Bill Text: CA SB619 | 2019-2020 | Regular Session | Amended
Bill Title: Armories: sale.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2020-07-27 - Re-referred to Com. on RLS. pursuant to Assembly Rule 96. [SB619 Detail]
Download: California-2019-SB619-Amended.html
Amended
IN
Assembly
July 13, 2020 |
Amended
IN
Senate
April 30, 2019 |
Amended
IN
Senate
March 27, 2019 |
Introduced by Senator Hueso |
February 22, 2019 |
LEGISLATIVE COUNSEL'S DIGEST
The Consumer Credit Reporting Agencies Act and the federal Fair Credit Reporting Act provide for the regulation of consumer credit reporting agencies that collect credit-related information on consumers and report this information to subscribers and of persons who furnish that information to consumer credit reporting agencies, as provided.
Existing law requires, among other things, that the Governor’s Office of Business and Economic Development (GO-Biz) convene, at least annually, representatives from various programs and agencies across the state and from various federal programs and agencies for the purpose of discussing how California can leverage Promise Zones and Opportunity Zones to meet state and local community and economic development needs, as provided.
This bill would require, as part of
this annual convention, that the office assist with educational partnerships. The bill would make other nonsubstantive changes.
This bill, on and after January 1, 2021, would require the operator of an eligible rental housing development located within a Promise Zone, as defined, that either consists of 50 or more units or receives financial assistance from the state, to on a
monthly basis furnish to a consumer credit reporting agency, as defined, information regarding the rental payment made by each tenant within the rental housing development who
authorizes the submission of that information, as provided. The bill would require the Department of Business Oversight to notify the director of each Promise Zone that a tenant living in a Promise Zone may opt to have their rental payments reported to a consumer credit reporting agency and to encourage the director to offer those tenants credit education and financial coaching free of charge. The bill would require the department to contract with an independent third party to analyze data submitted to credit reporting agencies pursuant to these provisions and submit a report to the department providing specified
information. The bill would require the department to post that report on its internet website and submit the report to the Legislature by January 1, 2024. The bill would repeal these provisions as of January 1, 2025.
This bill would make legislative findings and declarations as to the necessity of a special statute for the City of Los Angeles, the City of Sacramento, and the City of San Diego.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 435 of the Military and Veterans Code is amended to read:435.
(a) The Director of General Services, with the approval of the Adjutant General, may lease for not more than 99 years or sell for fair market value, upon terms and conditions and subject to any reservations and exceptions as may be determined to be in the best interests of the State, any real property held for armory purposes. Real property shall not be sold or leased pursuant to this subdivision unless the Legislature, by statute, approves the sale or lease of the property.For purposes of this article:
(a)“Consumer credit reporting agency” means one that compiles and maintains files on consumers on a nationwide basis and meets the definition in Section 603(p) of the federal Fair Credit Reporting Act (15 U.S.C. Sec. 1681a(p)).
(b)“Eligible rental housing development” means a rental housing development that is located within a Promise Zone and for which either of the following apply:
(1)The development consists of 50 or more units.
(2)The development receives financial assistance from the state.
(c)“Furnish” or “furnishing” means that the eligible rental housing development acts as a furnisher, within the meaning of
Section 660.2(c) of Title 16 of the Code of Federal Regulations.
(d)“Operator” means the person or entity that manages the eligible rental housing development. An operator may, but is not required to, be the owner of the development.
(e)“Promise Zone” means the four areas in this state, located within the City of Los Angeles, the City of
Sacramento, and the City of San Diego, that were designated as Promise Zones by the United States Department of Housing and Urban Development as of January 1, 2019.
(f)“Rental payment” means a regular payment made in exchange for the right to occupy a unit in an eligible rental housing development.
(g)“Tenant” means a person residing in an eligible rental housing development who is responsible for making rental
payments.
(a)(1)On and after January 1, 2021, and subject to paragraph (2), the operator of each eligible rental housing development shall, on a monthly basis, furnish to at least one consumer credit reporting agency information regarding the rental payment made by each tenant within the eligible rental housing development who
authorizes the submission of that information or may authorize a third party to report the information on its behalf.
(2)An operator of an eligible rental housing development, or an authorized third party, as applicable, shall obtain written consent from a tenant before reporting data to a consumer credit reporting agency.
(3)A tenant that provides consent pursuant to paragraph (2) may, at any time, file a subsequent written request with the operator or authorized
third party requesting that the operator or third party cease reporting their rental payment information to a consumer credit reporting agency.
