September 18, 2020

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September 17, 2020

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September 15, 2020

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DBO Proposes Commercial Loan Disclosure Rules

In 2018, California enacted SB 1235 (2018 Cal. Stats. ch. 1011) requiring providers of commercial financing to disclose certain information to the businesses seeking financing.  The Commissioner of Business Oversight last week proposed rules implementing this legislation.  The Commissioner's proposal follows three rounds of invitations for for comments.  The proposed rules address the required disclosure definitions, contents, methods of calculation, and requirements concerning the disclosure timing, manner and formatting.

Copies of the Notice, Initial Statement of Reasons, and proposed text of the rules are available here.  

The deadline to submit comments is October 28, 2020. Comments may be e-mailed to regulations@dbo.ca.gov.  The Department has not scheduled a public hearing on the proposed rules.  However, it must hold a public hearing if any interested person, or his or her duly authorized representative, submits a written request for a public hearing to the contact person listed no later than 15 days before the close of the written comment period.

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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Paul Bishop is a partner in Allen Matkins' Corporate and Securities practice group, and works out of the Orange County office. He represents clients in a wide range of corporate transactions, including public and private securities offerings of debt and equity, mergers and acquisitions, proxy contests and tender offers, corporate governance matters and federal and state securities laws (including the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act), investment adviser, financial services regulation, and California administrative law. He regularly advises clients...

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