California 2023-2024 Regular Session Status: Enacted

SB 666 — Small business: commercial financing transactions.

Last action — Chaptered by Secretary of State. Chapter 881, Statutes of 2023.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 16, 2023. Enacted.

Signed by Governor Gavin Newsom (Democratic) on October 13, 2023.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 8 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 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.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 881, Statutes of 2023.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4:30 p.m.

  4. Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2681.) Ordered to engrossing and enrolling.

  5. In Senate. Concurrence in Assembly amendments pending.

  6. Read third time. Passed. (Ayes 80. Noes 0. Page 3204.) Ordered to the Senate.

  7. Read second time. Ordered to third reading.

  8. From committee: Do pass. (Ayes 16. Noes 0.) (September 1).

  9. August 16 set for first hearing. Placed on suspense file.

  10. From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (June 27). Re-referred to Com. on APPR.

  11. Read second time and amended. Re-referred to Com. on JUD.

  12. From committee: Do pass as amended and re-refer to Com. on JUD. (Ayes 12. Noes 0.) (June 12).

  13. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.

  14. Referred to Coms. on B. & F. and JUD.

  15. In Assembly. Read first time. Held at Desk.

  16. Read third time. Passed. (Ayes 39. Noes 0. Page 1053.) Ordered to the Assembly.

  17. Read second time. Ordered to consent calendar.

  18. From committee: Do pass. Ordered to consent calendar. (Ayes 10. Noes 0. Page 1012.) (May 2).

  19. Set for hearing May 2.

  20. Re-referred to Com. on JUD.

  21. 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.

  22. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.

  23. Set for hearing April 19.

  24. Re-referred to Com. on B. & F.I.

  25. From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  26. Referred to Com. on RLS.

  27. From printer. May be acted upon on or after March 19.

  28. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Min · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Min

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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Unfinished Business SB666 Min Concurrence

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 11000
Democratic 21001
Republican 7000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Roth — Yea
Atkins — Yea
Portantino — Yea
Newman — Yea
Min — Yea
Wilk — Yea
Eggman — Yea
Glazer — Yea
Dodd — Yea
Bradford — Yea
Skinner — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Ashby, Angelique V. Democratic Yea
Becker, Josh Democratic Yea
Blakespear, Catherine S. Democratic Yea
Caballero, Anna M. Democratic Not Voting
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Gonzalez, Lena A. Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Menjivar, Caroline Democratic Yea
Nguyen, Stephanie Democratic Yea
Padilla, Stephen C. Democratic Yea
Rubio, Susan Democratic Yea
Smallwood-Cuevas, Lola Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wahab, Aisha Democratic Yea
Wiener, Scott D. Democratic Yea
Alvarado-Gil, Marie Republican Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea
Seyarto, Kelly Republican Yea

Official roll call →

SB 666 Min Senate Third Reading By Grayson

Passed 80 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 47000
Republican 13000
Unaffiliated 20000
Total 80000
% of votes cast 100%0%0%0%
How each member voted (80)
Member Party Vote
Villapudua — Yea
Jones-Sawyer — Yea
Rendon — Yea
Friedman — Yea
Maienschein — Yea
Ting — Yea
Wood — Yea
Low — Yea
Holden — Yea
Mathis — Yea
Rodriguez — Yea
McCarty — Yea
Essayli — Yea
Waldron — Yea
Santiago — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Luz Rivas — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Addis, Dawn Democratic Yea
Aguiar-Curry, Cecilia M. 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
Carrillo, Juan Democratic Yea
Cervantes, Sabrina Democratic Yea
Connolly, Damon Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Haney, Matt Democratic Yea
Hart, Gregg Democratic Yea
Irwin, Jacqui Democratic Yea
Jackson, Corey A. Democratic Yea
Kalra, Ash 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
Pellerin, Gail Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Schiavo, Pilar Democratic Yea
Soria, Esmeralda Democratic Yea
Valencia, Avelino Democratic Yea
Ward, Christopher M. Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Yea
Wilson, Lori D. Democratic Yea
Zbur, Rick Chavez Democratic Yea
Alanis, Juan Republican Yea
Chen, Phillip Republican Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea
Dixon, Diane Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Hoover, Josh Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Yea
Sanchez, Kate Republican Yea
Ta, Tri Republican Yea
Wallis, Greg Republican Yea

Official roll call →

Do pass.

