By Kevin Wack
June 12 2018
A bill pending in California aims to tame the disorderly, confusing and largely unregulated world of online small-business lending by mandating that borrowers receive standard price disclosures.
The measure proposed by Sen. Steve Glazer, a Bay Area Democrat, would be the first of its kind in the nation. Glazer pushed it through the state Senate last month by forging a bipartisan coalition of 16 Democrats and five Republicans.
The bill, which passed the Senate without a vote to spare and has failed to garner much support from either the online lending industry or its critics, still faces a tough fight in the state Assembly. But if the measure does get enacted in California, it could serve as a blueprint for other states.
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