(4)Participating tenants who opt out of
reporting pursuant to paragraph (3) may provide new consent pursuant to paragraph (2) six months from the date the written opt out is filed, or whatever period is required by the consumer credit reporting
agencies, whichever is sooner.
(b)A tenant who opts into rent reporting does not forfeit any rights under Sections 1941 to 1942, inclusive, of the Civil Code. Payments made conforming to those statutes shall not constitute a late rental payment. Tenants invoking their rights under Sections 1941 to 1942, inclusive, of the Civil Code, shall notify the operator of their eligible rental housing prior to the date rent is due.
(c)The Department of Business Oversight shall notify the director of each Promise Zone regarding the ability of tenants living in Promise Zones to opt to have their rent payments reported to a consumer credit reporting agency and shall encourage each director to offer
Promise Zone tenants credit education and financial coaching services free of charge to the tenants.
(d)The Department of Business Oversight shall contract with an independent third party to analyze the data furnished to consumer reporting agencies pursuant to subdivision (a). The third party shall submit a report to the department summarizing the analysis by December 1, 2023. The report submitted by the independent third party shall include the following information:
(1)A determination of whether the submission of rental payment data enables an individual who lacks a trade line on file at a consumer credit reporting agency to establish a prime credit score with that agency and, if applicable, the mean credit score
established by those individuals.
(2)A determination of whether the submission of rental payment data enables an individual with three or fewer trade lines on file at a consumer credit reporting agency to establish a prime credit score with that agency and, if applicable, the mean credit score established by those individuals.
(3)A determination of whether the submission of rental payment data enables an individual with a nonprime credit score at a consumer credit reporting agency to establish a prime credit score with that agency and, if applicable, the mean credit score established by those individuals.
(4)For renters with a credit score at a consumer credit reporting agency before their rental payment data was first submitted pursuant to this section, the total number and the percentage of those renters that
experience a positive score change, a negative score change, and no score change, and the average size of those changes.
(5)The percentage of tenants that move between credit tiers following the submission of rental payment data.
(e)The contract used by the Department of Business Oversight to comply with subdivision (d) shall require the third party to, at a minimum, do all of the following:
(1)Include data for participating tenants, without regard to whether the data is submitted by participating eligible rental housing developments or by authorized third parties.
(2)Analyze the data at least once every six months.
(3)Isolate the impact of the rental income trade line relative to
other trade lines.
(4)Anonymize and aggregate all data included in the final report.
(5)Provide the information required by subdivision (d) in relation to individual developing of a VantageScore 3.0, FICO 9, or comparable credit score that accounts for rental payment data.
(f)The Department of Business Oversight shall post the report prepared pursuant to subdivision (d) on its internet website and submit the report to the Legislature in accordance with Section 9795 of the Government Code by January 1, 2024.
This article shall remain in effect until January 1, 2025, and as of that date is repealed.
(a)(1)The office is hereby authorized to develop content on its internet website or through other mediums to be used for public dissemination, through outreach activities, in order to provide information and resources to inform the general public about place-based and other geographically targeted economic development programs, including, but not limited to, federal Promise Zones within California that are designated by the United States Department of Housing and Urban Development, and Opportunity Zones designated by the United States Treasury, pursuant to Sections 1400Z-1 and 1400Z-2 of the Internal Revenue Code.
(2)The information and resources shall
include, but not be limited to, how the local jurisdictions or census tracts were created, where locals and investors may get additional information, and updates regarding federal programs as that information becomes available.
(b)(1)The office shall convene, at least annually, representatives from various programs and agencies across the state and from various federal programs and agencies for the purpose of discussing how California can leverage Promise Zones and Opportunity Zones to meet state and local community and economic development needs. The convention topics shall include, but not be limited to, discussions on enhanced engagement opportunities and targeted outreach to assist designated areas in their efforts to access state resources and services.
(2)As part of the annual convention required by this subdivision, the office shall assist with educational partnerships.
(c)As used in this section:
(1)“California Opportunity Zone” means a census tract in this state that has been designated by the United States Treasury as an Opportunity Zone, pursuant to Sections 1400Z-1 and 1400Z-2 of the Internal Revenue Code.
(2)“California Promise Zone” means a community in this state that has been designated by the United States Department of Housing and Urban Development as a Promise Zone.
The Legislature finds and declares that, with respect to Section 2 of this act, a special statute is necessary and that a general statute cannot be made applicable within the meaning of Section 16 of Article IV of the California Constitution because of the unique circumstances in the City of Los Angeles, the City of Sacramento, and the City of San Diego related to the designation of federal Promise Zones within each of these cities by the United States Department of Housing and Urban Development.