Bill > H969

This bill, the "Small Business Truth in Financing Act," establishes new requirements for covered lenders (such as non-financial institutions) when providing commercial financing to small businesses in North Carolina. The key provisions include: - Definitions of various types of commercial financing, such as sales-based financing, closed-end financing, and factoring transactions. - Disclosure requirements for covered lenders, including providing information on the total amount, finance charge, annual percentage rate, and repayment terms for the financing. - Registration and oversight requirements for covered lenders, including a $1,000 registration fee and the ability for the Commissioner of Banks to conduct examinations and enforce compliance. - Confidentiality provisions for information obtained by the Commissioner and the ability for aggrieved parties to appeal decisions. - Penalties for violations, including fines and the ability to revoke a lender's registration. The bill applies to commercial financing transactions in North Carolina starting on May 1, 2022.