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Sen. Ben Kramer presses APR disclosure for small-business fintech loans, cites California and New York precedents
Summary
Sen. Ben Kramer told the Economic Matters Committee SB 881 would require fintech lenders to disclose APRs for certain small-business revenue-based loans, arguing the bill is modeled on successful California and New York laws and focuses on transparency rather than caps; committee members raised technical and regional-competitiveness questions and asked about criminal penalties and exemptions.
Sen. Ben Kramer introduced Senate Bill 881 as legislation to improve transparency for small-business fintech lending by requiring clear APR disclosure for certain commercial financing products. "This bill is simply about transparency... Make clear the APR," Kramer said, urging the committee to protect small "mom and pop" businesses from what he described as predatory interest rates of "200, 300, 400%."
Kramer framed SB 881 as a variant of laws already implemented in California and New York and said courts…
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