Bill Commons

CA SB 362

enacted

Commercial financing: disclosures.

California · 2025-2026 Regular Session · upper

Quick answers

Did CA SB 362 pass?

Yes. CA SB 362 has been enacted into law as of 2025-10-06. Latest recorded action (2025-10-06): Chaptered by Secretary of State. Chapter 352, Statutes of 2025.

What is CA SB 362 about?

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 CA SB 362?

Grayson is the primary sponsor of CA SB 362.

Description

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.

Introduced
2025-02-13
Latest action
2025-10-06 — Chaptered by Secretary of State. Chapter 352, Statutes of 2025.
Bill type
bill
Last updated
—

Subjects

Sponsors

  • Graysonauthor

Committees

Not provided by source.

Action timeline

  1. 2025-02-13

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

    introduction,reading-1,referral-committee

  2. 2025-02-14

    From printer. May be acted upon on or after March 16.

  3. 2025-02-26

    Referred to Com. on B. & F.I.

    referral-committee

  4. 2025-03-17

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

    amendment-passage,committee-passage,reading-1,reading-2,referral-committee

  5. 2025-03-18

    Set for hearing April 2.

  6. 2025-04-03

    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.

    committee-passage,committee-passage-favorable,referral-committee

  7. 2025-04-09

    Re-referred to Com. on JUD.

    referral-committee

  8. 2025-04-10

    Set for hearing April 22.

  9. 2025-04-23

    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.

    committee-passage,committee-passage-favorable,referral-committee

  10. 2025-04-25

    Set for hearing May 5.

  11. 2025-05-05

    May 5 hearing: Placed on APPR. suspense file.

  12. 2025-05-16

    Set for hearing May 23.

  13. 2025-05-23

    Read second time and amended. Ordered to second reading.

    amendment-passage,reading-1,reading-2

  14. 2025-05-23

    From committee: Do pass as amended. (Ayes 6. Noes 0. Page 1198.) (May 23).

    amendment-passage,committee-passage,committee-passage-favorable

  15. 2025-05-27

    Read second time. Ordered to third reading.

    reading-1,reading-2,reading-3

  16. 2025-06-02

    Read third time. Passed. (Ayes 38. Noes 0. Page 1400.) Ordered to the Assembly.

    passage,reading-1,reading-3

  17. 2025-06-03

    In Assembly. Read first time. Held at Desk.

    reading-1

  18. 2025-06-09

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

    referral-committee

  19. 2025-06-17

    June 23 hearing postponed by committee.

  20. 2025-07-08

    From committee: Do pass and re-refer to Com. on JUD. (Ayes 9. Noes 0.) (July 7). Re-referred to Com. on JUD.

    committee-passage,committee-passage-favorable,referral-committee

  21. 2025-07-10

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

    amendment-passage,committee-passage,reading-1,reading-2,referral-committee

  22. 2025-07-16

    From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (July 15). Re-referred to Com. on APPR.

    committee-passage,committee-passage-favorable,referral-committee

  23. 2025-08-20

    From committee: Do pass. (Ayes 15. Noes 0.) (August 20).

    committee-passage,committee-passage-favorable

  24. 2025-08-21

    Read second time. Ordered to third reading.

    reading-1,reading-2,reading-3

  25. 2025-08-28

    Ordered to third reading.

    reading-1,reading-3

  26. 2025-08-28

    Read third time and amended.

    amendment-passage,reading-1,reading-3

  27. 2025-09-03

    Read third time. Passed. (Ayes 79. Noes 0. Page 2866.) Ordered to the Senate.

    passage,reading-1,reading-3

  28. 2025-09-03

    In Senate. Concurrence in Assembly amendments pending.

