Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Assembly committee advances bill to regulate small‑business merchant cash advances after testimony citing 235% APR
Summary
The Assembly Banking and Finance Committee voted to send AB 2,116 to Appropriations. Sponsor Assemblymember Schiavo said the bill would close a regulatory gap for merchant cash advances; a small‑business owner described signing for financing that carried a 235% APR, and opponents urged technical amendments.
The Assembly Banking and Finance Committee on an unspecified date voted to pass AB 2,116, the California Consumer Financial Protection Law, to the Committee on Appropriations after testimony from supporters and opponents.
Assemblymember Schiavo, the bill’s author, said the measure would not ban merchant cash advances but would require providers to register with the California Department of Financial Protection and Innovation, impose basic standards of conduct and prohibit pre‑default confessions of judgment and similar provisions that can freeze…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
