<SEC-DOCUMENT>0001683168-19-003320.txt : 20191021
<SEC-HEADER>0001683168-19-003320.hdr.sgml : 20191021
<ACCEPTANCE-DATETIME>20191021154003
ACCESSION NUMBER:		0001683168-19-003320
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191016
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191021
DATE AS OF CHANGE:		20191021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMER PORTFOLIO SERVICES INC
		CENTRAL INDEX KEY:			0000889609
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				330459135
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14116
		FILM NUMBER:		191159613

	BUSINESS ADDRESS:	
		STREET 1:		19500 JAMBOREE ROAD
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		9497536800

	MAIL ADDRESS:	
		STREET 1:		19500 JAMBOREE ROAD
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cps_8k-10162019.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)
October 16, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 69%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 12pt"><B>CONSUMER PORTFOLIO
    SERVICES, INC.</B></FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><U STYLE="text-decoration: none">CALIFORNIA</U></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><U STYLE="text-decoration: none">1-11416</U></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><U STYLE="text-decoration: none">33-0459135</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of Incorporation)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 69%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">3800 Howard Hughes Pkwy, Suite 1400, Las Vegas, NV 89169</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices) (Zip Code)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant's telephone number, including
area code (949) 753-6800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 69%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Former name or former address, if changed since last report)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;&nbsp;Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;&nbsp;Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;&nbsp;Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;&nbsp;Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 12pt; margin-bottom: 6pt">Securities registered pursuant to Section 12(b) of the Act:</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt; width: 33%; border-bottom: Black 1pt solid">Title of each class</TD>
    <TD STYLE="font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt; width: 34%; border-bottom: Black 1pt solid">Trading Symbol(s)</TD>
    <TD STYLE="font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt; width: 33%; border-bottom: Black 1pt solid">Name of each exchange on which registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt">Common Stock, no par value</P>


</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt">CPSS</P>


</TD>
    <TD STYLE="font-size: 10pt; text-align: center">The Nasdaq Stock Market LLC (Global Market)</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act
of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font-size: 10pt; text-align: right; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">Emerging growth company &#9744;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item 1.01. Entry into a Material
Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The information contained in Item 2.03
of this report is hereby incorporated by reference into this Item 1.01. The registrant disclaims any implication that the agreements
relating to the transactions described in this report are other than agreements entered into in the ordinary course of its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On October 16, 2019, the registrant
Consumer Portfolio Services, Inc. (&quot;CPS&quot;) and its wholly owned subsidiary CPS Receivables Five LLC (&quot;Subsidiary&quot;)
entered into a series of agreements under which Subsidiary purchased from CPS, and sold to CPS Auto Receivables Trust 2019-D (the
&quot;Trust&quot;), approximately $176.7 million of subprime automotive receivables (the &quot;Initial Receivables&quot;). Subsidiary
also committed to purchase and to sell to the Trust, and CPS committed to sell to Subsidiary, an additional $98.3 million of similar
automotive receivables (the &quot;Subsequent Receivables&rdquo; and together with the Initial Receivables, the &ldquo;Receivables&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item 2.03. Creation of a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">CPS, Subsidiary, the Trust and others
on October 16, 2019, entered into a series of agreements that, among other things, created long-term obligations that are material
to CPS, Subsidiary and the Trust. Under these agreements (i) CPS sold the Initial Receivables to Subsidiary, and committed to sell
the Subsequent Receivables to Subsidiary not later than November 30, 2019, (ii) Subsidiary sold the Initial Receivables to the
Trust, and committed to sell the Subsequent Receivables to the Trust, (iii) the Trust deposited the Initial Receivables, and committed
to deposit the Subsequent Receivables, with Wells Fargo Bank, N.A. (&quot;Wells Fargo&quot;), as trustee of a grantor trust, receiving
in return a certificate of beneficial interest (&ldquo;CBI&rdquo;) representing beneficial ownership of the Receivables, (iv) the
Trust pledged the CBI to Wells Fargo as indenture trustee for benefit of the holders of the Notes (as defined below), (v) the Trust
issued and sold $274.3 million of asset-backed Notes, in six classes (such Notes collectively, the &quot;Notes&quot;), (vi) a portion
of the proceeds from the sale of the Notes was pledged to Wells Fargo as trustee for benefit of the holders of the Notes, to be
used to fund the purchase price of the Subsequent Receivables, and (vii) a cash deposit (the &quot;Reserve Account&quot;) in the
amount of 1.00% of the aggregate balance of the Initial Receivables was pledged for the benefit of the holders of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Security for the repayment of the Notes
consists of the Initial Receivables and, when and if sold, the Subsequent Receivables, and the rights to payments relating to the
Receivables. The Receivables were purchased by CPS from automobile dealers, and CPS will act as the servicer of the Receivables.
Credit enhancement for the Notes consists of over-collateralization and the Reserve Account. Wells Fargo will act as collateral
agent and trustee on behalf of the secured parties, and is the backup servicer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Notes are obligations only of the
Trust, and not of Subsidiary nor of CPS. Nevertheless, the Notes are properly treated as long-term debt obligations of CPS. The
sale and issuance of the Notes, treated as secured financings for accounting and tax purposes, are treated as sales for all other
purposes, including legal and bankruptcy purposes. None of the assets of the Trust or Subsidiary are available to pay other creditors
of CPS or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Upon completion of the
anticipated November 2019 sale of the Subsequent Receivables to the Trust, the Trust will hold a fixed pool of amortizing
assets. The Trust is obligated to pay principal and interest on the Notes on a monthly basis. Interest is payable at fixed
rates on the outstanding principal balance of each of the six classes of the Notes, and principal is payable by reference to
the aggregate principal balance of the Receivables (adjusted for chargeoffs and prepayments, among other things) and agreed
required over-collateralization. The following table sets forth the interest rates and initial principal amounts of the six
classes of Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">Note Class</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Interest Rate</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Amount</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 34%; text-align: center">Class A</TD><TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 27%; text-align: center">2.17%</TD><TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">$</TD><TD STYLE="width: 27%; text-align: center">118,250,000</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">Class B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.35%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: center">47,300,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">Class C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.54%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: center">40,288,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">Class D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.72%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: center">34,237,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center">Class E</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3.86%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: center">29,013,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">Class F</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.55%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: center">5,225,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The 2019-D transaction has initial
credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and over-collateralization
of 0.25%. The final enhancement level requires accelerated payment of principal on the Notes to reach overcollateralization of
the lesser of 5.95% of the original receivable pool balance (Initial Receivables and Subsequent Receivables, taken together), or
16.00% of the then outstanding pool balance, but in no event less than 2.50% of the original receivable pool balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If an event of default were to occur
under the agreements, the Trustee would have the right to accelerate the maturity of the Notes, in which event the cash proceeds
of the Receivables that otherwise would be released to Subsidiary would instead be directed entirely toward repayment of the Notes.