Passed 16 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 10000
Republican 3000
Unaffiliated 3000
Total 16000
% of votes cast 100%0%0%0%
How each member voted (16)
Member Party Vote
Holden — Yea
Mathis — Yea
Wendy Carrillo — Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Hart, Gregg Democratic Yea
Lowenthal, Josh Democratic Yea
Papan, Diane Democratic Yea
Pellerin, Gail Democratic Yea
Soria, Esmeralda Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wilson, Lori D. Democratic Yea
Dahle, Megan Republican Yea
Dixon, Diane Republican Yea
Sanchez, Kate Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations]

Passed 11 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 7000
Unaffiliated 2000
Republican 2000
Total 11000
% of votes cast 100%0%0%0%
How each member voted (11)
Member Party Vote
Essayli — Yea
Maienschein — Yea
Connolly, Damon Democratic Yea
Haney, Matt Democratic Yea
Kalra, Ash Democratic Yea
Lee, Alex Democratic Yea
Pacheco, Blanca Democratic Yea
Papan, Diane Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Dixon, Diane Republican Yea
Sanchez, Kate Republican Yea

Official roll call →

Do pass as amended and be re-referred to the Committee on [Judiciary]

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 9000
Republican 2000
Unaffiliated 1000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Waldron — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Soria, Esmeralda Democratic Yea
Wicks, Buffy Democratic Yea
Wilson, Lori D. Democratic Yea
Chen, Phillip Republican Yea
Dixon, Diane Republican Yea

Official roll call →

Consent Calendar

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 11000
Democratic 22000
Republican 6001
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Roth — Yea
Atkins — Yea
Portantino — Yea
Newman — Yea
Min — Yea
Wilk — Yea
Eggman — Yea
Glazer — Yea
Dodd — Yea
Bradford — Yea
Skinner — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Ashby, Angelique V. Democratic Yea
Becker, Josh Democratic Yea
Blakespear, Catherine S. Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Gonzalez, Lena A. Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Menjivar, Caroline Democratic Yea
Nguyen, Stephanie Democratic Yea
Padilla, Stephen C. Democratic Yea
Rubio, Susan Democratic Yea
Smallwood-Cuevas, Lola Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wahab, Aisha Democratic Yea
Wiener, Scott D. Democratic Yea
Alvarado-Gil, Marie Republican Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Not Voting
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea
Seyarto, Kelly Republican Yea

Official roll call →

Do pass and be ordered to the Consent Calendar

Passed 10 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 2000
Democratic 7001
Republican 1000
Total 10001
% of votes cast 91%0%0%9%
How each member voted (11)
Member Party Vote
Min — Yea
Wilk — Yea
Allen, Benjamin 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 Not Voting
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Niello, Roger W. Republican Yea

Official roll call →

Do pass, but first be re-referred to the Committee on [Rules] with the recommendation: To Consent Calendar

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 3000
Unaffiliated 3000
Republican 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Portantino — Yea
Bradford — Yea
Min — Yea
Caballero, Anna M. Democratic Yea
Limón, Monique Democratic Yea
Nguyen, Stephanie Democratic Yea
Niello, Roger W. Republican Yea

Official roll call →

Subjects

finance labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 666 do?
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.
Who sponsors SB 666?
SB 666 is sponsored by Min.
What is the current status of SB 666?
This bill has been enacted into law. Introduced February 16, 2023. Enacted.
Where can I track SB 666?
Track SB 666 free on One Click Politics — get push/email alerts when it moves.

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