CS/HB 1353 Summary

• Creates the "Florida Commercial Financing Disclosure Law" (Part XIII of Chapter 559) establishing disclosure requirements for commercial financing providers and restrictions on brokers, effective for transactions consummated on or after January 1, 2024.

• Requires providers to furnish written disclosures at or before transaction closing containing total funds provided, funds disbursed, total repayment amount, total cost, payment terms/frequency, and prepayment costs or discounts.

• Prohibits brokers from collecting advance fees before transaction closing, using false or misleading representations, or advertising without disclosing actual business address and telephone number.

• Exempts federally insured depository institutions, Farm Credit lenders, transactions secured by real property or leases, motor vehicle dealers with loans of $50,000 or more, money transmitters, providers completing five or fewer transactions annually, and transactions exceeding $500,000.

• Grants the Attorney General exclusive enforcement authority with civil penalties of $500 per incident (max $20,000) for first violations and $1,000 per incident (max $50,000) for subsequent violations; violations do not create private right of action or affect transaction validity.