthen our economy and all Californians’ financial outlook, SB 482 (Hueso) represents a commonsense approach to ensure Californians are protected from unscrupulous lending practices. For the reasons we listed above, BizFed is pleased to support SB 482 (Hueso) and urges the Senate Banking and Financial Institutions Committee to pass this important consumer protection bill.

Sincerely,

Steve Bullock David Fleming Tracy Hernandez BizFed Chair BizFed Founding Chair BizFed Founding CEO Cerrell Associates IMPOWER, Inc.

Los Angeles County Business Federation / 6055 E. Washington Blvd., #1005, Commerce, California 90040 / T: 323.889.4348 / www.bizfed.org

BizFed Association Members

Action Apartment Association Downey Chamber of Commerce Pasadena Chamber AIA - Los Angeles Downtown Long Beach Alliance Pasadena-Foothills Association of Alhambra Chamber El Monte/South El Monte Chamber Realtors American Beverage Association Employers Group PhRMA American Hotel & Lodging Association Engineering Contractor's Association Planned Parenthood Southern Antelope Valley Board of Trade F.A.S.T.-Fixing Angelenos Stuck In California Affiliates Angeles Emeralds Traffic Pomona Chamber Apartment Association, California FilmLA PropelLA Southern Cities FuturePorts Rancho Southeast Association of Apartment Association of Greater Los Gardena Valley Chamber of Realtors Angeles Commerce Recording Industry Association of Arcadia Association of Realtors Gateway to LA America AREAA North Los Angeles SFV SCV Glendale Association of Realtors Regional Black Chamber - San Asian Business Association Glendale Chamber Fernando Valley Association of Independent Glendora Chamber Regional San Gabriel Valley Chamber Commercial Producers Greater Antelope Valley AOR Rosemead Chamber Azusa Chamber Greater Lakewood Chamber San Gabriel Chamber Beverly Hills Bar Association Greater Los Angeles African American San Gabriel Valley Civic Alliance Beverly Hills Chamber Chamber San Gabriel Valley Economic Beverly Hills / Greater LA Association Greater Los Angeles New Car Dealers Partnership of Realtors Association Santa Clarita Valley Chamber BNI4SUCCESS Harbor Trucking Association Santa Clarita Valley Economic Burbank Association of Realtors Historic Core Bid Development Corp. Building Industry Association, Hollywood Chamber San Pedro Peninsula Chamber LA / Ventura Counties Hong Kong Trade Development Santa Monica Chamber Building Owners & Managers Council Santa Monica Junior Chamber Association, Greater LA Hospital Association of Southern Sherman Oaks Chamber of Commerce Business & Industry Council for California South Bay Association of Chambers Emergency Planning & Preparedness Hotel Association of Los Angeles South Bay Association of Realtors CalAsian Chamber Industry Business Council Southern California Contractors California Apartment Association, Los Inglewood Airport Area Chamber of Association Angeles Commerce Southern California Golf Association California Asphalt Pavement International Warehouse Logistics Southern California Grantmakers Association Association Southern California Leadership California Bus Association Irwindale Chamber Coalition California Business Roundtable La Canada Flintridge Chamber Southern California Minority Supplier California Cannabis Industry LAX Coastal Area Chamber Development Council Inc. Association League of California Cities Southern California Water Coalition California Construction Industry and Long Beach Area Chamber Southland Regional Association of Materials Association Los Angeles Area Chamber Realtors California Contract Cities Association Los Angeles County Medical The Young Professionals at the California Fashion Association Association Petroleum Club California Gaming Association Los Angeles County Waste Torrance Area Chamber California Grocers Association Management Association Town Hall Los Angeles California Hotel & Lodging Los Angeles Gateway Chamber of Tri-Counties Association of Realtors Association Commerce United Chambers San Fernando Valley California Independent Oil Marketers Los Angeles Gay & Lesbian Chamber United States-Mexico Chamber California Independent Petroleum of Commerce Unmanned Autonomous Vehicle Association Los Angeles Latino Chamber Systems Association California Life Sciences Association Los Angeles Parking Association US Resiliency Council California Metals Coalition Maple Business Council Valley Industry & Commerce California Restaurant Association Motion Picture Association of America Association California Small Business Alliance MoveLA Vernon Chamber California Sportfishing League NAIOP Southern California Chapter Vietnamese American Chamber California Trucking Association National Association of Royalty Warner Center Association Carson Chamber of Commerce Owners West Hollywood Chamber Carson Dominguez Employers Alliance National Association of Tobacco West Los Angeles Chamber CDC Small Business Finance Outlets West San Gabriel Valley Association Central City Association National Association of Women of Realtors Century City Chamber of Commerce Business Owners West Valley/Warner Center Chamber Cerritos Chamber National Association of Women Western Manufactured Housing Citrus Valley Association of Realtors Business Owners, LA Association Commerce Industrial National Hispanic Medical Association Western States Petroleum Council/Chamber of Commerce National Latina Business Women's Association Construction Industry Air and Water Association Westside Council of Chambers Quality Coalitions Nederlands-America Foundation Westwood Village Rotary Club Council on Trade and Investment for Orange County Business Council Wilmington Chamber Filipino Americans Pacific Merchant Shipping Association World Trade Center Covina Chamber of Commerce Pacific Palisades Chamber Young Professionals in Energy - LA Culver City Chamber of Commerce Panorama City Chamber Chapter Downey Association of Realtors Paramount Chamber of Commerce

Los Angeles County Business Federation / 6055 E. Washington Blvd., #1005, Commerce, California 90040 / T: 323.889.4348 / www.bizfed.org