State Sen. Nancy Skinner (D-Berkeley) announced Wednesday that she has introduced new legislation (SB 1200), in an effort to reduce excessively high-interest rates that California courts can levy when issuing legal judgments on consumer and personal debt.
SB 1200 is aiming to limit the amount of time that Californians can be burdened with long-term debt.
“For years, state law has required courts to charge exorbitant interest rates on legal judgments, exacerbating the debt owed by California families,” Sen. Skinner said.
“SB 1200 will help relieve financially struggling families by slashing high-interest rates on legal judgments and limiting the amount of time families are forced to struggle under mounting debt.”
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