On October 13, California Governor Gavin Newsom signed into law Senate Bill 666, which amends the California Financing Law to prohibit a covered entity from charging certain fees in connection with a commercial financing transaction with a small business. Under the law, a small business is defined as an independently owned and operated business, with its principal office located in California, its officers domiciled in California, and, together with affiliates, 100 or fewer employees and average annual gross receipts of $15 million or less over the previous three years. “Covered entities” do not include depository institutions.
Melanie is an associate in the firm’s Consumer Financial Services Practice Group. Prior to joining the firm, she clerked for Chief Justice Lorie S. Gildea on the Minnesota Supreme Court and was a civil division law clerk in the Minneapolis City Attorney’s Office. She gained industry experience working at a credit union and a community bank before attending law school.