News & Analysis as of

Disclosure Requirements State and Local Government Commercial Loans

Alston & Bird

States Impose Commercial Financing Disclosure Requirements

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What Happened: In a little-noticed development, eight states have enacted legislation that requires specific disclosures for commercial non-real estate secured financing transactions....more

Sheppard Mullin Richter & Hampton LLP

Kansas Enacts Earned Wages Access Law

On April 19, less than a month after Wisconsin’s enacted legislation, Kansas has followed suited by enacting comprehensive earned wages access legislation. Kansas’ law is set to take effect immediately upon publication....more

Sheppard Mullin Richter & Hampton LLP

Kansas Introduces New Commercial Financing Disclosure Law

On April 17, the Kansas Legislature signed SB 345, to become the most recent state to enact disclosure requirements for small business lenders. The law’s requirements apply to “providers” which are defined as persons who...more

Womble Bond Dickinson

Commercial Financing Disclosure Laws Proposed in U.S. Congress

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California, Connecticut, Florida, Georgia, New York, Virginia, and Utah have enacted laws requiring consumer-like disclosures in certain commercial loans. Some of these “Commercial Financing Disclosure Laws” require...more

Moore & Van Allen PLLC

States Look to Impose Financing Disclosure Requirements on Commercial Loans and the CFPB Considers Potential TILA Preemption...

Moore & Van Allen PLLC on

In December 2021, the Bureau of Consumer Financial Protection (or the “CFPB”) issued a notice and request for comment (the “Notice”) on its intention to make a preemption determination regarding the Truth in Lending Act...more

Miles & Stockbridge P.C.

U.S. Small Business Lending Disclosure Act: Congress’s Commercial Finance Disclosure Law - Will It Displace State Law?...

Over the past year, we have reported on the new wave of laws enacted and proposed in various states requiring consumer-like disclosures in commercial financing transactions. These state laws are often titled “Commercial...more

Eversheds Sutherland (US) LLP

Utah and Virginia to require cost-of-credit disclosures and registration for certain commercial financing providers

Spurred in part by the pandemic, regulators and legislators have been increasingly focused on the accessibility and transparency of loans to small-to-medium businesses. On the federal level, the CFPB is considering a rule...more

Sheppard Mullin Richter & Hampton LLP

Utah Enacts Commercial Financing Disclosure Requirement

On March 24, Utah Governor Spencer Cox signed SB 183 into law making Utah the third state in the country to enact a Truth in Lending-like commercial financing disclosure law.  Utah joins California and New York to adopt such...more

Troutman Pepper

Utah Governor Signs Commercial Financing Registration and Disclosure Act

Troutman Pepper on

On March 24, Utah’s governor signed the Commercial Financing Registration and Disclosure Act (CFRDA) into law. Under the CFRDA, beginning January 1, 2023, commercial financing providers must register with the Utah Department...more

Pillsbury Winthrop Shaw Pittman LLP

New York Enacts Novel Disclosure Requirements for Commercial Financing Transactions

Fintechs and other nonbanks will be required to provide consumer-style disclosures when offering to extend small business financing in New York. In late December 2020, New York Governor Andrew Cuomo signed into law...more

Ballard Spahr LLP

New York enacts commercial financing disclosure law

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On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less.  New York’s commercial financial law (NYCFL)...more

Morrison & Foerster LLP

New York Passes Bill To Increase Transparency In Lending

On July 23, 2020, in an effort to increase transparency in commercial financings so borrowers may make more informed decisions, the New York State legislature passed a bill, S5470B, which currently awaits the Governor’s...more

Hogan Lovells

California’s new law requires commercial finance disclosures

Hogan Lovells on

On September 30, 2018, California’s Governor signed into law Senate Bill No. 1235, requiring consumer-like disclosures to be provided to recipients of certain business-purpose financial services products (“commercial...more

Ballard Spahr LLP

Governor Brown Signs SB 1235 into Law

Ballard Spahr LLP on

Governor Brown signed into law SB 1235, a bill requiring consumer-like disclosures to be made on certain commercial finance products, including small business loans and merchant cash advances, among other things. ...more

Ballard Spahr LLP

California on the Verge of Requiring Commercial Finance Disclosures

Ballard Spahr LLP on

It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state's Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more

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