In any sale leaseback transaction, a buyer is required to provide the seller with certain disclosures, described in detail in the act, alerting the seller of the nature of the transaction and advising them of certain actions they may wish to take. The disclosure must be provided to the seller not more than 10 days and not less than 3 business days before the execution of any sale leaseback agreement, and the disclosure shall be signed by both the seller and the buyer concurrently with the execution of the sale leaseback agreement.

A seller who is party to a sale leaseback agreement has the right to cancel any such agreement prior to the transfer of title, but in no event earlier than thirty days after execution of the sale leaseback agreement, without penalty.

Violation of this act is subject to a fine of up to $10,000 per violation. The Attorney General is permitted to enforce this act by bringing a cause of action seeking injunctive relief, civil penalties, and restitution. A seller is also permitted to bring a civil action if harmed by a violation of this act. A seller may recover actual damages, statutory damages up to $10,000, attorneys' fees and costs, and any equitable or injunctive relief.

This act may not be waived or modified by agreement of any party.

SCOTT SVAGERA