On June 28, Connecticut Governor Ned Lamont signed into law Senate Bill 1032 entitled An Act Requiring Certain Financing Disclosures, which requires certain providers of commercial financing to make various disclosures and requires providers and brokers to register. Connecticut now joins states like Utah, California, Georgia, New York, Florida, and Virginia (discussed here, here, here, here, here, and here) in requiring such disclosures.
Similar to Virginia’s law, the Connecticut Act limits “commercial financing” to sales-based financing in an amount not exceeding $250,000. For sales-based financing transactions, the Connecticut Act requires providers to make the following disclosures:
