New CA Bill Would Stop All Repossession and Collections Activity in California for the Foreseeable Future
Assembly Bill 2501 (AB-2501) is another attempt to create negative barriers in the repossession industry, under the guise of consumer protection. A week and a half after the Los Angeles City Council introduced their proposal to ban repossessions in the city of Los Angeles, AB-2501 is now being heard in the Assembly and Banking Finance Committee on May 19th, 2020. Included in AB2501 is a 6-month moratorium/ban on all repossessions in the state of California.
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