Connecticut Merchant Cash Advance Attorney
A Connecticut business might choose to take out a merchant cash advance (MCA) agreement for many reasons, but the primary one is necessity. The merchant cash advance system is relatively new in terms of the financial tools available to businesses. They’re often one of the only options left to small businesses needing financial help, and they can become predatory.
At Merchant Cash Advance Law Firm P.C., merchant cash advance attorney Dominick Dale fights for businesses facing the challenges of overcoming merchant cash advances. You and your company have rights, and debt collectors can be extremely aggressive. As your lawyer, Mr. Dale will stand up for you and defend your business vigorously, handling cases in Hartford, Bridgeport, New Haven, Samford, Waterbury and elsewhere in the state.
New Disclosure Requirements Protect Connecticut Businesses
Connecticut’s new commercial financing disclosure law, effective July 1, 2024, mandates that providers of sales-based financing (e.g., merchant cash advances) disclose key terms to businesses seeking financing. The law applies to funding up to $250,000 and requires disclosures such as the total financing amount, fees, repayment terms, and prepayment charges.
Providers who fail to comply with the Connecticut MCA agreement disclosure requirements face civil penalties of up to $100,000 per violation. Additionally, the law allows for injunctions to prevent further violations. These penalties are designed to ensure that providers adhere to the new transparency standards and protect businesses from unfair practices.
Providers must also register with the Connecticut Department of Banking. This legislation aims to enhance transparency and protect businesses from hidden costs and unfavorable terms. Violations can result in significant penalties. These changes strengthen the firm’s ability to protect our clients.
What Debtor’s Rights Lawyers Do
Once hired, attorney Dominick Dale immediately begins working for clients. He delves into the details of their case and crafts a comprehensive action plan. He then becomes a determined bulldog litigator to protect you, your rights, and your business. Call 347-588-5590, toll-free 855-339-6593 or use our intake form to schedule a consultation with Merchant Cash Advance Law Firm P.C..