Events of default include such events as failure to make required payments on the Notes, breaches of warranties, representations
or covenants under any of the agreements or specified bankruptcy-related events. In addition, if the Receivables (pledged as security
for the Notes) were to experience net loss ratios that are higher than specified levels, the existence of such a &quot;trigger
event&quot; would also require that the cash proceeds of the Receivables that otherwise would be released to Subsidiary would instead
be directed to payment of principal on the Notes, until specified increased levels of overcollateralization were achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">At such time as the aggregate outstanding
principal balance of the Receivables is less than 10% of the intended initial aggregate balance of $275.0 million, CPS will have
the option to purchase the Trust estate at fair market value, provided that such purchase price is sufficient to cause the Notes
to be redeemed and paid in full, and to cause other obligations of the Trust to be met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item 5.03. Amendments to Articles
of Incorporation or Bylaws; Change in Fiscal Year.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On October 17, 2019, the board of directors
amended the bylaws of the registrant, effective that day. The sole effect of the amendment was to change the authorized number
of directors from six to seven.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item 9.01. Financial Statements
and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Two exhibits are included with this
report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 10pt"><A HREF="cps_ex0302.htm">Bylaws of the registrant.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="cps_ex9901.htm">News release re October 16, 2019 transaction.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>CONSUMER PORTFOLIO SERVICES, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Dated: October 21, 2019</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">By: <U>/s/ JEFFREY P. FRITZ&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeffrey P. Fritz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signing on behalf of the registrant</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TYPE>EX-3.2
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<FILENAME>cps_ex0302.htm
<DESCRIPTION>AMENDED AND RESTATED BYLAWS
<TEXT>
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<P STYLE="margin: 0">Exhibit 3.2</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED and RESTATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 4pt; text-align: center"><B>BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 4pt; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSUMER PORTFOLIO SERVICES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(a California corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">OFFICES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 1. Principal
Offices</U>. The board of directors shall fix the location of the principal executive office of the corporation at any place within
or outside the State of California. If the principal executive office is located outside this state, and the corporation has one
or more business offices in this state, the board of directors shall fix and designate a principal business office in the State
of California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 2. Other
Offices</U>. The board of directors may establish other business offices at any place or places where the corporation is qualified
to do business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">MEETINGS OF SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 1. Place
of Meetings</U>. Meetings of shareholders shall be held at any place within or outside the State of California designated by the
board of directors. In the absence of any such designation, shareholders' meetings shall be held at the principal executive office
of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 2. Annual
Meeting</U>. The annual meetings of shareholders shall be held each year on the third Tuesday of May unless another date shall
be designated by the board of directors. At each annual meeting directors shall be elected, and any other proper business may be
transacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 3. Special
Meeting</U>. A special meeting of the shareholders may be called at any time by the board of directors, or by the chairman of the
board, or by the president, or by one or more shareholders holding shares in the aggregate entitled to cast not less than 10% of
the votes at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">If a special meeting
is called by any person or persons other than the board of directors, the request shall be in writing, specifying the time of such
meeting and the general nature of the business proposed to be transacted, and shall be delivered personally or sent by registered
mail or by telegraphic or other facsimile transmission to the chairman of the board, the president, any vice president, or the
secretary of the corporation. The officer receiving the request shall cause notice to be promptly given to the shareholders entitled
to vote, in accordance with the provisions of Section 4 and 5 of this Article II, that a meeting will be held at the time requested
by the person or persons calling the meeting, not less than thirty-five (35) nor more than sixty (60) days after the receipt of
the request. If the notice is not given within twenty (20) days after receipt of the request, the person or persons requesting
the meeting may give the notice. Nothing construed as limiting, fixing or affecting the time when a meeting of shareholders is
called by action of the board of directors may be held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 4. Notice
of Shareholders' Meeting</U>. All notices of meetings of shareholders shall be sent or otherwise given in accordance with Section
5 of this Article II not less than ten (10) nor more than sixty (60) days before the date of the meeting. The notice shall specify
the place, date and hour of the meeting. The notice shall specify the place, date and hour of the meeting and (i) in the case of
a special meeting, the general nature of the business to be transacted, or (ii) in the case of an annual meeting, those matters
which the board of directors, at the time of giving the notice, intends to present for action by the shareholders. The notice of
any meeting at which directors are to be elected shall include the name of any nominee or nominees whom, at the time of the notice,
management intends to present for election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">If action is proposed
to be taken at any meeting for approval of (i) a contract or transaction in which a director has a direct or indirect financial
interest, pursuant to Section 310 of the Corporations Code of California, (ii) an amendment of the articles of incorporation, pursuant
to Section 902 of that Code, (iii) a reorganization of the corporation, pursuant to Section 1201 of that Code, (iv) a voluntary
dissolution of the corporation, pursuant to Section 1900 of that Code, with the rights of outstanding preferred shares, pursuant
to Section 2007 of that Code, the notice shall also state the general nature of that proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 5. Manner
of Giving Notice; Affidavit of Notice</U>. Notice of any meeting of shareholders shall be given either personally or by first-class
mail or telegraphic or other written communication, charges prepaid, addressed to the shareholder at the address of that shareholder
appearing on the books of the corporation or given by the shareholder to the corporation for the purpose of notice. If no such
address appears on the corporation's books or is given, notice shall be deemed to have been given if sent to that shareholder by
first-class mail or telegraphic or other written communication to the corporation's principal executive office, or if published
at least once in a newspaper of general circulation in the county where that office is located. Notice shall be deemed to have
given at the time when delivered personally or deposited in the mail or sent by telegram or the means of written communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">If any notice addressed
to a shareholder at the address of that shareholder appearing on the books of the corporation is returned to the corporation by
the United States Postal Service marked to indicate that the United States Postal Service is unable to deliver the notice to the
shareholder at that address, all future notices or reports shall be deemed to have been duly given without further mailing if these
shall be available to the shareholder on written demand of the shareholder at the principal executive office of the corporation
for a period of one year from the date of the giving of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">An affidavit of the
mailing or other means of giving any notice of any shareholders' meeting shall be executed by the secretary, assistant secretary,
or any transfer agent of the corporation giving the notice, and shall be filed and maintained in the minute book of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 6. Quorum</U>.
