SB 362: Commercial financing: disclosures.

This bill aims to amend the financial code to regulate commercial financing disclosures. A provider of commercial financing is prohibited from using terms like "interest" or "rate" in a way that could mislead the recipient, and instead must use "annual percentage rate" or "APR". This bill also repeals the provision that subjects commercial financing providers to a specific state law, and instead makes a violation of the disclosure provisions and this bill a violation of the California Consumer Financial Protection Law or the California Financing Law if the transaction is subject to one of those laws. Additionally, this bill eliminates the requirement for the state to reimburse local agencies for certain costs mandated by the state.