Get the free Commercial Financing Disclosure Guidance

This document provides guidance from the Department of Banking regarding Public Act 23-201, which requires certain financing disclosures for sales-based financing offers initiated on or after July 1, 2024. It outlines the requirements for providers, the no-action position for compliance, and additional rights for financing applicants and borrowers.

How to fill out commercial financing disclosure guidance

How to fill out commercial financing disclosure guidance

1. Gather all necessary documentation related to the commercial financing, including loan agreements and terms.
2. Read the commercial financing disclosure guidance thoroughly to understand the requirements.
3. Identify the required disclosures needed for your specific financing situation.
4. Fill out the disclosure form by providing accurate information based on the gathered documentation.
5. Review the completed disclosure for any errors or omissions.
6. Submit the disclosure to the appropriate parties, such as the financial institution or regulatory authority.

Who needs commercial financing disclosure guidance?

1. Businesses seeking commercial loans or financing options.
2. Lenders who are required to provide disclosures to borrowers.
3. Financial advisors assisting businesses with financing.
4. Regulatory bodies overseeing commercial financing practices.

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What is commercial financing disclosure guidance?

Commercial financing disclosure guidance refers to regulations that require lenders to provide clear and comprehensive information about the terms and conditions of commercial financing products to borrowers. This ensures that businesses can make informed decisions regarding financing options.

Who is required to file commercial financing disclosure guidance?

Lenders that provide commercial financing, including banks, credit unions, and alternative finance companies, are typically required to file commercial financing disclosure guidance.

How to fill out commercial financing disclosure guidance?

To fill out commercial financing disclosure guidance, lenders must provide specific information as mandated by the guidelines, including details about the financing terms, fees, interest rates, and repayment schedules. It is essential to follow the prescribed format and ensure accuracy.

What is the purpose of commercial financing disclosure guidance?

The purpose of commercial financing disclosure guidance is to promote transparency in the lending process, protect borrowers from hidden fees or unfavorable terms, and foster trust between lenders and borrowers.

What information must be reported on commercial financing disclosure guidance?

The information that must be reported includes the total financing amount, interest rates, fees, repayment terms, and any other costs associated with the financing option.