Government
Dec. 7, 2023
New state disclosure rules help small businesses, US judge finds
A U.S. district judge found that California’s rules for disclosure for nonbank lenders and other financial institutions are not federally pre-empted.
The California Department of Financial Protection and Innovation’s disclosure rules, meant to help small business owners better understand their financing options, are lawful and are not federally pre-empted, a federal judge in Los Angeles ruled.
U.S. District Judge R. Gary Klausner granted the government agency’s motion for summary judgment on Monday. The case was set for a bench trial next week. Small Business Finance Association v. Clo...
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