summary
Introduced
04/17/2023
04/17/2023
In Committee
04/18/2023
04/18/2023
Crossed Over
Passed
Dead
12/13/2024
12/13/2024
Introduced Session
2023-2024 Session
Bill Summary
AN ACT TO ENACT THE SMALL BUSINESS TRUTH IN FINANCING ACT.
AI Summary
This bill enacts the Small Business Truth in Financing Act, which requires providers of commercial financing (such as sales-based financing, closed-end financing, open-end financing, and factoring transactions) to disclose specific information to recipients, including the total amount of financing, finance charge, annual percentage rate, total repayment amount, and payment terms. The bill also establishes registration requirements for providers, confidentiality provisions, and enforcement mechanisms. The bill exempts certain financial institutions, lenders, and transactions from its coverage. The bill takes effect 60 days after becoming law and applies to transactions occurring on or after that date.
Committee Categories
Business and Industry
Sponsors (9)
Celeste Cairns (R)*,
Jennifer Capps Balkcom (R)*,
Stephen Ross (R)*,
John Autry (D),
Kevin Crutchfield (R),
Pricey Harrison (D),
Jeff McNeely (R),
Joe Pike (R),
Phil Shepard (R),
Last Action
Ref to the Com on Banking, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House (on 04/18/2023)
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.ncleg.gov/BillLookUp/2023/H662 |
| BillText | https://www.ncleg.gov/Sessions/2023/Bills/House/PDF/H662v1.pdf |
| BillText | https://www.ncleg.gov/Sessions/2023/Bills/House/PDF/H662v0.pdf |
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