FL S1624

Creates the "Florida Commercial Financing Disclosure Law" establishing disclosure and conduct requirements for commercial financing providers and brokers effective January 1, 2024

Requires providers consummating commercial financing transactions to furnish written disclosures including total funds provided, total amount to be repaid, total dollar cost, payment terms and frequency, and prepayment terms or penalties

Prohibits brokers from collecting advance fees before closing (except for actual third-party services like credit checks), making false representations, using deceptive business practices, or advertising without disclosing actual business address and phone number

Exempts federally insured depository institutions, farm lenders, real property-secured transactions, leases, purchase money obligations, motor vehicle dealers with transactions over $50,000, money transmitters, and providers conducting five or fewer transactions annually or transactions exceeding $500,000

Grants the Attorney General exclusive enforcement authority with civil penalties of $500 per incident (capped at $20,000) for first violations and $1,000 per incident (capped at $50,000) for subsequent violations after written notice, while clarifying violations do not affect transaction enforceability or create private rights of action