- 1Sen. Troy Singleton introduced Senate Bill 1760 in the New Jersey State Senate.
- 2It would require estimated APR disclosures on sales-based financing.
- 3Providers could use the Historical method or the Opt-in method.
A commercial financing disclosure bill is back in the New Jersey Legislature. Senator Troy Singleton introduced Senate Bill 1760 in the State Senate on Tuesday, reviving an effort to bring APR disclosure rules to small business financing in the state.
What the bill would do
The measure is described as one that "requires certain disclosures by providers of commercial financing." Much of its text follows templates used in legislation in other states. Under that approach, providers of sales-based financing would give recipients an estimated APR, and the figure would be determined using one of two methods: the Historical method or the Opt-in method.
Where to read it
The bill text is available on the New Jersey Legislature's website. Details on how the Historical and Opt-in calculations would work, and how the proposal compares with disclosure laws elsewhere, are in the text of the measure itself.
Source reporting: deBanked.
