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Texas Introduces Legislation to Regulate Sales-Based Commercial Financing

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

Nebraska Enacts Loan Licensure Requirement for Marketers, Servicers and Purchasers of Interests in Certain Bank Loans

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

Connecticut Banking Statutes Amendments Take Effect October 1

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

Connecticut Becomes Latest State to Enact a Commercial Financing Disclosure and Registration Law

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

Lots of Developments in Small Business Finance - The Consumer Finance Podcast [Audio]

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

Florida Joins States Racing to Impose Disclosure Requirements on Small Business Financing Transactions

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

Missouri State Senator Reintroduces Commercial Financing Disclosure Bill

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

New York Adopts Commercial Financing Transaction Disclosure Requirements

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

NJ Attorney General Reaches Settlement With Merchant Cash Advance Company Over Alleged Unfair and Deceptive Practices

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

Registration Begins Under Utah’s Commercial Financing Registration Act

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

California Approves Final Commercial Financing Disclosure Regulations and Sets Compliance Deadline

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

Utah Governor Signs Commercial Financing Registration and Disclosure Act

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

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