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Committee advances Grayson measure to tighten small-business financing disclosures (SB 362)
Summary
SB 362 would expand California's commercial financing disclosure rules to require clearer price disclosures during marketing and preserve the DFPI's enforcement authority; the committee moved the bill to Judiciary after days of stakeholder negotiation.
The Assembly Banking and Finance Committee on Oct. 26 passed SB 362, a bill by Sen. Grayson designed to strengthen California's small-business financing disclosure framework and clarify enforcement authority for the Department of Financial Protection and Innovation (DFPI).
SB 362 builds on California's 2018 truth-in-lending rules for commercial financing and requires clearer disclosures throughout the marketing process so small businesses can compare offers. "SB 362 will strengthen our…
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