Texas SB2677 regulates commercial sales-based financing transactions, requiring specific disclosures and broker registration.

Texas SB2677 amends the Finance Code to regulate commercial sales-based financing transactions. It mandates that providers disclose specific details about the financing, including total amount, disbursement, finance charge, and payment terms. Exemptions apply to certain financial institutions and transactions secured by real property. 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 the chapter are subject to civil penalties and considered deceptive trade practices.

Texas SB2677 regulates commercial sales-based financing transactions, requiring specific disclosures and broker registration.

Texas SB2677 amends the Finance Code to regulate commercial sales-based financing transactions. It mandates that providers disclose specific details about the financing, including total amount, disbursement, finance charge, and payment terms. Exemptions apply to certain financial institutions and transactions secured by real property. 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 the chapter are subject to civil penalties and considered deceptive trade practices.