California legislature passes first small business Truth-in-Lending bill in the country

On August 31, the California legislature passed the first bill to help protect entrepreneurs from predatory lending practices. The bill now goes to Gov. Brown's desk for signature. 

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Recent Developments

On September 19, Small Business Majority released the results of a national scientific opinion poll revealing small business owners believe investing in infrastructure is important to their business, and they feel the federal government should play a significant role in funding infrastructure projects Additionally, small business owners strongly support high-speed broadband infrastructure projects, especially in rural areas.

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On August 31, the California legislature passed SB 1235, the nation’s first small business truth-in-lending law, which is a major step toward protecting small business owners from predatory lending practices. This legislation is critical because it will dramatically increase the transparency of financial products marketed to small firms, and we hope Gov. Brown moves quickly to sign this measure. 

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On July 24, Small Business Majority launched its Women’s Entrepreneurship Program in L.A., a special initiative offering tools and resources for female entrepreneurs to succeed. Today's launch event, “Unleashing Potential: Supporting Women’s Entrepreneurship,” was held at Los Angeles City Hall and featured presentations and panel discussions highlighting resources for female business owners on topics like healthcare, mentoring and access to capital.

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On July 17, the U.S. House of Representatives passed the JOBS and Investor Confidence Act of 2018, which will increase access to capital for small businesses and start-ups by making it easier to raise equity capital or to pursue initial public offerings. The bill now heads back to the Senate for final consideration.

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On July 12, Small Business Majority released the results of a national scientific opinion poll revealing small businesses and freelancers need novel, flexible retirement options to better prepare for the future. The poll found small employers struggle to offer benefits, and are increasingly turning to independent or freelance workers to meet their needs. The poll also showed that small employers overwhelmingly support state-administered retirement savings plans and other policies that would make it more affordable for them to offer retirement benefits.

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On June 19, the U.S. Department of Labor released a final rule authorizing the expansion of association health plans (AHPs), against the objections of Small Business Majority and countless healthcare organizations and providers who are concerned about a disruption in the small group market. The new rule will allow groups of business to band together to purchase insurance, which will be bad for small firms by leading to higher premiums, unbalanced risk pools and lower-quality insurance.

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On June 14, Small Business Majority filed an amicus brief urging the U.S. District Court for the Northern District of Texas to uphold the constitutionality of the Affordable Care Act (ACA), which is being challenged in Texas v. United States. The brief explains why we believe the healthcare law’s remaining components must be upheld to support the success of small businesses.

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Small Business Majority's St. Louis-based Missouri Outreach Manager Maximilianah Zales was recently selected to participate in the 43rd Leadership St. Louis class. The participants, selected as emerging leaders with a commitment to the St. Louis community, will participate in a nine-month program that will provide a deeper understanding of leadership approaches across a variety of sectors.

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On June 6, the U.S. Senate passed two bills, the Small Business Investment Opportunity Act and the Small Business 7(a) Lending Oversight Reform Act, which will both expand access to capital for small business by raising lending caps for SBA-administered lending programs. The bills now head to the president's desk for signature.

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On May 23, CEO John Arensmeyer testified before the House Committee on Ways & Means at a hearing about tax reform and small businesses. John spoke about the new tax law's impact on small businesses, and how the law fails to benefit small businesses or level the playing field with large corporations. 

Read the testimony »