California AB2558 amends the Financial Code to limit interest rates on loans and fees for deferred deposit transactions.

California AB2558 amends the Financial Code to set a cap on the annual percentage rate for loans of less than $2,500, aligning it with the Military Lending Act. It also limits fees for deferred deposit transactions to 15% of the check's face amount. The bill specifies different interest rates for various loan amounts, with rates decreasing as the loan amount increases. Additionally, it prohibits additional fees for extensions or payment plans on deferred deposit transactions.

California AB2558 amends the Financial Code to limit interest rates on loans and fees for deferred deposit transactions.

California AB2558 amends the Financial Code to set a cap on the annual percentage rate for loans of less than $2,500, aligning it with the Military Lending Act. It also limits fees for deferred deposit transactions to 15% of the check's face amount. The bill specifies different interest rates for various loan amounts, with rates decreasing as the loan amount increases. Additionally, it prohibits additional fees for extensions or payment plans on deferred deposit transactions.