  29. 2025-09-08

    Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2605.) Ordered to engrossing and enrolling.

    amendment-passage,committee-passage,committee-passage-favorable

  30. 2025-09-16

    Enrolled and presented to the Governor at 3 p.m.

    executive-receipt

  31. 2025-10-06

    Approved by the Governor.

    executive-signature

  32. 2025-10-06

    Chaptered by Secretary of State. Chapter 352, Statutes of 2025.

    became-law

Versions

  • 02/13/25 - Introduced — 2025-02-13Compare
  • 03/17/25 - Amended Senate — 2025-03-17Compare
  • 05/23/25 - Amended Senate — 2025-05-23Compare
  • 07/10/25 - Amended Assembly — 2025-07-10Compare
  • 08/28/25 - Amended Assembly — 2025-08-28Compare
  • 09/10/25 - Enrolled — 2025-09-10Compare
  • 10/06/25 - Chaptered — 2025-10-06Compare
  • SB362Compare
  • (document, no version)Compare

Documents

Votes

  • Do pass, but first be re-referred to the Committee on [Rules]

    2025-04-02 · pass · 7-0

    Member-level votes (7)
    • Cervantes: yes
    • Hurtado: yes
    • Strickland: yes
    • Grayson: yes
    • Niello: yes
    • Richardson: yes
    • Limón: yes

  • Do pass, but first be re-referred to the Committee on [Appropriations]

    2025-04-22 · pass · 13-0

    Member-level votes (13)
    • Allen: yes
    • Wahab: yes
    • Durazo: yes
    • Umberg: yes
    • Caballero: yes
    • Laird: yes
    • Arreguín: yes
    • Stern: yes
    • Weber Pierson: yes
    • Ashby: yes
    • Valladares: yes
    • Niello: yes
    • Wiener: yes

  • Placed on suspense file

    2025-05-05 · pass · 7-0

    Member-level votes (7)
    • Richardson: yes
    • Grayson: yes
    • Seyarto: yes
    • Caballero: yes
    • Dahle: yes
    • Cabaldon: yes
    • Wahab: yes

  • Do pass as amended

    2025-05-23 · pass · 6-0

    Member-level votes (7)
    • Caballero: yes
    • Seyarto: yes
    • Wahab: yes
    • Cabaldon: yes
    • Richardson: yes
    • Grayson: yes
    • Dahle: other

  • 3rd Reading

    2025-06-02 · pass · 38-0

    Member-level votes (40)
    • Menjivar: yes
    • Niello: yes
    • Pérez: yes
    • Rubio: yes
    • Padilla: yes
    • Alvarado-Gil: yes
    • Cervantes: yes
    • Wahab: yes
    • Choi: yes
    • Smallwood-Cuevas: yes
    • Wiener: yes
    • Jones: yes
    • Grayson: yes
    • Cortese: yes
    • Seyarto: yes
    • Ashby: yes
    • Gonzalez: yes
    • Arreguín: yes
    • Archuleta: yes
    • Umberg: yes
    • Becker: yes
    • Laird: yes
    • Durazo: yes
    • McGuire: yes
    • Ochoa Bogh: yes
    • Dahle: yes
    • Blakespear: yes
    • McNerney: yes
    • Allen: yes
    • Limón: yes
    • Valladares: yes
    • Caballero: yes
    • Grove: yes
    • Strickland: yes
    • Stern: yes
    • Weber Pierson: yes
    • Cabaldon: yes
    • Richardson: yes
    • Hurtado: other
    • Reyes: other

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

    2025-07-07 · pass · 9-0

    Member-level votes (9)
    • Fong: yes
    • Dixon: yes
    • Valencia: yes
    • Michelle Rodriguez: yes
    • Schiavo: yes
    • Blanca Rubio: yes
    • Chen: yes
    • Soria: yes
    • Krell: yes

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

    2025-07-15 · pass · 12-0

    Member-level votes (12)
    • Stefani: yes
    • Dixon: yes
    • Bryan: yes
    • Macedo: yes
    • Kalra: yes
    • Pacheco: yes
    • Sanchez: yes
    • Bauer-Kahan: yes
    • Connolly: yes
    • Papan: yes
    • Harabedian: yes
    • Zbur: yes

  • Do pass.