The presence in person or by proxy of the holders of a majority of the shares entitled to vote at any meeting of shareholders shall
constitute a quorum for the transaction of business. The shareholders present may continue to do business until adjournment, notwithstanding
the withdrawal of enough shareholders to leave less than a quorum, if any action taken (other than adjournment) is approved by
at least a majority of the shares required to constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 7. Adjourned
Meeting; Notice</U>. Any shareholders' meeting, annual or special, whether or not a quorum is present, may be adjourned from time
to time by the vote of a majority of the shares represented at that meeting, either in person or by proxy, but in the absence of
a quorum, no other business may be transacted at that meeting, except as provided in Section 6 of this Article II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">When any meeting
of the shareholders, either annual or special, is adjourned to another time or place, notice need not be given of the adjourned
meeting if the time and place are announced at a meeting at which the adjournment is taken, unless a new record date for the adjourned
meeting is fixed, or unless the adjournment is for more than forty-five (45) days from the date set for the original meeting, in
which case the board of directors shall set a new record date. Notice of any such adjourned meeting shall be given to each shareholder
of record entitled to vote at the adjourned meeting in accordance with the provisions of Sections 4 and 5 of this Article II. At
any adjourned meeting the corporation may transact any business which might have been transacted at the original meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 8. Voting</U>.
The shareholders entitled to vote at any meeting of shareholders shall be determined in accordance with the provisions of Section
11 of this Article II, subject to the provisions of Section 702 to 704, inclusive, of the Corporations Code of California (relating
to voting shares held by a fiduciary, in the name of a corporation, or in joint ownership). The shareholders' vote may be by voice
vote or by ballot; provided, however, that any election for directors must be by ballot if demanded by any shareholder before the
voting has begun. On any matter other than elections of directors, any shareholder may vote part of the shares in favor of the
proposal and refrain from voting the remaining shares or vote them against the proposal, but, if the shareholder fails to specify
the number of shares which the shareholder is voting affirmatively, it will be conclusively presumed that the shareholder's approving
vote is with respect to all shares that the shareholder is entitled to vote. If a quorum is present, the affirmative vote of the
majority of the shares represented at the meeting and entitled to vote on any matter (other than the election of directors) shall
be the act of the shareholders, unless the vote of a greater number or voting by classes is required by California General Corporation
Law or by the Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 9. Waiver
of Notice or Consent by Absent Shareholders</U>. The transactions of any meeting of shareholders, either annual or special, however
called and noticed, and wherever held, shall be as valid as though had at a meeting duly held after regular call and notice, if
a quorum be present either in person or entitled to vote, who was not present in person or by proxy, signs a written waiver of
notice or a consent to the holding of the meeting, or an approval of the minutes. The waiver of notice of consent need not specify
either the business to be transacted or the purpose of any annual or special meeting of shareholders, except that if action is
taken or proposed to be taken for approval of any of those matters specified in the second paragraph of Section 4 of this Article
II, the waiver of notice or consent shall state the general nature of the proposal. All such waivers, consents or approvals shall
be filed with the corporate records or made a part of the minutes of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">Attendance by a person
at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects, at the beginning of the
meeting, to the transaction of any business because the meeting is not lawfully called or convened, and except that attendance
at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if
that objection is expressly made at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 10. Shareholder
Action By Written Consent Without a Meeting</U>. Any action which may be taken at any annual or special meeting of shareholders
may be taken without a meeting and without prior notice, if a consent in writing, setting forth the action so taken, signed by
the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take
that action at a meeting at which all shares entitled to vote on that action were present and voted. In the case of election of
directors, such a consent shall be effective only if signed by the holders of all outstanding shares entitled to vote for the election
of directors; provided, however, that a director may be elected at any time to fill a vacancy on the board of directors that has
not been filled by the directors, by the written consent of the holders of a majority of the outstanding shares entitled to vote
for the election of directors. All such consents shall be filed with the secretary of the corporation and shall be maintained in
the corporate records. Any shareholder giving a written consent, or the shareholder's proxy holders, or a transferee of the shares
or a personal representative of the shareholder or their respective proxy holders, may revoke the consent by a writing received
by the secretary of the corporation before written consents of the number of shares required to authorize the proposed action have
been filed with the secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">If the consents of
all shareholders entitled to vote have not been solicited in writing, and if the unanimous written consent of all such shareholders
shall not have been received, the secretary shall give prompt notice of the corporate action approved by the shareholders without
a meeting. This notice shall be given in the manner specified in Section 5 of this Article II. In the case of approval of (i) contracts
or transactions in which a director has a direct or indirect financial interest, pursuant to Section 310 of the Corporations Code
of California, (ii) Section 317 of that Code, (iii) a reorganization of the corporation, pursuant to Section 1201 of that Code,
and (iv) a distribution in dissolution other than in accordance with the rights of outstanding preferred shares, pursuant to Section
2007 of that Code, the notice shall be given at least ten (10) days before the consummation of any action authorized by that approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 11. Record
Date for Shareholder Notice, Voting, and Giving Consents</U>. For purposes of determining the shareholders entitled to notice of
any meeting or to vote or entitled to give consent to corporate action without a meeting, the board of directors may fix, in advance,
a record date, which shall not be more than sixty (60) days nor less than ten (10) days before the date of any such meeting nor
more than sixty (60) days before any such action without a meeting, and in this event only shareholders of record on the date so
fixed are entitled to notice and to vote or give consents, as the case may be, notwithstanding any transfer of any shares on the
books of the corporation after the record date, except as otherwise provided in the California General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">If the board of directors
does not so fix a record date: (a) the record date for determining shareholders entitled to notice of or to vote at a meeting of
shareholders shall be at the close of business on the business day next preceding the day on which notice is given or, if notice
is waived, at the close of business on the business day next preceding the day on which the meeting was held; (b) the record date
for determining shareholders entitled to give consent to corporate action in writing without a meeting, (i) when no prior action
by the board has been taken, shall be the day on which the first written consent is given, or (ii) when prior action of the board
has been taken, shall be at the close of business on the day on which the board adopts the resolution relating to that action,
or the sixtieth (60th) day before the date of such other action, whichever is later.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 12. Proxies</U>.
Every person entitled to vote for directors or any other matter shall have the right to do so either in person or by one or more
agents authorized by a written proxy signed by the person and filed with the secretary of the corporation. A proxy shall be deemed
signed if the shareholder's name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission, or
otherwise) by the shareholder or shareholder's attorney in fact. A validly executed proxy which does not state that unless (i)
revoked by the person executing it, before the vote pursuant to that proxy, by a writing delivered to the corporation stating that
the proxy is revoked, or by a subsequent proxy executed by, or attendance at the meeting and voting in person by, the person executing
the proxy; or (ii) written notice of the death or incapacity of the make of the proxy is received by the corporation before the
vote pursuant to that proxy is counted; provided, however, that no proxy shall be valid after the expiration of eleven (11) months
from the date of the proxy, unless otherwise provided in the proxy. The revocability of a proxy that states on its face that it
is irrevocable shall be governed by the provisions of Section 705(e) and 705(f) of the Corporations Code of California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 13. Inspectors
of Election</U>. Before any meeting of shareholders, the Board of Directors may appoint any persons other than nominees for office
to act as inspectors of election at the meeting or its adjournment. If no inspectors of election are so appointed, the chairman
of the meeting may, and on the request of any shareholder or shareholder's proxy shall, appoint inspectors of election at the meeting.
