Commercial financing: disclosures.
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SB 362 — Commercial financing: disclosures.
Last action — Chaptered by Secretary of State. Chapter 352, Statutes of 2025.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed Assembly
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5To Executive
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6Enacted
This bill has been sent to the executive. Introduced February 13, 2025. It awaits signature.
Next likely step: the executive signs it into law or issues a veto.
Prognosis
Where this bill stands today.
Odds of enactment
ModerateHow often bills like it became law.
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To Executive
Current position in the legislative process.
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1 sponsor
1 primary, 0 co-sponsors signed on.
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Single-party support
Sponsorship is currently within one party (1 D).
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Cleared a recorded vote
Passed 10 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
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.
Bill Text
- Chaptered 10/06/25 - Chaptered Current pdf October 06, 2025
- Enrolled 09/10/25 - Enrolled pdf September 10, 2025
- Amended 08/28/25 - Amended Assembly pdf August 28, 2025
- Amended 07/10/25 - Amended Assembly pdf July 10, 2025
- Amended 05/23/25 - Amended Senate pdf May 23, 2025
- Amended 03/17/25 - Amended Senate pdf March 17, 2025
- Introduced 02/13/25 - Introduced pdf February 13, 2025
- SB362 View text html
Action History
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Chaptered by Secretary of State. Chapter 352, Statutes of 2025.
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Approved by the Governor.
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Enrolled and presented to the Governor at 3 p.m.
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Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2605.) Ordered to engrossing and enrolling.
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In Senate. Concurrence in Assembly amendments pending.
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Read third time. Passed. (Ayes 79. Noes 0. Page 2866.) Ordered to the Senate.
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Ordered to third reading.
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Read third time and amended.
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Read second time. Ordered to third reading.
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From committee: Do pass. (Ayes 15. Noes 0.) (August 20).
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From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (July 15). Re-referred to Com. on APPR.
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From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
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From committee: Do pass and re-refer to Com. on JUD. (Ayes 9. Noes 0.) (July 7). Re-referred to Com. on JUD.
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June 23 hearing postponed by committee.
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Referred to Coms. on B. & F. and JUD.
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In Assembly. Read first time. Held at Desk.
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Read third time. Passed. (Ayes 38. Noes 0. Page 1400.) Ordered to the Assembly.
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Read second time. Ordered to third reading.
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Read second time and amended. Ordered to second reading.
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From committee: Do pass as amended. (Ayes 6. Noes 0. Page 1198.) (May 23).
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Set for hearing May 23.
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May 5 hearing: Placed on APPR. suspense file.
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Set for hearing May 5.
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From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 834.) (April 22). Re-referred to Com. on APPR.
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Set for hearing April 22.
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Re-referred to Com. on JUD.
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From committee: Do pass and re-refer to Com. on RLS. (Ayes 7. Noes 0. Page 632.) (April 2). Re-referred to Com. on RLS.
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Set for hearing April 2.
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From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
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Referred to Com. on B. & F.I.
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From printer. May be acted upon on or after March 16.
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Introduced. Read first time. To Com. on RLS. for assignment. To print.
Sponsors
- Timothy S. Grayson · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 121 not signed on
Sponsors (1)
- Grayson, Timothy S. Democratic
Co-sponsors (0)
None.
Not signed on (121)
121 members have not signed on to this bill.
