Small businesses need access to capital – be it a loan or other ‘non-loan’ products. Under the current regulatory framework, non-loan products not covered under the California Financing Law are not subject to the same oversight as regulated loans.
CAMEO Network, the Responsible Small Business Lending Coalition, and Small Business Majority are proud to sponsor AB 2116, authored by Assemblymember Pilar Schiavo, which empowers small businesses to make informed decisions and report bad actors, by requiring these financing companies and their brokers to register with the Department of Financial Protection and Innovation (DFPI).