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Bill > HB2706
MO HB2706
MO HB2706Creates new provisions requiring the disclosure of information pertaining to certain commercial financing products
summary
Introduced
02/15/2022
02/15/2022
In Committee
03/31/2022
03/31/2022
Crossed Over
Passed
Dead
05/13/2022
05/13/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT To amend chapter 427, RSMo, by adding thereto one new section relating to the disclosure of information pertaining to certain commercial financing products, with penalty provisions.
AI Summary
This bill creates the "Commercial Financing Disclosure Law" in Missouri, which requires providers of certain commercial financing products, such as commercial loans, accounts receivable purchase transactions, and commercial open-end credit plans, to disclose specific information to businesses. The required disclosures include the total amount of funds provided, the total amount disbursed, the total amount to be paid, the total dollar cost of the financing, the payment schedule, prepayment terms, and any broker compensation. The bill includes exemptions for certain financing products and providers, and establishes penalties for violations, which are enforced exclusively by the state attorney general. The purpose of the law is to ensure businesses have access to transparent information about the commercial financing products they are considering.
Committee Categories
Business and Industry, Government Affairs
Sponsors (1)
Last Action
Referred: Rules - Administrative Oversight(H) (on 03/31/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.house.mo.gov/Bill.aspx?bill=HB2706&year=2022&code=R |
| Analysis - Summary: Committee | https://www.house.mo.gov/billtracking/bills221/sumpdf/HB2706C.pdf |
| Fiscal Note - 5401H.05C.ORG | https://www.house.mo.gov/billtracking/bills221/fiscal/fispdf/5401H.05C.ORG.pdf |
| Bill | https://www.house.mo.gov/billtracking/bills221/hlrbillspdf/5401H.05C.pdf |
| Fiscal Note - 5401H.02I.ORG | https://www.house.mo.gov/billtracking/bills221/fiscal/fispdf/5401H.02I.ORG.pdf |
| Analysis - Summary: Introduced | https://www.house.mo.gov/billtracking/bills221/sumpdf/HB2706I.pdf |
| Bill | https://www.house.mo.gov/billtracking/bills221/hlrbillspdf/5401H.02I.pdf |
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