STATEMENT TO

[First Reprint]

SENATE, No. 1397

with Senate Floor Amendments

(Proposed by Senator SINGLETON)

ADOPTED: DECEMBER 19, 2024

      These floor amendments remove provisions of the bill giving providers of factoring transactions and sales-based financing transactions the option of disclosing to the recipient the estimated yearly total dollar cost of the transaction instead of the estimated annual percentage rate.  The floor amendments also exempt from the bill leases as defined in N.J.S.12A:2A-103.  Lastly, the floor amendments include finance leases within the definition of “commercial financing,” thereby making finance leases subject to the provisions of the bill.