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SACRAMENTO, Calif. (AP) — Pacific Gas & Electric's key lenders on Tuesday offered a billion plan to pull the utility out of bankruptcy and give the tarnished company a new name.The proposal filed in U.S. Bankruptcy Court would set aside up to billion of that billion to pay claims on the 2017 and 2018 wildfires caused by PG&E equipment, the Sacramento Bee reported.The plan offered by PG&E's leading bondholders would compete with an alternative that the newspaper says is being drafted by PG&E. Normally the company in bankruptcy has first crack at proposing an exit plan, but the bondholders said in a court filing that they filed their plan because PG&E has "wasted crucial time needlessly."The bondholders also want to rebrand PG&E as Golden State Power Light & Gas Company.Asked about the bondholders' plan, the utility said in a statement that it was considering all options as it navigates the bankruptcy process.The new proposal came four days after Gov. Gavin Newsom, a Democrat, floated the idea of a billion package to deal with the costs of future wildfires, paid for by ratepayers and shareholders of PG&E and the other two big electric utilities in California.Newsom's plan does not offer any cash for PG&E's existing liabilities but would revise state law to give utilities more certainty about recovering costs from ratepayers — enough stability that Newsom believes will allow PG&E to borrow the money it needs to pay existing claims, according to the Bee.The bondholders include some of the biggest investors on Wall Street, including Elliott Management, Pimco and Apollo Global Management. They have been quietly promoting a PG&E restructuring plan for weeks in conversations with legislators, Newsom's aides and others. Tuesday's court filing marks the first time they have taken the proposal public."Substantial new capital must be infused into the company," the bondholders said in their court filing.The governor's office had no immediate comment on the bondholders' proposal.Like Newsom's plan, the proposal is "ratepayer neutral" — meaning, customer rates would not go up to pay the costs of getting PG&E out of bankruptcy.But ratepayers would pay: The plan calls for a .50 monthly charge, a feature of PG&E bills since the 2001 energy crisis, to be extended for several years to help raise dollars for a wildfire insurance fund proposed by Newsom last week. That fund would help pay claims for future fires.___Information from: The Sacramento Bee, http://www.sacbee.com 2574

SACRAMENTO, Calif. (AP) — The California Assembly voted Thursday to cap the interest lenders may charge on loans that can carry rates spiraling into the triple digits.Backed by civil rights groups, religious organizations and some trade associations, the proposed law would cap annual rates at around 38% for loans between ,500 and ,000.The bill comes as legislators across the country seek to reign in a storefront lending industry critics accuse of preying on low-income consumers in need of cash and trapping them under mounds of debt for years.But even as the bill advanced, some California lawmakers expressed concern that it will limit choices for consumers with bad credit or little access to banks and other financial products. And the lending industry, which wields significant influence in legislatures as well as in Washington, has launched an advertising campaign in California attacking the bill as it heads to the state Senate, where observers expect a tougher fight.Proponents of capping interest rates point to an explosion in high-interest consumer loans around the state over the last decade.The state already caps interest rates on consumer loans under ,500 but not for amounts over that threshold. In 2009, 8,468 loans for amounts between ,500 and ,000 came with interest rates over 100%, according to data from state regulators. Lenders now issue more than 350,000 loans each year with interest rates in the triple digits. A legislative analysis said at least one out of three borrowers is unable to pay their loans.But proposals to cap interest rates in recent years have faltered at California's Legislature. Several lawmakers still expressed concern about the latest proposal, suggesting it could drive lenders out of the market, pushing consumers with low incomes toward unregulated lenders or cutting off their easy access to capital."Without these alternative financial service providers, those folks would have nowhere else to go," said Democratic Assemblywoman Sydney Kamlager-Dove of Los Angeles.Assembly Speaker Anthony Rendon dismissed arguments the bill would ultimately harm low-income residents."Those are merely talking points of an industry that has repeatedly lied to members of this chamber," he said.Casting the bill as a moral issue, the Democrat said the legislation can be considered as important as any other lawmakers will vote on this year in the country's most populous state.The bill ended up passing with bipartisan support as one Republican legislator cited religious prohibitions on usury."I'm a free-market capitalist and I'm unashamed of it but we need to stand up and protect people who are being preyed upon," said Assemblyman Jordan Cunningham of San Luis Obispo.The support of the financial industry this year, too, may also signal that the sector foresees a reckoning in the state or at least further political uncertainty if lawmakers do not approve limits for loans between ,500 and ,000.The California Supreme Court cast a legal question mark last year over the lending industry's practices, deciding in one class action lawsuit that some interest rates can be so high as to be deemed unconscionable under financial laws.Democratic Assemblywoman Monique Limon of Santa Barbara, the bill's author, also suggested that an interest rate cap could end up on the ballot if the Legislature does not act.If passed, California would join 38 states and the District of Columbia in capping interest rates for these types of loans, according to a legislative analysis. The level proposed in California would be on the higher end.Observers expect a bigger political fight when the bill heads to the state Senate, however.Opponents of the bill have launched an advertising campaign aimed at stopping it.The trade group Online Lenders Alliance has bought ads on Sacramento television stations, according to Federal Communication Commission filings.A group calling itself Don't Lock Me Out California has also bought online ads attacking the bill. 4018

