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Committee clears measure to tighten APR disclosure and reporting for small‑business financing
Summary
Senators advanced SB 362 to strengthen California’s small business financing disclosure regime, directing the Department of Financial Protection and Innovation to compare estimated versus actual APRs and to have clear enforcement authority. Supporters said clearer APRs help small businesses compare offers; one industry group raised concerns about
Senator Grayson presented SB 362 to the Senate Committee on Banking and Financial Institutions, saying the bill would strengthen California’s small business financing disclosure framework so entrepreneurs can compare offers and avoid opaque, high‑cost products. "These requirements give small businesses the information they need to compare financing offers" Grayson said.
Heidi Pickman of Cameo Network, a sponsor, told the committee the bill would allow the Department of Financial Protection and Innovation…
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