California to Hold Hearings on Commercial Finance Broker Licensing

Members of the California state legislature are apparently not done with the commercial finance space. This time they want to expand the scope of the California Financing Law (CFL) to include “commercial financing providers” and “commercial financing brokers” for the purpose of licensure, regulation, and enforcement. In Senate Bill 869, commercial financing is defined as an “accounts receivable purchase transaction, including factoring, asset-based lending transaction, commercial loan, or lease financing, intended by the recipient for use primarily for a purpose other than a personal, family, or household purpose.”

While the bill was technically introduced last year, its progress stalled. Now it’s not only back but it will also be the subject of back-to-back committee hearings on January 10 and January 11. To the extent these hearings are publicly accessible, deBanked will livestream them.