Show all 121 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 29 | 0 | 0 | 1 |
| Republican | 10 | 0 | 0 | 0 |
| Total | 39 | 0 | 0 | 1 |
| % of votes cast | 98% | 0% | 0% | 3% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 59 | 0 | 0 | 0 |
| Republican | 19 | 0 | 0 | 0 |
| Unaffiliated | 1 | 0 | 0 | 0 |
| Total | 79 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (79)
| Member | Party | Vote |
|---|---|---|
| Ávila Farías | — | Yea |
| Addis, Dawn | Democratic | Yea |
| Aguiar-Curry, Cecilia M. | Democratic | Yea |
| Ahrens, Patrick | Democratic | Yea |
| Alvarez, David | Democratic | Yea |
| Arambula, Joaquin | Democratic | Yea |
| Bains, Jasmeet | Democratic | Yea |
| Bauer-Kahan, Rebecca | Democratic | Yea |
| Bennett, Steve | Democratic | Yea |
| Berman, Marc | Democratic | Yea |
| Boerner, Tasha | Democratic | Yea |
| Bonta, Mia | Democratic | Yea |
| Bryan, Isaac G. | Democratic | Yea |
| Calderon, Lisa | Democratic | Yea |
| Caloza, Jessica | Democratic | Yea |
| Carrillo, Juan | Democratic | Yea |
| Connolly, Damon | Democratic | Yea |
| Elhawary, Sade | Democratic | Yea |
| Fong, Mike | Democratic | Yea |
| Gabriel, Jesse | Democratic | Yea |
| Garcia, Robert | Democratic | Yea |
| Gipson, Mike A. | Democratic | Yea |
| González, Mark | Democratic | Yea |
| Haney, Matt | Democratic | Yea |
| Harabedian, John | Democratic | Yea |
| Hart, Gregg | Democratic | Yea |
| Irwin, Jacqui | Democratic | Yea |
| Jackson, Corey A. | Democratic | Yea |
| Kalra, Ash | Democratic | Yea |
| Krell, Maggy | Democratic | Yea |
| Lee, Alex | Democratic | Yea |
| Lowenthal, Josh | Democratic | Yea |
| McKinnor, Tina | Democratic | Yea |
| Muratsuchi, Al | Democratic | Yea |
| Nguyen, Stephanie | Democratic | Yea |
| Ortega, Liz | Democratic | Yea |
| Pacheco, Blanca | Democratic | Yea |
| Papan, Diane | Democratic | Yea |
| Patel, Darshana R. | Democratic | Yea |
| Pellerin, Gail | Democratic | Yea |
| Petrie-Norris, Cottie | Democratic | Yea |
| Quirk-Silva, Sharon | Democratic | Yea |
| Ramos, James C. | Democratic | Yea |
| Ransom, Rhodesia | Democratic | Yea |
| Rivas, Robert | Democratic | Yea |
| Rodriguez, Celeste | Democratic | Yea |
| Rodriguez, Michelle | Democratic | Yea |
| Rogers, Chris | Democratic | Yea |
| Rubio, Blanca E. | Democratic | Yea |
| Schiavo, Pilar | Democratic | Yea |
| Schultz, Nick | Democratic | Yea |
| Sharp-Collins, LaShae | Democratic | Yea |
| Solache, Jr., José Luis | Democratic | Yea |
| Soria, Esmeralda | Democratic | Yea |
| Stefani, Catherine | Democratic | Yea |
| Valencia, Avelino | Democratic | Yea |
| Ward, Christopher M. | Democratic | Yea |
| Wicks, Buffy | Democratic | Yea |
| Wilson, Lori D. | Democratic | Yea |
| Zbur, Rick Chavez | Democratic | Yea |
| Alanis, Juan | Republican | Yea |
| Castillo, Leticia | Republican | Yea |
| Chen, Phillip | Republican | Yea |
| Davies, Laurie | Republican | Yea |
| DeMaio, Carl | Republican | Yea |
| Dixon, Diane | Republican | Yea |
| Ellis, Stan | Republican | Yea |
| Flora, Heath | Republican | Yea |
| Gallagher, James | Republican | Yea |
| Gonzalez, Jeff | Republican | Yea |
| Hadwick, Heather | Republican | Yea |
| Hoover, Josh | Republican | Yea |
| Lackey, Tom | Republican | Yea |
| Macedo, Alexandra | Republican | Yea |
| Patterson, Joe | Republican | Yea |
| Sanchez, Kate | Republican | Yea |
| Ta, Tri | Republican | Yea |
| Tangipa, David J. | Republican | Yea |
| Wallis, Greg | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 11 | 0 | 0 | 0 |
| Republican | 4 | 0 | 0 | 0 |
| Total | 15 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| Arambula, Joaquin | Democratic | Yea |
| Calderon, Lisa | Democratic | Yea |
| Caloza, Jessica | Democratic | Yea |
| Elhawary, Sade | Democratic | Yea |
| Fong, Mike | Democratic | Yea |
| González, Mark | Democratic | Yea |
| Hart, Gregg | Democratic | Yea |
| Pacheco, Blanca | Democratic | Yea |
| Pellerin, Gail | Democratic | Yea |
| Solache, Jr., José Luis | Democratic | Yea |
| Wicks, Buffy | Democratic | Yea |
| Dixon, Diane | Republican | Yea |
| Gonzalez, Jeff | Republican | Yea |
