STATEMENT TO

SENATE COMMITTEE SUBSTITUTE FOR

SENATE, No. 233

with Senate Floor Amendments

(Proposed by Senators SINGLETON and POU)

ADOPTED: DECEMBER 2, 2021

      This floor amendment:

      (1)  exempts from the definition of “broker” a provider that enters into a written agreement with a financial institution to arrange for the extension of commercial financing by the financial institution to a recipient via an online lending platform administered by the provider;

      (2)  requires brokers to disclose certain information concerning charges, in addition to fees and commissions;

      (3)  makes a technical correction.