The number of inspectors shall be either one (1) or three (3). If inspectors are appointed at a meeting on the request of one or
more shareholders or proxies, the holders of a majority of shares or their proxies present at the meeting shall determine whether
one (1) or three (3) inspectors are to be appointed. If any person appointed as inspector fails to appear or fails or refuses to
act, the chairman of the meeting may, and upon the request of any shareholder or a shareholder's proxy shall, appoint a person
to fill that vacancy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">These inspectors
shall (a) determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence
of a quorum, and the authenticity, validity, and effect of proxies; (b) receive votes, ballots, or consents; (c) hear and determine
all challenges and questions in any way arising in connection with the right to vote; (d) count and tabulate all votes or consents;
(e) determine when the polls shall close; and (f) do any other acts that may be proper to conduct the election or vote with fairness
to all shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 1. Powers</U>.
Subject to any provision of the California General Corporation Law and any limitations in the articles of incorporation and these
bylaws relating to action required to be approved by the shareholders or by the outstanding shares, the business and affairs of
the corporation shall be managed and all corporate powers shall be exercised by or under the direction of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 2. Number
and Qualification of Directors</U>. The authorized number of directors of this corporation shall be not less than five nor more
than nine. The exact number of authorized Directors shall be seven until changed, within the limits specified above, by a bylaw
amending this Section 2, duly adopted by the Board of Directors or by the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 3. Election
and Term of Office of Directors</U>. Directors shall be elected at each annual meeting of the shareholders to hold office until
the next annual meeting. Each director, including a director elected to fill a vacancy, shall hold office until the expiration
of the term for which elected and until a successor has been elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 4. Vacancies</U>.
Vacancies in the board of directors may be filled by a majority of the remaining directors, though less than a quorum, or by a
sole remaining director, except that a vacancy created by the removal of a director by the vote or written consent of the shareholders
or by court order may be filled only by the vote of a majority of the shares entitled to vote represented at a duly held meeting
at which a quorum is present, or by the written consent of holders of a majority of the outstanding shares entitled to vote. Each
director so elected shall hold office until the next annual meeting of the shareholders and until a successor has been elected
and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">A vacancy or vacancies
in the board of directors shall be deemed to exist in event of the death, resignation or removal of any director, or if the board
of directors by resolution declares vacant the office of a director who has been declared of unsound mind by an order of court
or convicted of a felony, or if the authorized number of directors is increased, or if any director or directors are elected, to
elect the number of directors to be voted for at that meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">The shareholders
may elect a director or directors at any time to fill any vacancy or vacancies not filled by the directors, but any such election
by written consent shall require the consent of a majority of the outstanding shares entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">Any director may
resign effective upon giving written notice to the chairman of the board, the president, the secretary or the board of directors
of the corporation, unless the notice specifies a later time for the effectiveness of such resignation. If the resignation of a
director is effective at a future time, the board of directors may elect a successor to take office when the resignation becomes
effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">No reduction of the
authorized number of directors shall have the effect or removing any director prior to the expiration of his term of office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 5. Place
of Meetings and Meetings by Telephone</U>. Regular meetings of the board of directors may be held at any place within or outside
the State of California that has been designated from time to time by resolution of the board. In the absence of such a designation,
regular meetings shall be held at the principal executive office of the corporation. Special meetings of the board may be held
at any place within or outside the State of California that has been designated in the notice of meeting, or, if not stated in
the notice or there is no notice, at the principal executive office of the corporation. Any meeting, regular or special, may be
held by conference telephone or similar communication equipment, so long as all directors participating in the meeting can hear
one another, and all such directors shall be deemed to be present in person at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 6. Annual
Meeting</U>. Immediately following each annual meeting of shareholders, the board of directors shall hold a regular meeting for
the purpose of organization, any desired election of officers, and the transaction of other business. Notice of this meeting shall
not be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 7. Other
Regular Meetings</U>. Other regular meetings of the board of directors shall be held without call at such time as shall from time
to time be fixed by the board of directors. Such regular meetings may be held without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 8. Special
Meetings</U>. Special Meetings of the board of directors for any purpose of purposes shall be called at any time by the chairman
of the board or the president or any vice president or the secretary or any two directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">Notice of the time
and place of special meetings shall be delivered personally or by telephone to each director or sent by first-class mail or telegram,
charges prepaid, addressed to each director at that director's address as it is shown on the records of the corporation. In case
the notice is mailed, it shall be deposited in the United States mail at least four (4) days before the time of the holding of
the meeting. In case the notice is delivered personally, or be telephone or telegram, it shall be personally or by telephone to
the telegraph company at least forty-eight (48) hours before the time of the holding of the meeting. Any oral notice given personally
or by telephone may be communicated either to the director or to a person at the office of the director who the person giving the
notice has reason to believe will promptly communicate it to the director. The notice need not specify the purpose of the meeting
nor the place if the meeting is to be held at the principal executive office of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 9. Quorum</U>.
A majority of the authorized number of directors shall constitute a quorum for the transaction of business, except to adjourn as
provided in Section 11 of this Article III. Every act or decision done or made by a majority of the directors present at a meeting
duly held at which a quorum is present shall be regarded as the act of the board of directors, subject to the provisions of Section
310 of the Corporations Code of California (as to approval of contracts or transactions in which a director has a direct or indirect
material financial interest), and Section 317(e) of that Code (as to indemnification of directors). A meeting at which a quorum
is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved
by at least a majority of the required quorum for that meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 10. Waiver
of Notice</U>. The transactions of any meeting of the board of directors, however called and noticed or wherever held, shall be
as valid as though had at a meeting duly held after regular call and notice if a quorum is present and if, either before or after
the meeting, each of the directors not present signs a written waiver of notice, a consent to holding the meeting or an approval
of the minutes. The waiver of notice or consent need not specify the purpose of the meeting. All such waivers, consents, and approvals
shall be filed with the corporate records or made a part of the minutes of the meeting. Notice of a meeting shall also be deemed
given to any director who attends the meeting without protesting before or at its commencement, the lack of notice to that director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 11. Adjournment</U>.
A majority of the directors present, whether or not constituting a quorum, may adjourn any meeting to another time and place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 12. Notice
of Adjournment</U>. Notice of the time and place of holding an adjourned meeting need not be given, unless the meeting is adjourned
for more than twenty-four hours, in which case notice of the time and place meeting is adjourned for more than twenty-four house,
in which case notice of the time and place shall be given before the time of the adjourned meeting, in the manner specified in
Section 8 of this Article III, to the directors who were not present at the time of the adjournment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 13. Action
Without Meeting</U>. Any action required or permitted to be taken by board of directors may be taken without a meeting, if all
members of the board shall individually or collectively consent in writing to that action. Such action by written consent shall
have the same force and effect as a unanimous vote of the board of directors. Such written consent or consents shall be filled
with the minutes of the proceedings of the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 14. Fees
and Compensation of Directors</U>. Directors and members of committees may receive such compensation, if any, for their services,
and such reimbursement of expenses, as may be fixed or determined by resolution of the board. This Section 14 shall not be construed
to preclude any director from serving the corporation in any other capacity as an officer, agent, employee, or otherwise, and receiving
compensation for those services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">COMMITTEES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 1. Committees
of Directors</U>. The board of directors may, by resolution adopted by a majority of the authorized number of directors, designate
one or more committees, each consisting of two or more directors, to serve at the pleasure of the board. The board may designate
one or more directors as alternate members of any committee, who may replace any absent member at any meeting of the committee.
