Senate Bill No. 335, introduced by Senator Coussann, seeks to establish the Louisiana Commercial Financing Disclosure Law by enacting Chapter 4-C of Code Title VII of Code Book III of Title 9 of the Louisiana Revised Statutes. The bill requires providers of commercial financing transactions to deliver written disclosures at the time of consummation, detailing essential terms such as the total amount of funds disbursed, total payment amounts, and payment frequency. It also defines key terms like "accounts receivable purchase transaction," "broker," and "provider," while outlining specific exemptions for certain transactions, including those involving federally insured depository institutions and providers with limited annual transactions.

The legislation prohibits brokers from collecting advance fees and engaging in deceptive practices, granting the attorney general exclusive enforcement authority with penalties for violations ranging from $500 to $1,000 per incident. Additionally, it allows for a private right of action for affected individuals or entities. The law is set to take effect for transactions consummated on or after January 1, 2025, with certain provisions effective as of August 1, 2024, ensuring that businesses are well-informed about the terms and costs associated with commercial financing.