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PA HB639
Bill
Status
2/20/2025
Primary Sponsor
Kristine Howard
Click for details
AI Summary
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Amends Pennsylvania's Loan Interest and Protection Law to add new definitions for "provider" (entities extending commercial financing offers) and "small business" (businesses with fewer than 500 employees receiving financing offers)
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Requires providers to disclose six key items to small businesses when executing commercial financing offers: total funds provided, total dollar cost, term length, payment method/frequency/amount, prepayment policies, and annualized rate
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Mandates that small business agents must sign each disclosure before the commercial financing transaction can be executed
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Takes effect 60 days after enactment
Legislative Description
In preliminary provisions, further providing for definitions; and, in protective provisions, providing for truth in lending.
Last Action
Referred to Commerce
2/20/2025