Bill > HB574

This bill aims to regulate commercial financing transactions by establishing requirements related to disclosures, calculations of annual percentage rates, terms of repayments, and other related items, as well as the extension of specific offers. It applies to various types of commercial financing, including closed-end financing, open-end financing, sales-based financing, and factoring transactions. The bill requires providers to disclose key information to recipients, such as the total amount of financing, finance charges, estimated annual percentage rates, and projected payment amounts. It also sets rules for how providers must calculate annual percentage rates and projected sales volumes for sales-based financing. The bill grants the Commissioner authority to adopt regulations, approve disclosure forms, and impose penalties for violations.