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Senate committee advances bill to define revenue-based financing, senators ask for consumer guardrails
Summary
House Bill 470, which defines and authorizes revenue-based financing for small and medium-sized businesses, was reported favorably after lawmakers pushed the sponsor to consider amendments adding consumer safeguards and disclosure requirements.
The Senate Committee on Commerce reported House Bill 470 favorably Wednesday after extended questioning about consumer protections and regulatory guardrails.
Representative McFarland told senators the bill defines "revenue-based financing," a product in which a provider supplies working capital in exchange for a contractual share of a business’s revenue rather than a fixed loan repayment. Katherine Fisher, an attorney representing the Revenue Based Finance Coalition, said providers deploy roughly $23…
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