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Senate subcommittee pauses consideration of Commercial Financing Disclosure Act after testimony
Summary
The Professions and Occupations Subcommittee heard testimony in support of Senate Bill 347, which would require standardized disclosures for commercial financing and restrict certain broker practices; members voted unanimously to carry the bill over for further work, including enforcement language.
The Professions and Occupations Subcommittee of the Senate Labor and Commerce and Industry Committee heard testimony and carried over Senate Bill 347, the Commercial Financing Disclosure Act, after discussion about broker protections and enforcement.
Kate Fisher, partner at the law firm Hudson Cook and a representative of the Revenue Based Finance Coalition, testified in support of S.347, saying the bill would “standardize disclosure requirements” for nonbank commercial financing and create “common sense guardrails” for commercial financing brokers. Fisher told the panel that members of her coalition in South Carolina deploy about $20,000,000 in capital annually to roughly 1,000 businesses in the state and argued the bill would help small businesses compare different financing products by requiring disclosures such as the dollar amount the business will receive, upfront fees, total dollar cost of financing, the payment…
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