Any committee, to the extent provided in the resolution of the board, shall have all the authority of the board, except with respect
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(a) the approval of
any action which, under the General Corporation Law of California, also requires shareholders' approval of the outstanding shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(b) the filling of vacancies
on the board of directors for serving on the board or on any committee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(c) the fixing of compensation
of the directors for serving on the board or on any committee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(d) the amendment or
repeal of bylaws or the adoption of new bylaws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(e) the amendment or
repeal of any resolution of the board of directors which by its express terms is not so amendable or repealable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(f) a distribution to
the shareholders of the corporation, except at a rate or in a periodic amount or within a price range determined by the board of
directors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">(g) the appointment
of any other committees of the board of directors or the members of these committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 2. Meetings
and Action of Committees</U>. Meetings and action of committees shall be governed by, and held and taken in accordance with, the
provisions of Article III of these Bylaws, Section 5 (Place of Meeting), 7 (Regular Meetings), 8 (Special Meetings and Notice),
9 (Quorum), 10 (Waiver of Notice), 11 (Adjournment), 12 (Notice of Adjournment), and 13 (Action Without Meeting), with such changes
in the context of those bylaws as are necessary to substitute the committee and its members for the board of directors and its
members, except that the time of regular meetings of committees may be determined either by resolution of the board of directors
or by resolution of the committee; special meetings of committees may also be called by resolution of the board of directors; and
notice of all special meetings of committees shall also be given to all alternate members, who shall have the right to attend all
meetings of the committee. The board of directors may adopt rules for the government of any committee not inconsistent with the
provisions of these bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE V</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">OFFICERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 1. Officers</U>.
The officers of the corporation shall be a president and secretary, and a treasurer and chief financial officer. The corporation
may also have, at the discretion of the board of directors, a chairman of the board, one or more vice presidents, one or more assistant
secretaries, one or more assistant treasurers, and such other officers as may be appointed in accordance with the provisions of
Section 3 of this Article. Any number of offices may be held by the same person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 2. Election
of Officers</U>. The officers of the corporation, except such officers as may be appointed in accordance with the provisions of
Section 3 or Section 5 of this Article V, shall be chosen by the board of directors, and each shall serve at the pleasure of the
board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 3. Subordinate
Officers</U>. The board of directors may appoint, and may empower the president to appoint, such other officers as the business
of corporation may require, each of whom shall hold office, such period, have such authority and perform such duties as provided
in the bylaws or as the board of directors from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 4. Removal
and Resignation of Officers</U>. Subject to the rights, if any, of an officer under any contract of employment, any officer may
be removed, either without cause, by the board of directors, at any or special meeting of the board, or, except in case of an officer
chosen by the board of directors, by any officer upon whom such power of removal may be conferred by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">Any officer may resign
at any time by giving written notice to the corporation. Any such resignation shall take effect at the date of the receipt of that
notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation
is without prejudice to the rights, if any, of the corporation under any contract to which the officer is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 5. Vacancies
in Offices</U>. A vacancy in any office because of death, resignation, removal, disqualification or any other cause shall be filled
in the manner prescribed in these bylaws for regular appointments to that office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 6. Chairman
of the Board</U>. The chairman of the board, if such an officer be elected, shall, if present, preside at meetings of the board
of directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the board of
directors or prescribed by the bylaws. If there is no president, the chairman of the board shall in addition be the chief executive
officer of the corporation and shall have the powers and duties prescribed in Section 7 of this Article V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 7. President</U>.
Subject to such supervisory powers, if any, as may be given by the board of directors to the chairman of the board, if there be
such an officer, and in the absence of any other specifically named chief executive officer of the corporation, the president shall
be the chief executive officer of the corporation and shall, subject to the control of the board of directors, have general supervision,
direction and control of the business and officers of the corporation. He shall preside at all meetings of the shareholders and,
in the absence of the chairman of the board, or if there be none, at all meetings of the board of directors. Subject to the authority
granted to any specifically designated chief executive officer, the president shall have the general powers and duties of management
usually vested in the office of president of a corporation, and shall have such other powers and duties as may be prescribed by
the board of directors or the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 8. Vice
President</U>. In the absence or disability of the president, the vice presidents, if any, in order of their rank as fixed by the
board of directors or, if not ranked, a vice president designated by the board of directors shall perform all the duties of the
president, and when so acting shall have all the powers of, and be subject to all the restrictions upon, the president. The vice
presidents shall have such other powers and perform such other duties as from time to time may be prescribed for them respectively
by the board of directors or the bylaws, and the president, or the chairman of the board. A vice president may, if the board of
directors so elects, be designated as the chief executive officer of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 9. Secretary</U>.
The secretary shall keep or cause to be kept, at the principal executive office or such other place as the board of directors,
committees or directors may elect, a book of minutes of all meetings and actions of directors, committees of directors, and shareholders,
with the time and place of holding, whether regular or special, and, if special, how authorized, the notice given, the names of
those present at directors' meetings, the number of shares present or represented at shareholders' meetings, and the proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">The secretary shall
keep, or cause to be kept, at the principal executive office or at the office of the corporation's transfer agent or registrar,
a share register, or a duplicate share register, showing the names of the shareholders and their addresses, the number and classes
of shares held by each, the number and date of certificates issued for the same, and the number and date of cancellation of every
certificate surrendered for cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">The secretary shall
give, or cause to be given, notice of all the meetings of the shareholders and of the board of directors required by the bylaws
or by law to be given, and he shall keep the seal of the corporation if one be adopted, in safe custody, and shall have such other
and perform such other duties as may be prescribed by the board of directors or by the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 10. Chief
Financial Officer</U>. The chief financial officer shall keep and maintain, or cause to be kept and maintained, adequate and correct
books and records of accounts of the properties and business transactions of the corporation, including accounts of its assets,
liabilities, receipts, disbursements, gains, losses, capital, retained earnings, and shares. The books of account shall at all
reasonable times be open to inspection by any director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">The chief financial
officer shall deposit all monies and other valuables in the name and to the credit of the corporation with such depositories as
may be designated by the board of directors. He shall disburse the funds of the corporation as may be ordered by the board of directors,
shall render to the president and directors, whenever they request it, on account of all of his transactions as chief financial
officer and of the financial condition of the corporation, and shall have such other powers and perform such other duties as may
be prescribed by the board of directors or the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 11. Disallowance
of Compensation and Expense Deductions</U>. Any payments made to an officer of the corporation, such as salary, commission, bonus,
interest, rent, travel or entertainment expense incurred by such officer, which shall be disallowed in whole or in part as a deductible
expense by the Internal Revenue Service or the California Franchise Tax Board, shall be reimbursed by such officer to the corporation
to the full extent of such disallowance. It shall be the duty of the directors, as a board, to enforce payment of such amount disallowed.
