Dave Min
- Democratic
- Senator
- District 37
Author
Existing law generally regulates the loaning of money, including the calculation of interest rates. Existing law, the California Financing Law (CFL) , prohibits a person from engaging in the business of a finance lender or broker without obtaining a license from the Commissioner of Financial Protection and Innovation. The CFL generally regulates commercial loans made by licensees. This bill would prohibit a covered entity from charging specified fees in connection with a commercial financing transaction with a small business or small business owner, including, among others, a fee for accepting or processing a payment required by the terms of the commercial financing contract as an automated clearinghouse transfer debit, except as specified, a fee for providing a small business with documentation prepared by the covered entity that contains a statement of the amount due to satisfy the remaining debt, as specified, and a fee in addition to a loan origination fee that does not have a clear corresponding service provided for the fee, as specified. If a covered entity violates these provisions, the bill would entitle a recipient to specified relief, including actual damages, statutory damages, and attorney's fees and costs. The bill would make a waiver of these provisions contrary to public policy and void and unenforceable. The bill would define various terms for these purposes.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 881, Statutes of 2023.
Enrolled and presented to the Governor at 4:30 p.m.
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2681.) Ordered to engrossing and enrolling.
In Senate. Concurrence in Assembly amendments pending.
Read third time. Passed. (Ayes 80. Noes 0. Page 3204.) Ordered to the Senate.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 16. Noes 0.) (September 1).
August 16 set for first hearing. Placed on suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (June 27). Re-referred to Com. on APPR.
Read second time and amended. Re-referred to Com. on JUD.
From committee: Do pass as amended and re-refer to Com. on JUD. (Ayes 12. Noes 0.) (June 12).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 39. Noes 0. Page 1053.) Ordered to the Assembly.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 10. Noes 0. Page 1012.) (May 2).
Set for hearing May 2.
From committee: Do pass and re-refer to Com. on RLS with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 831.) (April 19). Re-referred to Com. on RLS.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
Set for hearing April 19.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after March 19.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB666 | HTML |
| 02/16/23 - Introduced | |
| 03/21/23 - Amended Senate | |
| 04/10/23 - Amended Senate | |
| 06/05/23 - Amended Assembly | |
| 06/14/23 - Amended Assembly | |
| 09/14/23 - Enrolled | |
| 10/13/23 - Chaptered |
| Document | Format |
|---|---|
| 04/17/23- Senate Banking and Financial Institutions | |
| 04/28/23- Senate Judiciary | |
| 05/05/23- Sen. Floor Analyses | |
| 06/09/23- Assembly Banking and Finance | |
| 06/24/23- Assembly Judiciary | |
| 08/14/23- Assembly Appropriations | |
| 09/05/23- ASSEMBLY FLOOR ANALYSIS | |
| 09/11/23- Sen. Floor Analyses |
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