Bill > HB1271

This bill creates the "Commercial Financing Disclosure Law" in Mississippi. It requires providers of commercial financing products (such as commercial loans, accounts receivable purchase transactions, and commercial open-end credit plans) to disclose key terms of the financing, including the total amount of funds provided, the total amount disbursed, the total payments required, and the total dollar cost of the financing. The bill provides certain exceptions, such as for depository institutions and federally regulated lenders. It also requires commercial financing brokers to register with the Department of Banking and Consumer Finance and maintain a bond. Violations of the bill's provisions can result in fines, but the bill does not create a private right of action. The Attorney General is vested with exclusive authority to enforce the law.