In lieu of payment by the officer, subject to the determination of the directors, proportionate amounts may be withheld from his
future compensation payments until the amount owed to the corporation has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">INDEMNIFICATION OF DIRECTORS, OFFICERS,<BR>
EMPLOYEES, AND OTHER AGENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 1. Agents,
Proceedings, and Expenses</U>. For the purposes of this Article, &quot;agent&quot; means any person who is or was a director, officer,
employee, or other agent of this corporation, or is or was serving at the request of this corporation as a director, officer, employee,
or agent of another foreign or domestic corporation, partnership, joint venture, trust or other enterprise, or was a director,
officer, employee, or agent of a foreign or domestic corporation which was a predecessor corporation of this corporation or of
another enterprise at the request of such predecessor corporation; &quot;proceeding&quot; means any threatened, pending or completed
action or proceeding, whether civil, criminal, administrative, or investigative; and &quot;expenses&quot; includes, without limitation,
attorneys' fees and any expenses of establishing a right to indemnification under Section 4 or Section 5(c) of this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 2. Actions
Other than by the Corporation</U>. This corporation shall indemnify any person who was or is a party, or is threatened to be made
a party, to any proceeding (other than an action by or in the right of this corporation) by reason of the fact that such person
is or was an agent of this corporation, against expenses, judgments, fines, settlements and other amounts actually and reasonably
incurred in connection with such proceeding if that person acted in good faith and in a manner that person reasonably believed
to be in the best interests of this corporation and, in the case of a criminal proceeding, had no reasonable cause to believe the
conduct of that person was unlawful. The termination of any proceeding by judgment, order, settlement, conviction, or upon a plea
of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in
a manner which the person reasonably believed to be in the best interests of this corporation or that the person had reasonable
cause to believe that the person's conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><U>Section 3. Actions
by the Corporation</U>. This corporation shall indemnify any person who was or is a party, or is threatened to be made a party,
to any threatened, pending or completed action by or in the right of this corporation to procure a judgment in its favor by reason
of the fact that person is or was an agent of this corporation, against expenses actually and reasonably incurred by that person
in connection with the defense or settlement of that action if that person acted in good faith, in a manner that person believed
to be in the best interests of this corporation and with such case, including reasonable inquiry, as an ordinarily prudent person
in a like position would use under similar circumstances. No indemnification shall be made under this Section 3:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(a) In respect of any
claim, issue or matter as to which that person shall have been adjudged to be liable to this corporation in the performance of
that person's duty to this corporation, unless and only to the extent that the court in which that action was brought shall determine
upon application that, in view of all the circumstances of the case, that person is fairly and reasonably entitled to indemnity
for the expenses which the court shall determine;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(b) Of amounts paid
in settling or otherwise disposing of a threatened or action, with or without court or pending approval;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">(c) Of expenses incurred
in defending a threatened or pending action which is settled or otherwise disposed of without court approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 4. Successful
Defense by Agent</U>. To the extent that an agent of this corporation has been successful on the merits in defense of any proceeding
referred to in Sections 2 or 3 of this Article, or in defense of any claim, issue, or matter therein, the agent shall be indemnified
against expenses actually and reasonable incurred by the agent in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 5. Required
Approval</U>. Except as provided in Section 4 of this Article, any indemnification under this Article shall be made by this corporation
only if authorized in the specific case on a determination the indemnification of the agent is proper in the circumstances because
the agent has met the applicable standard of conduct set forth in Section 2 or 3 of this Article, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(a) A majority vote
of a quorum consisting of directors who are not parties to the proceeding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(b) Approval by the
affirmative vote of a majority of the shares of this corporation entitled to vote represented at a duly held meeting at which a
quorum is present or by the written consent of holders of a majority of the outstanding shares entitled to vote. For this purpose,
the shares owned by the person to be indemnified shall not be considered outstanding or entitled to vote thereon; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">(c) The court in which
the proceeding is or was pending, on application made by this corporation or the agent of the attorney or other person rendering
services in connection with the defense, whether or not such application by the agent, attorney, or other person is opposed by
this corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 6. Advance
of Expenses</U>. Expenses incurred in defending any proceeding may be advanced by this corporation before the final disposition
of the proceeding on receipt of an undertaking by or on behalf of the agent to repay the amount of the advance unless it shall
be determined ultimately that the agent is entitled to be indemnified as authorized in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 7. Other
Contractual Rights</U>. Nothing contained in this Article shall affect any right to indemnification to which persons other than
directors and officers of this corporation or any subsidiary hereof may be entitled by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 8. Limitations</U>.
No indemnification or advance shall be made under this Article, except as provided in Section 4 or Section 5(c), in any circumstance
where it appears:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify; text-indent: 45pt">(a) That it would be
inconsistent with a provision of the articles, a resolution of the shareholders, or an agreement in effect at the time of the accrual
of the alleged cause of action asserted in the proceeding in which the expenses were incurred or other amounts were paid, which
prohibits or otherwise limits indemnification; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">(b) That it would be
inconsistent with any condition expressly imposed by a court in approving a settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 9. Insurance</U>.
