Responsible Business Lending Coalition submits amicus brief urging court to uphold state's small business financing disclosure requirements

Wednesday, September 27, 2023

On September 27, Small Business Majority joined the Responsible Business Lending Coalition in filing an amicus brief, alongside Public Counsel, U.C. Berkeley Center for Consumer Law & Economic Justice, California Association for Microenterprise Opportunity, and the Office of Kat Taylor, before the Central District of California in support of a California Department of Financial Protection and Innovation (DFPI) regulation requiring sales-based financing providers to disclosure their APRs and other costs to small business borrowers. As part of the brief, Small Business Majority network members shared their stories about how their businesses have been harmed by a lack of APR disclosure in financing products, demonstrating the need for DFPI's regulation.