Pennsylvania HB639 amends the Loan Interest and Protection Law to clarify definitions and require truth in lending disclosures for small businesses.
Pennsylvania HB639 amends the Loan Interest and Protection Law by adding definitions and requiring lenders to disclose specific information to small businesses at the time of executing a commercial financing offer. Required disclosures include the total amount of funds provided, the total dollar cost of the financing, the person extending the offer, the method, frequency, and amount of each payment, a description of prepayment policies, and the total cost of the financing expressed as an annualized rate.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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