Substitute Senate Bill No. 1032, Public Act No. 23-201, is a legislative act that introduces new requirements for disclosures in commercial financing transactions. The bill defines key terms related to commercial financing, such as "commercial financing," "sales-based financing," and various roles like "provider" and "recipient." It requires providers to disclose comprehensive information about the financing offer, including the total amount, finance charge, repayment amount and period, payment frequency, additional fees, prepayment charges, collateral requirements, and broker compensation. Providers must also disclose the amount of new financing used to pay off existing financing if applicable. The bill does not contain any or tags, indicating that it does not modify existing law but adds new provisions. The act is set to take effect on July 1, 2024. Additionally, the bill mandates that providers must obtain the recipient's signature on all disclosures before proceeding with the financing application and allows for the use of disclosure forms approved by other states with similar or stricter requirements. It prohibits contracts from waiving the recipient's rights to legal processes and requires providers and brokers to register with the Banking Commissioner, including payment of initial and annual fees. Providers cannot alter specific offers until after the third calendar day following the offer, with some exceptions. The Banking Commissioner is authorized to enforce the act, including imposing civil penalties and seeking injunctions against violators.