Support the Commercial Financing Disclosure Law
In 2018, CAMEO Network co-sponsored SB 1235 (Glazer) as part of a coalition of more than 60 private sector and nonprofit organizations including the Responsible Business Lending Coalition, CDC Small Business Finance, Small Business Majority, Accion Opportunity Fund, the Greenlining Institute, and Rise Economy.

SB 1235 became the Commercial Financial Disclosures Law (CFDL) - the first "truth in small business lending" law in the country. Under the CFDL, California's Department of Financial Protection and Innovation (DFPI) is able to set clear and consistent disclosure standards that provide small business owners with better transparency during the loan process.

The companies that don't want to disclose their high APRs filed a lawsuit to stop the implementation of SB 1235. That case was ruled in favor of the DFPI and the regulations stand.  Small business financing providers are required to give certain disclosures similar to consumer transactions, such as the amount of funding the small business will receive, the APR, a payment amount (if applicable), the term, details related to prepayment policies, and (for products without a monthly payment) an average monthly cost.

Of course the case was appealed. The Ninth Circuit Court of Appeals is set to hear SBFA v. Hewlett, a lawsuit claiming that the CFDL violates small business lenders' First Amendment rights and is preempted by the Truth in Lending Act.

Help us make sure these important, common-sense regulations stay in place! CAMEO Network and our responsible business lending partners are planning to submit an amicus brief to the Court in support of this law.

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