The legislation in Sacramento is doing everything it can to stifle free enterprise. SB956 is just another one of the hundreds of examples, and was just passed by the Senate and will move on to the Assembly. It deals with Buy Here Pay Here auto dealerships, and would require these small dealers to now register with the state as a lending institution.
We need a certain amount of regulations. We do not want car dealers practicing predatory policies on consumers. However, most of these dealers cannot afford a staff, and the owner is trying to keep his head above water by running his business and doing all the paperwork themselves. They do not need to be bogged down with more bureaucracy, more paperwork, more regulation and more costs.
What is going to be the straw that broke the camel’s back when these people just throw up their hands and say “enough is enough,” along with the hundreds of small businesses in California that have already done that? Who is going to be hurt? The little guy — the fellow that has terrible credit and cannot get a loan on the open market.
This bill, if it becomes law, is going to cause many dealerships to go out of business, eliminate the one outlet for many people to purchase a vehicle, and cost the state millions of dollars in tax revenue. How did they vote? All “aye” votes were Democrat, and all “no” votes were Republican.