Truth in Lending is Law in CA; Digital Literacy Date Change

Truth in Lending is Law in CA! After four years since it passed, SB-1235 goes into effect today, December 9, 2022.

Under the new regulations, the state requires clear disclosure of rates and fees in small business lending, a historic step to protect small businesses from predatory lenders who obscure repayment terms and APRs as high as 358%.

CAMEO and our RBLC colleagues have asked the DFPI for sample disclosures and we will pass those on as soon as we have them.

In the meanwhile, if you need resources to help with your APR calculation you can download them from our website.

This week, a lawsuit by a group of predatory lenders seeks to the stop the implementation, but there are other legal hurdles to pass if that were to happen. We are keeping a close watch.

CAMEO convened a roundtable of practitioners, stakeholders, and clients to determine the skills needed to survive and succeed in the digital economy. The result is a compilation of resources on digital literacy and fluency for small business providers!

DATE CHANGE: December 15, 2022, at 11:00am PT to learn how these resources can be implemented in your work.

Fill out our 2021 CAMEO Annual Impact Census (Yes we are a bit behind and collecting 2021 data.) This is our moment to continue to bring real resources and investment into the sector. In 2022, we successfully advocated for ecosystem investments of $105.5 million, more than a 50% increase from 2021.

We cannot do it without you. Organizations that can out the survey by December 31, 2022 will receive a $100 credit to go towards their membership dues for 2023, and your organizations will also be eligible to participate in a raffle. Organizational heads have received an email with more information.

Download our 2020 Impact Census – CAMEO members are serving up to four times the number of clients they did pre-pandemic.