By: Melissa L. Richards
October 30, 2023
On May 1, Georgia enacted S.B. 90, a commercial financing law that imposes new disclosure requirements on certain providers under the Georgia Fair Business Practices Act. It takes effect Jan. 1, 2024, and applies to covered commercial financing transactions of $500,000 or less that are consummated on or after that date.[1]
S.B. 90 is similar to California, Florida and New York disclosure laws in that it requires early disclosures to be made, prior to the execution of a loan agreement, that contain information similar to federal Truth In Lending Act disclosures in consumer credit transactions.
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