Commercial Financing Disclosure
Laws (By State)

A clear, up-to-date guide commercial financing disclosure requirements across U.S. states. Understand what’s required, when it applies, and how it affects your operations. 

How to use this resource 

This directory summarizes state-level laws governing commercial or sales-based financing.
Each state entry includes effective dates, covered transactions, disclosure requirements, and official references. Information is verified against official state sources and updated regularly. 

Select a state to view its Disclosure Requirements 

Click any state on the map below to view its latest commercial financing disclosure requirements. Use the map to explore states where laws are in effect, pending, or proposed. 

Laws Passed 

Some states have enacted commercial financing disclosure laws. These states currently set the standard for compliance in the evolving regulatory landscape.

Laws Proposed 

Several states are currently considering or drafting legislation to introduce commercial financing disclosure requirements. These proposals vary in scope and terminology but share a common goal: improving transparency and consistency in alternative lending. This section tracks bills that are pending, in committee review, or awaiting signature. 

Illinois

On February 10, 2023, the Illinois Senate introduced Senate Bill 2234—the Small Business Truth in Lending Act. This bill, sponsored by Senator Christopher Belt and co-sponsored by Senator Laura Ellman, follows in the footsteps of similar laws in California and New York.

It proposes requiring consumer Truth in Lending-like disclosures for commercial financing transactions under $2.5 million. The Act proposes that providers who violate the rules pay up to $20,000 for each violation.

On March 31, 2023, the bill was re-referred to the Senate Assignments Committee. In January 2024, Senator Mattie Hunter was added as Chief Co-Sponsor, and the bill was reassigned to Financial Institutions.