A bill proposing the creation of a financial clearinghouse that will provide California citizens with critical information about credit scores, interest rates, responsible borrowing and overall financial literacy has passed the State Assembly and is now heading to the State Senate.
Assembly Bill 2123 (or AB 2123) is sponsored by Assemblymember Ted Lieu (D-Torrance) and was created to combat the aggressive tide of foreclosures sweeping the state.
“Many California consumers do not have the tools necessary to avoid being ripped off by predatory lending scams and misleading advertising,” said Assemblymember Lieu. “With better access to information and counseling, many families would have been able to avoid such disasters as the mortgage crisis.”
Lieu’s bill proposes the creation of a “financial literacy corps” that will help California residents who do not have access to educational programs on personal finance.