consumer finance products

Governor Brown yesterday signed into law SB 1235, a bill requiring consumer-like disclosures to be made on certain commercial finance products, including small business loans and merchant cash advances, among other things.  Contrary to reports in certain press outlets, the law will not take effect by a date certain.  Rather, the California Department of Business Oversight (“DBO”) is now required to adopt regulations addressing details such as calculation methods and the time, manner, and format of the new disclosures. … Continue Reading