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.

Statutes affected:
SB619: 12097.5 GOV
02/22/19 - Introduced: 12097.5 GOV
03/27/19 - Amended Senate: 12097.5 GOV
04/30/19 - Amended Senate: 12097.5 GOV