    2025-08-20 · pass · 15-0

    Member-level votes (15)
    • Fong: yes
    • Arambula: yes
    • Tangipa: yes
    • Ta: yes
    • Solache: yes
    • Wicks: yes
    • Caloza: yes
    • Dixon: yes
    • Pellerin: yes
    • Jeff Gonzalez: yes
    • Calderon: yes
    • Pacheco: yes
    • Elhawary: yes
    • Hart: yes
    • Mark González: yes

  • SB 362 Grayson Senate Third Reading By Blanca Rubio

    2025-09-03 · pass · 79-0

    Member-level votes (79)
    • Pacheco: yes
    • Flora: yes
    • Schultz: yes
    • Patterson: yes
    • Ellis: yes
    • Gabriel: yes
    • Valencia: yes
    • Petrie-Norris: yes
    • Caloza: yes
    • Gipson: yes
    • Bauer-Kahan: yes
    • Lee: yes
    • Muratsuchi: yes
    • Alanis: yes
    • Elhawary: yes
    • Zbur: yes
    • Schiavo: yes
    • Michelle Rodriguez: yes
    • Macedo: yes
    • Kalra: yes
    • Rivas: yes
    • Ortega: yes
    • Berman: yes
    • Davies: yes
    • Connolly: yes
    • Bains: yes
    • Nguyen: yes
    • Arambula: yes
    • Garcia: yes
    • Krell: yes
    • Chen: yes
    • Wilson: yes
    • Mark González: yes
    • Carrillo: yes
    • Hadwick: yes
    • Stefani: yes
    • Blanca Rubio: yes
    • Wicks: yes
    • Gallagher: yes
    • Jackson: yes
    • Jeff Gonzalez: yes
    • Ramos: yes
    • Wallis: yes
    • Alvarez: yes
    • Addis: yes
    • Ransom: yes
    • Haney: yes
    • Harabedian: yes
    • Irwin: yes
    • Solache: yes
    • DeMaio: yes
    • McKinnor: yes
    • Patel: yes
    • Quirk-Silva: yes
    • Aguiar-Curry: yes
    • Bennett: yes
    • Hart: yes
    • Castillo: yes
    • Ward: yes
    • Rogers: yes
    • Ahrens: yes
    • Dixon: yes
    • Bryan: yes
    • Sanchez: yes
    • Calderon: yes
    • Sharp-Collins: yes
    • Lowenthal: yes
    • Ávila Farías: yes
    • Soria: yes
    • Boerner: yes
    • Pellerin: yes
    • Ta: yes
    • Hoover: yes
    • Papan: yes
    • Tangipa: yes
    • Celeste Rodriguez: yes
    • Lackey: yes
    • Bonta: yes
    • Fong: yes

  • Unfinished Business SB362 Grayson Concurrence

    2025-09-08 · pass · 39-0

    Member-level votes (40)
    • Wahab: yes
    • Niello: yes
    • Jones: yes
    • Laird: yes
    • Choi: yes
    • Rubio: yes
    • McGuire: yes
    • Cortese: yes
    • Ochoa Bogh: yes
    • Richardson: yes
    • Reyes: yes
    • Dahle: yes
    • Valladares: yes
    • Grayson: yes
    • Limón: yes
    • McNerney: yes
    • Wiener: yes
    • Padilla: yes
    • Umberg: yes
    • Hurtado: yes
    • Blakespear: yes
    • Menjivar: yes
    • Cabaldon: yes
    • Cervantes: yes
    • Weber Pierson: yes
    • Ashby: yes
    • Durazo: yes
    • Seyarto: yes
    • Smallwood-Cuevas: yes
    • Strickland: yes
    • Allen: yes
    • Arreguín: yes
    • Grove: yes
    • Pérez: yes
    • Archuleta: yes
    • Alvarado-Gil: yes
    • Caballero: yes
    • Gonzalez: yes
    • Becker: yes
    • Stern: other

Related bills

No related bills recorded for this bill.

Official source

http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202520260SB362

Attribution

Data from openstates_bulk_csv, retrieved 2026-07-24T01:34:27.960412Z

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