Missouri Introduces Commercial Financing Disclosure Bill

Add Missouri to the list of states proposing mandatory disclosures in commercial financing transactions.

[See: New York, California, New Jersey, Virginia, North Carolina]

Missouri’s SB 963 is different from bills in other states in that it does not seek the disclosure of an annual percentage rate. Adopting a simpler approach, SB 963 would require commercial financing companies to disclose:

1. The total amount of funds provided
2. The total amount of funds disbursed
3. The total amount to be paid
4. The total dollar cost
5. The manner, frequency, and amount of each payment
6. Prepayment costs or discounts
7. Whether or not a broker will be compensated

The bill was introduced by State Senator Justin Brown (R).