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Financial Services Law Insights and Observations

California enacts law to extend commercial financing cost disclosure requirement

State Issues California State Legislation Commercial Finance Disclosures Consumer Finance

State Issues

On October 7, the California governor signed SB 33 to, among other things, continue to require covered providers offering commercial loans to disclose the total cost of financing expressed as an annualized rate indefinitely. Existing law currently required this disclosure only until January 1, 2024.

SB 33 is effective January 1, 2024.