NJ S1760

Providers of commercial financing in New Jersey must disclose key terms including total financing amount, finance charges, annual percentage rate (APR), total repayment amount, payment terms, and potential fees at the time of extending a specific offer.

Disclosure requirements apply to multiple financing types: sales-based financing, closed-end financing, open-end financing, and factoring transactions, each with specific calculation methods for APR based on federal Truth in Lending Act standards.

Brokers who charge fees paid by financing recipients must provide separate written disclosure of all fees, commissions, total dollar amounts, and any resulting increase to the APR.

When refinancing existing commercial financing from the same provider, disclosure must include any "double dipping" amounts where new financing pays off prepayment charges or unpaid interest from the prior transaction.

The Commissioner of Banking and Insurance is authorized to promulgate regulations on calculation methods, disclosure forms, and may require disclosures for other commercial financing types not specifically enumerated in the act.