TX SB2677

Requires providers of commercial sales-based financing over $500,000 to disclose key terms to recipients, including total financing amount, disbursement amount, finance charges, total repayment amount, payment schedules, and any prepayment penalties or collateral requirements

Mandates registration with the Texas Department of Banking for commercial sales-based financing brokers before conducting business in Texas, with annual renewal required by January 31 each year

Exempts banks, credit unions, Farm Credit Act lenders, and their subsidiaries/affiliates from the chapter's requirements, along with certain transactions secured by real property, leases, and financing agreements of $50,000 or more to motor vehicle dealers

Establishes civil penalties of $10,000 per violation (capped at $100,000 total) and classifies violations as deceptive trade practices under the Business & Commerce Code, though no private right of action is created

Takes effect September 1, 2025, with existing brokers required to register by January 1, 2026, and the Finance Commission required to adopt registration rules by December 1, 2025