California SB362 mandates commercial financing providers to disclose the annualized cost of financing to applicants.

California SB362 adds a requirement for commercial financing providers to disclose the annualized percentage rate (APR) of specific financing offers. This aims to ensure transparency and help small businesses evaluate offers and shop around for the best deal. The bill prohibits the use of terms like "interest" or "rate" in a deceptive way that could mislead recipients. Violations are deemed unfair, deceptive, or abusive acts under the California Consumer Financial Protection Law.

California SB362 mandates commercial financing providers to disclose the annualized cost of financing to applicants.

California SB362 adds a requirement for commercial financing providers to disclose the annualized percentage rate (APR) of specific financing offers. This aims to ensure transparency and help small businesses evaluate offers and shop around for the best deal. The bill prohibits the use of terms like "interest" or "rate" in a deceptive way that could mislead recipients. Violations are deemed unfair, deceptive, or abusive acts under the California Consumer Financial Protection Law.