SACRAMENTO, Calif. (AP) — Lawmakers can avoid the long lines plaguing California's Department of Motor Vehicles offices by visiting an office near the Capitol not open to the public, a decades-old practice under fresh fire as wait times surge.The office provides services for current and retired lawmakers, their staff and some other state employees, The Sacramento Bee reported Thursday. DMV spokesman Artemio Armenta said its primary purpose is to handle constituent requests that arrive on lawmakers' desks and that the two-member staff handles 10,000 requests per year.But one lawmaker said it shouldn't provide extra perks for the Capitol community as regular Californians are forced to wait up to hours in line for services at their local office.RELATED: Shorter lines? Larger DMV planned for Hillcrest"I have gotten my registration and all that stuff the old-fashioned way like everybody else in my district," Republican Assemblyman Jim Patterson told the Bee. "When you are living a public life the way most private people live, you'll understand when taxes hurt and bureaucracies hurt."Patterson's colleagues rejected his request to audit the DMV on Wednesday, and lawmakers have recently approved more money for the agency to deal with its exploding wait times.DMV officials said the long lines are due to complications complying with new federally mandated security upgrades for ID cards. In late 2020, airport security checkpoints will require so-called "Real ID" compliant cards, and Californians are now beginning to get the updated cards.RELATED: California lawmakers ask DMV officials about long linesLawmakers have approved tens of millions of dollars to hire more staff and implement the roll-out of Real ID. The DMV recently announced it would open more than a dozen offices on Saturdays.Whether lawmakers and Capitol staff should get access to a private DMV has been disputed before. Some people who work in and around the Capitol downplayed the office's existence in response to the Bee article, saying it's been known about for years. A 2006 Capitol Weekly article highlighted the debate over the office, referencing a small-government activist who criticized it for years.The office has been open for decades, moving locations around the Capitol. At one point it was open to the public. Now, the office is unmarked at the end of a hallway in the Legislative Office Building, located across the street from the Capitol.RELATED: State report: California DMV worker slept thousands of hours on the jobWhen a reporter stopped by on Friday, the door was locked and a woman who answered directed all questions to the public affairs office.Armenta, the DMV spokesman, said the door is locked because the office handles cash transactions and holds people's personally identifiable information. About 90 percent of the office's work relates to requests from constituents who call their lawmakers over complicated problems the local DMV branch may not be able to solve, he said."Often times it's a conduit for constituent work," Armenta said. "It provides the Legislature a way to be closely in contact with state government on helping customers with situations that they're having."Spokespeople for Assembly Speaker Anthony Rendon and Senate President Pro Tem Toni Atkins did not respond to questions about whether it's appropriate for lawmakers to get services at the office. 3398

SACRAMENTO, Calif. (AP) — Sacramento State University has accidentally accepted 3,500 wait-listed students for fall admission.The Sacramento Bee reports that the students were mistakenly invited to Admitted Students Day after an email was sent in March welcoming them to the event.Officials say the school never rescinded the invitation, which implied the students were accepted.University officials say the error resulted in an additional 500 students who began classes this semester.Officials say there would be space to admit them, because the school initially admitted a conservative number of students and it noted a record number of graduates last year.Officials say they don't believe that the additional students would have an effect on students' ability to take classes in their department.University officials estimate a 1% enrollment increase. 862

RIP Hugh Keays-Byrne ?? It’s amazing you were able to play an evil warlord so well cause you were such a kind, beautiful soul. You will be deeply missed my friend. pic.twitter.com/kXDhNs5jEU— Charlize Theron (@CharlizeAfrica) December 2, 2020 250