Santa Clarita Lawmaker’s Bill Would License the Cash-Advance Firms Funding Southern California’s Small-Business Tenants

A bill authored by Santa Clarita Assemblywoman Pilar Schiavo and now sitting on Gov. Gavin Newsom's desk would make California the first state to require merchant cash advance providers, factoring companies and bank-partnered online lending platforms to hold a state lender license, a shift that reaches the working capital behind tens of thousands of Southern California retail, restaurant and construction tenants while leaving real-estate-secured debt untouched.