Bill > SB335

This bill enacts the Louisiana Commercial Financing Disclosure Law, which requires providers (certain entities that offer commercial financing transactions) to provide written disclosures to businesses regarding the terms of the commercial financing transaction, such as the total amount of funds provided, the total amount to be paid, and the payment schedule. The bill also prohibits brokers from assessing or collecting advance fees or making false or misleading representations. The Attorney General has exclusive authority to enforce the law, with fines ranging from $500 to $50,000 per violation. The law does not create a private right of action and excludes certain transactions, such as those secured by real property or involving licensed vehicle dealers.