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California · 2025–26 Regular Session · Senate Bill

SB 362: Commercial financing: disclosures.

Enacted Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

SB 362 is a senate bill introduced in the California Senate on February 13, 2025. According to its official title, it concerns: Commercial financing: disclosures. Primary sponsor: Timothy Grayson (D). Most recent recorded action (October 6, 2025): Chaptered by Secretary of State. Chapter 352, Statutes of 2025.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Legislative Counsel’s Digest (official, as of the latest version). Written by nonpartisan legislative staff; reproduced verbatim.

Existing law requires a provider of commercial financing to disclose certain information, as specified. Existing law provides that a provider of commercial financing licensed under the California Financing Law (CFL) is subject to examination and enforcement by the Commissioner of Financial Protection and Innovation under the CFL for any violation of those disclosure provisions, as specified. Certain violations of the CFL are a crime.

This bill would prohibit a provider of commercial financing from using the term “interest” or “rate” in a deceptive way that could reasonably result in the recipient being misled and would require those providers to use the term “annual percentage rate” or the acronym “APR” in specified circumstances. The bill would repeal the provision subjecting those providers to the CFL described above and would instead provide that a violation of the disclosure provisions described above and the provisions of the bill is a violation of the CFL if the violation relates to a commercial financing transaction subject to the CFL, or a violation of the California Consumer Financial Protection Law if the violation relates to a commercial financing transaction that is not subject to the CFL. By expanding the scope of a crime, this bill would impose a state-mandated local program.

The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.

This bill would provide that no reimbursement is required by this act for a specified reason.

Sponsors

Sponsors by party (alphabetical): Democratic 1

NameRolePartyChamberDistrict
Timothy GraysonPrimary sponsorDemocraticSenate9

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

  1. Chaptered by Secretary of State. Chapter 352, Statutes of 2025.
  2. Approved by the Governor.
  3. Enrolled and presented to the Governor at 3 p.m.
  4. Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2605.) Ordered to engrossing and enrolling.
  5. In Senate. Concurrence in Assembly amendments pending.
  6. Read third time. Passed. (Ayes 79. Noes 0. Page 2866.) Ordered to the Senate.
  7. Ordered to third reading.
  8. Read third time and amended.
  9. Read second time. Ordered to third reading.
  10. From committee: Do pass. (Ayes 15. Noes 0.) (August 20).
  11. From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (July 15). Re-referred to Com. on APPR.
  12. From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.

Sources

  1. California Legislative Information — pubinfo database export
  2. Official bill page