SBFA Appeals Decision in Disclosure Law Lawsuit

The Small Business Finance Association will appeal the decision issued in its case against the California DFPI over the legality of its disclosure laws.

The SBFA filed its suit in December 2022, alleging that the disclosure laws in California violated the First Amendment and that they were pre-empted by a federal law (TILA) that governs APR calculations. After the Court initially allowed the case to proceed in March 2023, it reversed course and dismissed the SBFA’s lawsuit in December.

On December 29, the SBFA filed its notice of appeal to the United States Court of Appeals for the Ninth Circuit.