§ 807. Other forms of financing disclosure requirements. The\nsuperintendent may require disclosure by a provider extending a specific\noffer of commercial financing which is not open-end financing,\nclosed-end financing, sales-based financing, or factoring transaction\nbut otherwise meets the definition of commercial financing as provided\nin this article. Subject to such rules and regulations by the\nsuperintendent, a provider subject to this article shall provide the\nfollowing disclosures to a recipient at the time of extending a specific\noffer of other forms of financing according to formatting prescribed by\nthe superintendent:\n (a) The total amount of the commercial financing, and the disbursement\namount, if different from the financing amount, after any fees deducted\nor with
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§ 807. Other forms of financing disclosure requirements. The\nsuperintendent may require disclosure by a provider extending a specific\noffer of commercial financing which is not open-end financing,\nclosed-end financing, sales-based financing, or factoring transaction\nbut otherwise meets the definition of commercial financing as provided\nin this article. Subject to such rules and regulations by the\nsuperintendent, a provider subject to this article shall provide the\nfollowing disclosures to a recipient at the time of extending a specific\noffer of other forms of financing according to formatting prescribed by\nthe superintendent:\n (a) The total amount of the commercial financing, and the disbursement\namount, if different from the financing amount, after any fees deducted\nor withheld at disbursement.\n (b) The finance charge.\n (c) The annual percentage rate, using only the words annual percentage\nrate or the abbreviation "APR", expressed as a yearly rate, inclusive of\nany fees and finance charges, and calculated in accordance with the\nrelevant sections of the federal Truth in Lending Act, Regulation Z or\nthis article, regardless of whether such act or such regulation would\nrequire such a calculation.\n (d) The total repayment amount which is the disbursement amount plus\nthe finance charge.\n (e) The term of the financing.\n (f) The payment amounts:\n (i) for payment amounts that are fixed, the payment amounts and\nfrequency (e.g., daily, weekly, monthly), and the average monthly\npayment amount; or\n (ii) for payment amounts that are variable, a payment schedule or a\ndescription of the method used to calculate the amounts and frequency of\npayments, and the estimated average monthly payment amount.\n (g) A description of all other potential fees and charges that can be\navoided by the recipient, including, but not limited to, late payment\nfees and returned payment fees.\n (h) Were the recipient to elect to pay off or refinance the commercial\nfinancing prior to full repayment, the provider must disclose:\n (i) whether the recipient would be required to pay any finance charges\nother than interest accrued since their last payment. If so, disclosure\nof the percentage of any unpaid portion of the finance charge and\nmaximum dollar amount the recipient could be required to pay; and\n (ii) whether the recipient would be required to pay any additional\nfees not already included in the finance charge.\n (i) A description of collateral requirements or security interests, if\nany.\n