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. 

Utah

Where We Are Currently

SB183, also known as the Commercial Financing Registration and Disclosure Act (or CFRDA), went into effect January 1, 2023. It applies to various commercial financing providers—including those who offer merchant cash advances—in amounts of $1 million or less.

How We Got here

The Utah Act was sponsored by Senator Curtis S. Bramble and Rep. Joel Ferry. It was first introduced to the Senate on February 8, 2022, followed by an introduction to the House less than two weeks later. Approved by both chambers in early March 2022, the Act was then signed by Utah Governor Spencer Cox on March 24, 2022. The law went into effect on January 1, 2023

What Funders Need to Know

Subject
Utah Act regulations apply to any person who conducts more than five commercial financing transactions in Utah during the calendar year.

Exemptions
A rather wide range of persons and transactions are exempted from the Utah Act. This includes (but is not limited to) companies like Banking Depository Institutions and subsidiaries, as well as providers who finance the purchase of commercial, construction or agricultural equipment. The law also doesn’t apply to merchant cash advances that are secured by real property.

Compliance Requirement
To do business with Utah customers, providers must apply for a commercial financial license, register with the Utah Department of Financial Institutions, and maintain such registration annually.

Disclosure Requirements
Before consummating a commercial financing transaction, providers must disclose terms including the total amount of funds provided and disbursed to the business, total amount to be paid to the provider, and the manner and frequency of each payment. Any commissions paid to a broker must also be disclosed. However, the law does not require APR disclosure.

Penalties
Non-compliance will cost providers $500 per violation, up to $20,000 for all violations that arise from the same transaction documentation or materials. However, higher penalties may apply if the provider continues to violate the Utah Act.