Enhanced Transparency for Small Business Loans
This act aims to provide small businesses with the same cost-of-financing information as consumers. This will enable entrepreneurs to more easily compare loan offers and avoid hidden fees, helping them make better financial decisions.
Key points
Mandatory disclosure of Annual Percentage Rate (APR) for various financing types, including loans, leases, and factoring.
Requirement to provide full details on fees, repayment terms, and potential prepayment costs.
Prohibition of additional fees for refinancing unless there is a tangible benefit to the business.
All key information must be presented clearly and conspicuously to facilitate offer comparison.
Status:
Expired
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