Upon and in the event of a determination by the board of directors of this corporation to purchase such insurance, this corporation
shall purchase and maintain insurance on behalf of any agent of the corporation against any liability asserted against or incurred
by the agent in such capacity or arising out of the agent's status as such whether or not this corporation would have the power
to indemnify the agent against that liability under the provisions of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 10. Fiduciaries
of Corporate Employee Benefit Plan</U>. This Article does not apply to any proceeding against any trustee, investment manager,
or other fiduciary of any employee benefit plan in that person's capacity as such, even though that person may also be an agent
of the corporation as defined in Section 1 of this Article. Nothing contained in this Article shall limit any right to indemnification
to which such a trustee, investment manager, or other fiduciary may be entitled by contract or otherwise, which shall be enforceable
to the extent permitted by applicable law other than this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">RECORDS AND REPORTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 1. Maintenance
and Inspection of Share Register</U>. The corporation shall keep at its principal executive office, or at the office of its transfer
agent or registrar, if either be appointed and as determined by resolution of the board of directors, a record of its shareholders,
giving the names and addresses of all shareholders and the number and class of shares held by each shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Shareholder or shareholders
of the corporation holding at least five percent (5%) in the aggregate of the outstanding voting shares of the corporation may
(i) inspect and copy the records of shareholders' names and addresses and shareholdings during usual business hours on five (5)
days' prior written demand on the corporation, and (ii) obtain from the transfer agent of the corporation, on written demand and
on the tender of such transfer agent's usual charges for such list, a list of the shareholders' names and addresses who are entitled
to vote for the election of directors, and their shareholdings, as of the most recent record date for which that list has been
compiled or as of a date specified by the shareholder after the date of demand. This list shall be made available to any such shareholder
by the transfer agent on or before the later of five (5) days after the demand is received or the date specified in the demand
as the date as of which the list is to be compiled. The record of shareholders shall also be open to inspection on the written
demand of any shareholder or holder of a voting trust certificate, at any time during usual business hours, for a purpose reasonably
related to the holder's interests as a shareholder of a voting trust certificate. Any inspection and copying under this Section
1 may be made in person or by an agent or attorney of the shareholder or holder of a voting trust certificate making the demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 2. Maintenance
and Inspection of Bylaws</U>. The corporation shall keep at its principal executive office, or if its principal executive office
is not in the State of California, at its principal business office in this state, the original or a copy of the bylaws as amended
to date, which shall be open to inspection by the shareholders at all reasonable times during office hours. If the principal executive
office of the corporation is outside the State of California and the corporation has no principal business office in this state,
the secretary shall, upon the written request of any shareholder, furnish to that shareholder a copy of the bylaws as amended to
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 3. Maintenance
and Inspection of Other Corporate Records</U>. The accounting books and records and minutes of proceedings of the shareholders
and the board of directors and any committee or committees of the board of directors shall be kept at such place or places designated
by the board of directors, or, in the absence of such designation, at the principal executive office of the corporation. The minutes
shall be kept in written form and the accounting books and records shall be kept either in written form or in any other form capable
of being converted into written form. The minutes and accounting books and records shall be open to inspection upon the written
demand of any shareholder or holder of a voting trust certificate, at any reasonable time during usual business hours, for a purpose
reasonably related to the holder's interests as a shareholder or as the holder of a voting trust certificate. The inspection may
be made in person or by an agent or attorney, and shall include the right to copy and make extracts. These rights of inspection
shall extend to the records of each subsidiary corporation of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 4. Inspection
by Directors</U>. Every director shall have the absolute right at any reasonable time to inspect and copy all books, records and
documents of every kind and the physical properties of the corporation and each of its subsidiary corporations. This inspection
by a director may be made in person or by agent or attorney and the right of inspection includes the right to copy and make extracts
of documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 5. Annual
Report to Shareholders</U>. The board of directors shall cause an annual report to be sent to the shareholders not later than one
hundred twenty (120) days after the close of the fiscal year adopted by the corporation. This report shall be sent at least fifteen
(15) days before the annual meeting of shareholders to be held during the next fiscal year and in the manner specified in this
Section 5 of Article II of the bylaws for giving notice to shareholders of the corporation. The annual report shall contain a balance
sheet as of the end of the fiscal year and an income statement and statement of changes in financial position for the fiscal year,
accompanied by any report of independent accounts or, if there is no such report, the certificate of an authorized officer of the
corporation that the statements were prepared without audit from the books and records of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 6. Financial
Statements</U>. A copy of any annual financial statement and any income statement of the corporation for each quarterly period
of each fiscal year, and any accompanying balance sheet of the corporation as of the end of each such period, that has been prepared
by the corporation shall be kept on file in the principal executive office of the corporation for twelve (12) months and each such
statement shall be exhibited at all reasonable times to any shareholder demanding an examination of any such statement or a copy
shall be mailed to any such shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">If a shareholder or
shareholders holding at least five percent (5%) of the outstanding shares of any class of stock of the corporation makes a written
request to the corporation for an income statement of the corporation for the three-month, six-month or nine-month period of the
then current fiscal year ended more than thirty (30) days before the date of the request, and a balance sheet of the corporation
as of the end of that period, the chief financial officer shall cause that statement to be prepared, if not already prepared, and
shall deliver personally or mail that statement or statements to the person making the request within thirty (30) days after the
receipt of the old request. If the corporation has not sent to the shareholders its annual report for the last fiscal year, this
report shall likewise be delivered or mailed to the shareholder or shareholders within thirty (30) days after the request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The corporation shall
also, on the written request of any shareholder, mail to the shareholder a copy of the last annual, semi-annual, or quarterly income
statement which it has prepared, and a balance sheet as of the end of that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The quarterly income
statements and balance sheets referred to in this section shall be accompanied by the report, if any, of any independent accountants
engaged by the corporation or the certificate of an authorized officer of the corporation that the financial statements were prepared
without audit from the books and records of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 7. Annual
Statement of General Information</U>. The corporation shall, during the period commencing on March 1 ending on August 31 of each
year, file with the Secretary of State of the State of California, on the prescribed form, a statement setting forth the authorized
number of directors, the names and complete business address or residence address of all incumbent directors, the names and complete
business or residence addresses of the chief executive officer, secretary, and chief financial officer, the street address of its
principal executive office and principal business office in the state, and the general type of business constituting the principal
business activity of the corporation, together with a designation of the agent of the corporation for the purpose of service of
process, all in compliance with Section 1502 of the Corporations Code of California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VIII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">GENERAL CORPORATE MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 1. Record
Date for Purposes Other Than Notice and Voting</U>. For purposes of determining the shareholders entitled to receive payment of
any dividend or other dividend or other distribution or allotment of any rights or entitled to exercise any rights in respect of
any other lawful action (other than action by shareholders by written consent without a meeting), which shall not be more than
sixty (60) days before any such action, and in that case only shareholders of record on the date so fixed are entitled to receive
the dividend, distribution, or allotment of rights or to exercise the rights, as the case may be, notwithstanding any transfer
of any shares on the books of the corporation after the record date so fixed, except as otherwise provided in the California General
Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">If the board of directors
does not so fix a record date, the record date for determining shareholders for any such purpose shall be at the close of business
on the day on which the board adopts the applicable resolution or the sixtieth (60th) day before the date of that action, whichever
is later.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 2. Checks,
Drafts, Evidences of Indebtedness</U>. All checks, drafts or other orders for payment of money, notes or other evidences of indebtedness,
issued in the name of or payable to the corporation, shall be signed or endorsed by such person or persons and in such manner as,
from time to time, shall be determined by resolution of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 3. Corporate
Contracts and Instruments; How Executed</U>. The board of directors, except as otherwise provided in these bylaws, may authorize
any officer or officers, agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of
the corporation, and this authority may be general or confined to specific instances; and, unless so authorized or ratified by
the board of directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority
to bind the corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any
amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 4. Certificate
for Shares</U>. A certificate or certificates for shares of the capital stock of the corporation shall be issued to each shareholder
when any of these shares are fully paid, and the board of directors may authorize the issuance of certificates of shares as party
paid provided that these certificates shall state the amount of the consideration to be paid for them and the amount paid. All
certificates shall be signed in the name of the corporation by the chairman of the board or vice chairman of the board or the president
or vice president and by the chief financial officer or an assistant treasurer or the secretary or any assistant secretary, certifying
the number of shares and the class or series owned by the shareholder. Any or all of the signatures on the certificate may be facsimile.
