Disclaimer: This page provides general informational summaries only and does not constitute legal advice. AI-generated content may contain errors. Always consult a qualified attorney for guidance specific to your situation.
Read full disclaimer →
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 How we classify →
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 ·
Unfinished Business SB362 Becker et al. Concurrence ·
Sep 14, 2023
31 Yea
9 Nay
Passed ✓
A ·
SB 362 Becker Senate Third Reading By Gabriel ·
Sep 13, 2023
52 Yea
14 Nay
14 Other
Passed ✓
A ·
Do pass as amended ·
Sep 1, 2023
10 Yea
3 Nay
3 Other
Passed ✓
A ·
Do pass as amended and be re-referred to the Committee on [Judiciary] ·
Jun 27, 2023
7 Yea
0 Nay
4 Other
Passed ✓
S ·
Senate 3rd Reading SB362 Becker et al ·
May 31, 2023
32 Yea
8 Nay
Passed ✓
S ·
Do pass as amended ·
May 18, 2023
5 Yea
2 Nay
Passed ✓
S ·
Placed on suspense file ·
May 8, 2023
7 Yea
0 Nay
Passed ✓
S ·
Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations] ·
Apr 25, 2023
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
Full Legal Analysis
🔒
Full Analysis for Subscribers
Get the complete legal breakdown, compliance checklist, enforcement timeline, and expert commentary on SB362.
Unlock Full Analysis →Official Source
Official Bill Text
View SB362 on official legislature website →
Related Topics
Affected Industries
More California AI Legislation
AB1609
Customer service chatbots.
Medium
AB2193
Autonomous vehicles.
Medium
SB1146
Advertisement claims: health-related consumer products and services: …
Medium
SB1246
Autonomous vehicles.
High
AB1988
Companion chatbots: crisis interruption pauses.
Medium
AB2504
Community colleges: artificial intelligence: pilot program.
Medium
View All CA Laws →
More California AI Laws
Browse all AI bills and regulations tracked for California.