Providers of commercial financing should take note that Georgia has become the fifth US state to enact small business financing disclosure requirements since California started the trend in 2018. Georgia Senate Bill 90 was signed by Governor Brian Kemp on May 1, 2023, and takes effect January 1, 2024. The Georgia law applies to transactions of $500,000 or less, including closed and open-end loans and accounts receivable purchases, and provides some helpful exemptions for equipment financers, affiliates of depository institutions, and others. Mayer Brown's Legal Update provides details on the law's requirements, scope, exemptions, and penalties.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
