Bill > SB345

This bill enacts the Commercial Financing Disclosure Act, which requires providers of commercial financing transactions (such as commercial loans, accounts receivable purchases, and commercial open-end credit plans) to disclose certain information to businesses before or at the time of consummating the transaction. The key provisions include required disclosures of the total amount of funds provided, total amount disbursed, total amount to be paid, total dollar cost of financing, payment details, and any prepayment costs or discounts. The bill also prohibits brokers from assessing advance fees or engaging in false or misleading representations. Violations are subject to civil penalties enforced by the state Attorney General's office, but the underlying agreements remain valid.