In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed on a certificate
shall have ceased to be that officer, transfer agent, or registrar before that certificate is issued, it may be issued by the corporation
with the same effect as if that person were an officer, transfer agent, or registrar at the date of issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 5. Lost Certificates</U>.
Except as provided in this Section 5, no new certificates for shares shall be issued to replace an old certificate unless the latter
is surrendered to the corporation and canceled at the same time. The board of directors may, in case any share certificate or certificate
for any other security is lost, stolen, or destroyed, authorize the issuance of a replacement certificate on such terms and conditions
as the board may require, including provision for indemnification of the corporation secured by a bond or other adequate security
sufficient to protect the corporation against any claim that may be made against it, including any expense or liability, on account
of the alleged loss, theft, or destruction of the certificate or the issuance of the replacement certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 6. Representation
of Shares of Other Corporation</U>. The chairman of the board, the president, or any vice president, or any other person authorized
by resolution of the board of directors or by any of the foregoing designated officers, is authorized to vote on behalf of the
corporation any and all shares of any other corporation or corporations, foreign or domestic, standing in the name of the corporation.
The authority granted to these officers to vote or represent on behalf of the corporation any and all shares held by the corporation
in any other corporation or corporations may be exercised either by such officers in person or by any other person authorized to
do so by proxy duly executed by these officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 7. Construction
and Definitions</U>. Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the
California General Corporation Law shall govern the construction of these bylaws. Without limiting the generality of this provision,
the singular, and the term &quot;person&quot; includes both a corporation and a natural person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt; text-align: center">AMENDMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 1. Amendment
by Shareholders</U>. New bylaws may be adopted or these bylaws may be amended or repealed by the vote or written consent of holders
of a majority of the outstanding shares entitled to vote; provided, however, that if the articles of incorporation of the corporation
set forth the number of authorized directors of the corporation, the authorized number of directors may be changed only by an amendment
of the articles of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><U>Section 2. Amendment
by Directors</U>. Subject to the right of shareholders as provided in Section 1 of this Article IX, to adopt, amend, or repeal
by laws, bylaws may be adopted, amended, or repealed by the board of directors, provided, however, that the board of directors
may adopt a bylaw or amendment of a bylaw changing the authorized number of directors only for the purpose of fixing the exact
number of directors within the limits specified in the articles of incorporation or in Section 2 of Article III of these bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<TYPE>EX-99.1
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<FILENAME>cps_ex9901.htm
<DESCRIPTION>NEWS RELEASE RE OCTOBER 16, 2019 TRANSACTION
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="color: Black">Exhibit 99.1</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">Oct
16, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="font-size: 12pt; color: Black"><B>CPS
Announces $274.3 Million Senior Subordinate Asset-Backed Securitization</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">LAS
VEGAS, Nevada, Oct. 16, 2019&nbsp;(GLOBE NEWSWIRE) --&nbsp;Consumer Portfolio Services, Inc.&nbsp;(Nasdaq: CPSS)
(&ldquo;CPS&rdquo; or the &ldquo;Company&rdquo;) today announced the closing of its fourth term securitization in 2019. The
transaction is CPS's 34th senior subordinate securitization since the beginning of 2011 and the 17th consecutive
securitization to receive a triple &ldquo;A&rdquo; rating from at least two rating agencies on the senior class of
notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">In
the transaction, qualified institutional buyers purchased $274.3 million&nbsp;of asset-backed notes secured
by&nbsp;$275 million&nbsp;in automobile receivables originated by CPS. The sold notes, issued by&nbsp;CPS Auto Receivables
Trust&nbsp;2019-D, consist of six classes. Ratings of the notes were provided by Standard &amp; Poor&rsquo;s
and&nbsp;Kroll Bond Rating Agency, and were based on the structure of the transaction, the historical performance of similar
receivables and CPS&rsquo;s experience as a servicer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; vertical-align: top; text-align: left">Note Class</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black">Amount<BR> (in millions)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">Interest <BR>
Rate</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">Average Life (years)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; vertical-align: top; text-align: left">Price</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; vertical-align: top; text-align: left">S&amp;P Rating</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; vertical-align: top; text-align: left">KBRA Rating</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 10%; color: Black">A</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 11%; color: Black; text-align: left; vertical-align: middle">118.3</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle; width: 10%">2.17%</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle; width: 12%">.69</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle; width: 12%">99.99989%</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 12%; color: Black">AAA</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 20%; color: Black">AAA</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black">B</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: left; vertical-align: middle">47.3</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">2.35%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">1.82</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">99.99390%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">AA</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">AA</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: Black">C</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: left; vertical-align: middle">40.3</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">2.54%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">2.54</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">99.99389%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">A</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">A</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black">D</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: left; vertical-align: middle">34.2</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">2.72%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">3.35</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">99.98567%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">BBB</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">BBB</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: Black">E</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: left; vertical-align: middle">29.0</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">3.86%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">4.07</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">99.99326%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">BB-</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">BB</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black">F</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: left; vertical-align: middle">5.2</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">6.55%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">4.16</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left; vertical-align: middle">99.99309%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">B</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">B+</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">The
weighted average coupon on the notes is approximately 2.95%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">The
2019-D transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool
balance and over-collateralization of 0.25%. The transaction agreements require accelerated payment of principal on the
notes to reach overcollateralization of the lesser of 5.95% of the original receivable pool balance, or 16.00% of the then outstanding
pool balance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">The
transaction utilizes a pre-funding structure, in which CPS sold approximately&nbsp;$176.7 million&nbsp;of receivables at inception
and plans to sell approximately&nbsp;$98.3 million&nbsp;of additional receivables in November 2019. This further sale is
intended to provide CPS with long-term financing for receivables purchased primarily in the month of October.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">The
transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law.
All of such securities having been sold, this announcement of their sale appears as a matter of record only.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #272727"><FONT STYLE="color: Black"><B><I>About&nbsp;Consumer
Portfolio Services, Inc.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"><FONT STYLE="color: Black">Consumer
Portfolio Services, Inc.&nbsp;is an independent specialty finance company that provides indirect automobile financing to individuals
with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from
franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract
purchases on a long-term basis through the securitization markets and service the loans over their entire contract terms.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 1pt; background-color: white; color: #272727"><FONT STYLE="color: Black"><B><I>Investor
Relations Contact</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 4pt; background-color: white; color: #333333"><FONT STYLE="color: Black">Jeffrey
P. Fritz, Chief Financial Officer<BR>
844-878-CPSS (844-878-2777)</FONT></P>

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