CA SB33

Requires commercial financing providers to permanently disclose the total cost of financing expressed as an annualized rate to recipients before consummating transactions, removing the January 1, 2024 expiration date.

Applies the annualized rate disclosure requirement to both standard commercial financing disclosures under Section 22802 and alternative disclosures for factoring or asset-based lending under Section 22803.

Directs the Commissioner of Financial Protection and Innovation to adopt regulations governing disclosure requirements, including the method to express the annualized rate and types of fees to include in calculations.

Protects providers from liability if the actual Annual Percentage Rate (APR) charged differs from the Estimated APR disclosed in compliance with commissioner regulations or Attorney General opinions.

Specifies that no state reimbursement is required for local agencies or school districts because any costs result from changes to criminal penalties under the California Financing Law.