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Consumer Loan Bill Proposed

A bill designed to protect consumers from loans packaged with excessive fees and balloon payments could
require lenders to steer qualified customers to conventional loans.

Senate Bill 608, by Democratic Senator Joe Dunn of Santa Ana, would crack down
on what advocates for the poor and elderly describe as “predatory´´ lenders. They say that these lenders exploit customers who can´t make out the small print
in complex loan agreements.