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AI Summary
SB362 mandates commercial financing disclosures and addresses deceptive marketing practices, amending the Financial Code.
Business Impact
If you offer commercial financing in California, you must disclose APR clearly or face legal penalties.
What do these statuses mean? ▼
Introduced
— Filed in the legislature; not yet heard in committee
In Committee
— Assigned to and being reviewed by a legislative committee
Passed
— Approved by one or both chambers; awaiting further action
Signed / Enacted
— Signed into law by the governor; may or may not be in effect yet
Dead / Vetoed
— Vetoed, failed to pass, or session expired without action
Unknown
— Status data not yet available or awaiting classification
Affected Industries
Topics
What This Means
SB362 enhances transparency in commercial financing by requiring clear disclosures and addressing deceptive marketing practices. This bill impacts commercial lenders in California.
Key Provisions
- Requires commercial financing disclosures.
- Addresses deceptive marketing practices.
- Amends Financial Code for compliance.
- No state reimbursement for local agency costs due to new crime definitions.
Latest Legislative Action
Chaptered by Secretary of State. Chapter 709, Statutes of 2023.
Bill Sponsors
| Name | Role | District |
|---|---|---|
| Buffy Wicks D | Sponsor | HD-014 |
| Dave Min D | Sponsor | SD-037 |
| Gregg Hart D | Sponsor | HD-037 |
| Jesse Gabriel D | Sponsor | HD-046 |
| Josh Becker D | Sponsor | SD-013 |
| Josh Lowenthal D | Sponsor | HD-069 |
| Scott Wiener D | Sponsor | SD-011 |
Roll Call Votes
S — 2023-09-14
31 Yea
9 Nay
Passed ✓
A — 2023-09-13
52 Yea
14 Nay
14 Other
Passed ✓
A — 2023-09-01
10 Yea
3 Nay
3 Other
Passed ✓
A — 2023-06-27
7 Yea
0 Nay
4 Other
Passed ✓
S — 2023-05-31
32 Yea
8 Nay
Passed ✓
S — 2023-05-18
5 Yea
2 Nay
Passed ✓
S — 2023-05-08
7 Yea
0 Nay
Passed ✓
S — 2023-04-25
9 Yea
2 Nay
Passed ✓
Compliance Checklist
Disclose APR in all commercial financing offers.
Who: Commercial financing providers
Deadline: Not specified
Penalty: Violation of CFL or California Consumer Financial Protection Law
Who: Commercial financing providers
Deadline: Not specified
Penalty: Violation of CFL or California Consumer Financial Protection Law
Avoid deceptive use of 'interest' or 'rate'.
Who: Commercial financing providers
Deadline: Not specified
Penalty: Violation of CFL or California Consumer Financial Protection Law
Who: Commercial financing providers
Deadline: Not specified
Penalty: Violation of CFL or California Consumer Financial Protection Law
Related & Companion Bills
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Official Bill Text
View SB362 on official legislature website →
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Affected Industries
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