Texas HB700 regulates commercial sales-based financing transactions, requiring disclosures and broker registration, and authorizes a civil penalty.

Texas HB700 amends the Finance Code to establish regulations for commercial sales-based financing transactions. It mandates that providers disclose specific terms to recipients for transactions over $500,000, including total financing, disbursement amount, finance charge, and total repayment amount. The bill also requires commercial sales-based financing brokers to register with the Texas Department of Banking, with fees set by the Finance Commission of Texas. Violations of this chapter are subject to a civil penalty of up to $100,000 and are considered deceptive trade practices.

Texas HB700 regulates commercial sales-based financing transactions, requiring disclosures and broker registration, and authorizes a civil penalty.

Texas HB700 amends the Finance Code to establish regulations for commercial sales-based financing transactions. It mandates that providers disclose specific terms to recipients for transactions over $500,000, including total financing, disbursement amount, finance charge, and total repayment amount. The bill also requires commercial sales-based financing brokers to register with the Texas Department of Banking, with fees set by the Finance Commission of Texas. Violations of this chapter are subject to a civil penalty of up to $100,000 and are considered deceptive trade practices.