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HB3477 - 104th General Assembly
SM BUS FINANCING TRANSPARENCY
Last Action
Statutes Amended In Order of Appearance
New Act
Synopsis As Introduced
Creates the Small Business Financing Transparency Act. Sets forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. Provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation. Provides that the Department may adopt rules. Provides that upon a finding by the Secretary of Financial and Professional Regulation that a provider has violated the provisions or rules, the provider shall be ordered to pay the Department a civil penalty for each violation of the provisions or any rule not to exceed $10,000 for each violation, or if a violation is willful, $20,000 for each violation. Sets forth provisions concerning cease and desist orders, injunctions, investigation and examination, civil actions, violations, and registration. Provides that a violation of the provisions constitutes an unlawful practice in violation of the Consumer Fraud and Deceptive Business Practices Act. Defines terms. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/07/2025 | House | Filed with the Clerk by Rep. Dagmara Avelar |
| 2/18/2025 | House | First Reading |
| 2/18/2025 | House | Referred to Rules Committee |
| 3/11/2025 | House | Assigned to Financial Institutions and Licensing Committee |
| 3/18/2025 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000 |
| 3/19/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 3/26/2025 | House | Second Reading - Short Debate |
| 3/26/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 4/11/2025 | House | Rule 19(a) / Re-referred to Rules Committee |