| Ta, Tri | Republican | Yea |
| Tangipa, David J. | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 9 | 0 | 0 | 0 |
| Republican | 3 | 0 | 0 | 0 |
| Total | 12 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (12)
| Member | Party | Vote |
|---|---|---|
| Bauer-Kahan, Rebecca | Democratic | Yea |
| Bryan, Isaac G. | Democratic | Yea |
| Connolly, Damon | Democratic | Yea |
| Harabedian, John | Democratic | Yea |
| Kalra, Ash | Democratic | Yea |
| Pacheco, Blanca | Democratic | Yea |
| Papan, Diane | Democratic | Yea |
| Stefani, Catherine | Democratic | Yea |
| Zbur, Rick Chavez | Democratic | Yea |
| Dixon, Diane | Republican | Yea |
| Macedo, Alexandra | Republican | Yea |
| Sanchez, Kate | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 7 | 0 | 0 | 0 |
| Republican | 2 | 0 | 0 | 0 |
| Total | 9 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (9)
| Member | Party | Vote |
|---|---|---|
| Fong, Mike | Democratic | Yea |
| Krell, Maggy | Democratic | Yea |
| Rodriguez, Michelle | Democratic | Yea |
| Rubio, Blanca E. | Democratic | Yea |
| Schiavo, Pilar | Democratic | Yea |
| Soria, Esmeralda | Democratic | Yea |
| Valencia, Avelino | Democratic | Yea |
| Chen, Phillip | Republican | Yea |
| Dixon, Diane | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 28 | 0 | 0 | 2 |
| Republican | 10 | 0 | 0 | 0 |
| Total | 38 | 0 | 0 | 2 |
| % of votes cast | 95% | 0% | 0% | 5% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 5 | 0 | 0 | 0 |
| Republican | 1 | 0 | 0 | 1 |
| Total | 6 | 0 | 0 | 1 |
| % of votes cast | 86% | 0% | 0% | 14% |
How each member voted (7)
| Member | Party | Vote |
|---|---|---|
| Cabaldon, Christopher | Democratic | Yea |
| Caballero, Anna M. | Democratic | Yea |
| Grayson, Timothy S. | Democratic | Yea |
| Richardson, Laura | Democratic | Yea |
| Wahab, Aisha | Democratic | Yea |
| Dahle, Megan | Republican | Not Voting |
| Seyarto, Kelly | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 5 | 0 | 0 | 0 |
| Republican | 2 | 0 | 0 | 0 |
| Total | 7 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (7)
| Member | Party | Vote |
|---|---|---|
| Cabaldon, Christopher | Democratic | Yea |
| Caballero, Anna M. | Democratic | Yea |
| Grayson, Timothy S. | Democratic | Yea |
| Richardson, Laura | Democratic | Yea |
| Wahab, Aisha | Democratic | Yea |
| Dahle, Megan | Republican | Yea |
| Seyarto, Kelly | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 11 | 0 | 0 | 0 |
| Republican | 2 | 0 | 0 | 0 |
| Total | 13 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (13)
| Member | Party | Vote |
|---|---|---|
| Allen, Benjamin | Democratic | Yea |
| Arreguín, Jesse | Democratic | Yea |
| Ashby, Angelique V. | Democratic | Yea |
| Caballero, Anna M. | Democratic | Yea |
| Durazo, Maria Elena | Democratic | Yea |
| Laird, John | Democratic | Yea |
| Stern, Henry I. | Democratic | Yea |
| Umberg, Thomas J. | Democratic | Yea |
| Wahab, Aisha | Democratic | Yea |
| Weber Pierson, M.D., Akilah | Democratic | Yea |
| Wiener, Scott D. | Democratic | Yea |
| Niello, Roger W. | Republican | Yea |
| Valladares, Suzette Martinez | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 5 | 0 | 0 | 0 |
| Republican | 2 | 0 | 0 | 0 |
| Total | 7 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (7)
| Member | Party | Vote |
|---|---|---|
| Cervantes, Sabrina | Democratic | Yea |
| Grayson, Timothy S. | Democratic | Yea |
| Hurtado, Melissa | Democratic | Yea |
| Limón, Monique | Democratic | Yea |
| Richardson, Laura | Democratic | Yea |
| Niello, Roger W. | Republican | Yea |
| Strickland, Tony | Republican | Yea |
Subjects
Frequently asked questions
- What does SB 362 do?
- 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.
- Who sponsors SB 362?
- SB 362 is sponsored by Grayson, Timothy S. (Democratic).
- What is the current status of SB 362?
- This bill has been sent to the executive. Introduced February 13, 2025. It awaits signature.
- Where can I track SB 362?
- Track SB 362 free on One Click Politics — get push/email alerts when it moves.
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