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Existing law requires a provider of commercial financing to disclose certain information, as specified. Existing law provides that a provider of commercial financing licensed under the California Financing Law (CFL) is subject to examination and enforcement by the Commissioner of Financial Protection and Innovation under the CFL for any violation of those disclosure provisions, as specified. Certain violations of the CFL are a crime. This bill would prohibit a provider of commercial financing from using the term "interest" or "rate" in a deceptive way that could reasonably result in the recipient being misled and would require those providers to use the term "annual percentage rate" or the acronym "APR" in specified circumstances. The bill would repeal the provision subjecting those providers to the CFL described above and would instead provide that a violation of the disclosure provisions described above and the provisions of the bill is a violation of the CFL if the violation relates to a commercial financing transaction subject to the CFL, or a violation of the California Consumer Financial Protection Law if the violation relates to a commercial financing transaction that is not subject to the CFL. By expanding the scope of a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Introduced
Feb 13, 2025
Last Action
Oct 6, 2025
Session
CA 20252026
Sponsors
1 primary · 0 co
Chaptered by Secretary of State. Chapter 352, Statutes of 2025.
Approved by the Governor.
Enrolled and presented to the Governor at 3 p.m.
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2605.) Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 79. Noes 0. Page 2866.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Ordered to third reading.
Read third time and amended.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 15. Noes 0.) (August 20).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (July 15). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 9. Noes 0.) (July 7). Re-referred to Com. on JUD.
June 23 hearing postponed by committee.
Referred to Coms. on B. & F. and JUD.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 38. Noes 0. Page 1400.) Ordered to the Assembly.
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 6. Noes 0. Page 1198.) (May 23).
Set for hearing May 23.
May 5 hearing: Placed on APPR. suspense file.
Set for hearing May 5.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 834.) (April 22). Re-referred to Com. on APPR.
Set for hearing April 22.
Re-referred to Com. on JUD.
From committee: Do pass and re-refer to Com. on RLS. (Ayes 7. Noes 0. Page 632.) (April 2). Re-referred to Com. on RLS.
Set for hearing April 2.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
Referred to Com. on B. & F.I.
From printer. May be acted upon on or after March 16.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Chaptered by Secretary of State. Chapter 352, Statutes of 2025.