California Interest Rate Disclosure Law
As of this writing it looks as though California is going to adopt an interest rate disclosure law applicable to all small ticket and most middle market financings, be they structured as leases or loans. The only exemption for lessors who are not vendors would be leases with fair market value (not fixed price, regardless of the price) purchase options.
There is a lot more to talk about; we have been waiting to hear if the law is going to pass and to study its final form. It looks like something will be passed, but the Bill has been amended several times so far. ELFA and a group of member lawyers are trying to get some limitations on the law that will permit at least Article 2A leases, if not EFAs and $1-outs.
We will keep you posted.