Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction...more
4/14/2025
/ Banks ,
Broker-Dealer ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Loans ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Texas ,
Usury
On June 6, Nebraska Governor Jim Pillen signed into law Legislative Bill 92, which, among many other subjects, amends the Nebraska Installment Loan Act (the NILA). Previously, a license was required for a lender seeking to...more
On June 29, Connecticut Governor Ned Lamont signed SB 1033, An Act Concerning Various Revisions to the Banking Statutes, into law. As discussed here, with this bill, Connecticut joins several other states that have set strict...more
7/14/2023
/ Banks ,
Capital Requirements ,
Connecticut ,
Consumer Financial Products ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Income Share Agreements ,
Military Lending Act ,
New Legislation ,
Refunds ,
Small Loans
On June 28, Connecticut Governor Ned Lamont signed into law Senate Bill 1032 entitled An Act Requiring Certain Financing Disclosures, which requires certain providers of commercial financing to make various disclosures and...more
7/10/2023
/ Banks ,
Connecticut ,
Consumer Financial Products ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Financing ,
New Legislation ,
Regulatory Requirements
Please join Troutman Pepper Partner Chris Willis and his colleagues Caleb Rosenberg and Josh McBeain as they discuss a string of recent developments in small business financing at both the state and federal level, including...more
On March 2, Florida State Representative Doug Bankston introduced HB1353, the Florida Commercial Financing Disclosure Law, that would mandate covered commercial financing companies provide consumer-like disclosures for...more
Last year, Missouri State Senator Justin Brown (R) introduced a bill that would have imposed certain mandatory disclosure requirements for commercial financing transactions. Ultimately, the bill failed to advance. On December...more
On February 1, the Superintendent of Financial Services Adrienne A. Harris announced that the New York State Department of Financial Services completed the process for adopting a new regulation relating to disclosure...more
On December 27, the New Jersey Division of Consumer Affairs (the Division) entered a consent order with Yellowstone Capital LLC (Yellowstone) and several related companies to resolve allegations that, in violation of the New...more
As we previously posted here, in March, Utah enacted its Commercial Financing Registration and Disclosure Act (CFRDA), requiring commercial financing providers to register with the Utah Department of Financial Institutions...more
On June 9, California’s Office of Administrative Law approved commercial financing disclosure regulations (Regulations) which require consumer-like disclosures for certain commercial financing products such as small business...more
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