California Assembly Bill AB1219 Amended / Bill

 BILL NUMBER: AB 1219AMENDED BILL TEXT AMENDED IN ASSEMBLY MARCH 29, 2011 INTRODUCED BY Assembly Member Perea FEBRUARY 18, 2011 An act to amend Section 1747.01 of the Civil Code, relating to credit cards. LEGISLATIVE COUNSEL'S DIGEST AB 1219, as amended, Perea. Credit cards: federal conformance. Existing law declares the intent of the Legislature that specified state laws regulating credit cards that are similar to the federal Truth in Lending Act be interpreted to essentially conform to the Truth in Lending Act and any rule, regulation, or interpretation promulgated under that act by the Board of Governors of the Federal Reserve System. Existing federal law creates the Bureau of Consumer Financial Protection, which is charged with implementing and enforcing federal consumer financial laws. This bill would  further declare the intent of the Legislature   delete the reference to the intent of the Legislature, described above, and instead provide  that specified state law regulating credit cards  shall be interpreted to conform with the Truth in Lending Act and any rule, regulation, or interpretation promulgated under that act by the Board of Governors of the Federal Reserve System. The bill would  also  provide that these provisions shall  be interpreted  to be  in conformance with any rule, regulation, or interpretation of the Truth in Lending Act promulgated by the Bureau of Consumer Financial Protection. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 1747.01 of the Civil Code is amended to read: 1747.01.  It is the intent of the Legislature that the   The  provisions of this title as to which there are similar provisions in the federal Truth in Lending Act, as amended (15 U.S.C. 1601, et seq.),  essentially conform, and   shall  be interpreted by anyone construing  the provisions of this title to so conform, to   them to conform with  the Truth in Lending Act and any rule, regulation, or interpretation promulgated thereunder by the Board of Governors of the Federal Reserve System, or any rule, regulation, or interpretation of the act promulgated by the Bureau of Consumer Financial Protection, and any interpretation issued by an official or employee of the Federal Reserve System or the Bureau of Consumer Financial Protection duly authorized to issue  such   that  interpretation.