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State Disclosure

As of September 2024

Disclosure Legislation Passed

Disclosure Legislation passed

Final regulations issued; law went into effect 12/8/22 (California Code of Regulations, TItle 10, Chapter 3, Subchapter 3 Commercial Financing Disclosures). ELFA Obtained Exemption for UCC 2A Equipment Lease Transactions; Bank Subsidiary and Affiliates Not Exempt. APR Required; Amount: $500,000 and below. ELFA Working to Secure Additional Exemptions.

California Code of Regulations - Title 10, Chapter 3

Legislation enacted in 2023 (Substitute SB 1032). ELFA Obtained Full Suite of Exemptions; UCC 2A Equipment Lease Transactions; UCC 9 Purchase Money Obligations; Captive and Bank Subsidiary, and Affiliate Transactions; APR Required; Amount: $250,000 and below.

Substitute Senate Bill No. 1032 - Public Act No. 23-201

Legislation enacted in 2023 (SB 1624/HB 1353). ELFA Obtained Full Suite of Exemptions; UCC 2A Equipment Lease Transactions, UCC 9 Purchase Money Obligations, Captive and Bank Subsidiary, and Affiliate Transactions; APR Not Required; Amount: $500,000 and below.

Read SB 1624

Legislation enacted in 2023 (HB 84). ELFA Obtained Full Suite of Exemptions; UCC 2A Equipment Lease Transactions, UCC 9 Purchase Money Obligations, Captive and Bank Subsidiary, and Affiliate Transactions; APR Not Required; Amount: $500,000 and below.

Read HB 84

Enacted in 2024 as SB 345 ELFA Obtained Full Suite of Exemptions; UCC 2A Equipment Lease Transactions; UCC 9 Purchase Money Obligations; Captive and Bank Subsidiary, and Affiliate Transactions; APR Not Required; Amount: $500,000 and below.

Read SB 345

Enacted in 2024 as SB 1359 ELFA Obtained Full Suite of Exemptions; UCC 2A Equipment Lease Transactions; UCC 9 Purchase Money Obligations; Captive and Bank Subsidiary and Affiliate Transactions; APR Not Required; Amount: $500,000 and below.

Read SB 1359

Final regulations issued; law went into effect 8/1/23. ELFA Obtained Exemption for UCC 2A Equipment Lease Transactions and Bank Subsidiary and Affiliates; APR Required; Amount: $2.5million and below. ELFA Working to Add Additional Exemptions.

Read NEW 23 NYCRR 600

Enacted in 2022 (SB 183). ELFA Obtained Full Suite of Exemptions; UCC 2A Equipment Lease Transactions; UCC 9 Purchase Money Obligations; Captive and Bank Subsidiary, and Affiliate Transactions; APR Not Required; Amount: $1 million.

Read SB 183

Enacted in 2022 (HB 1027). Focused only sales-based financing; No APR. Bank Subsidiary and Affiliates Not Exempt; Amount: $500,000 and below.

Read HB1027

Disclosure Legislation Introduced & Active

Disclosure Legislation introduced and active

Introduced SB 335 ELFA Obtained Full Suite of Exemptions; UCC 2A Equipment Lease Transactions; UCC 9 Purchase Money Obligations; Captive and Bank Subsidiary and Affiliate Transactions; APR Not Required; Amount:$500,000 and below.

Maryland Senate Bill 509 passed the State Senate unanimously and was sent to the House for consideration. ELFA opposed the legislation as it failed to contain our full suite of exemptions. ELFA continues to welcome the opportunity to work with all parties so long as our uniformly accepted exemptions are included in any future legislation. APR Required; Amount: $2.5 million and below.

Read SB 509

Legislation Introduced in 2022 (SB 2619 Died in Committee) ELFA Obtained Full Suite of Exemptions; UCC 2A Equipment Lease Transactions; UCC 9 Purchase Money Obligations; Captive and Bank Subsidiary, and Affiliate Transactions; APR Not Required; Amount: $500,000 and below.

Read SB 2619

A new bill, Senate Bill 1397, was filed in 2024. ELFA Obtained Near Full Suite of Exemptions; UCC 2A Equipment Lease; and UCC 9 Purchase Money Obligations Transactions. Working with Sponsor To Exempt Captive and Bank Subsidiary, and Affiliate transactions; APR Required; Amount: $500,000 and below.

Read SB1397

Legislation introduced in April 2023 (SB 539). Bill Currently Contains ELFA Obtained Exemption for UCC 2A Equipment Lease Transactions; Bank Subsidiary and Affiliates Not Exempt. APR Required; Amount: $500,000 and below. ELFA Working to Secure Additional Exemptions Will Otherwise Oppose the Bill.

Read SB 539

Legislation introduced in October 2023 (HB 1792). Very Different Looking Bill. Currently No ELFA Exemptions. Depository Banks Exempt; APR Required. ELFA Working to Secure Full Suite of Exemptions; UCC 2A Equipment Lease Transactions, UCC 9 Purchase Money Obligations, Captive and Bank Subsidiary, and Affiliate Transactions Will Otherwise Oppose the Bill.

Read HB 1792

Legislation introduced in 2023 (SB 1918- HB 4359). Bill Focus is on MCA’s and Factoring. ELFA Working to Add Full Suite of Exemptions; UCC 2A Equipment Lease Transactions, and UCC 9 Purchase Money Obligations, Bill Currently Exempts Captive and Bank Subsidiary, and Affiliate Transactions. APR Not Required; Amount: $500,000 and below.

Read SB 1918- HB 4359

Licensing Legislation Introduced

Licensing Legislation introduced

Critical Update - former Senate Disclosure bill Illinois Senate Bill 2234 was amended on 3/8/24 into a Finance Licensing bill to mimic Illinois House Bill 5587. The Commercial Financing Licensing Act is complete with licensure requirements, required annual reports, suspension and revocation of licenses, civil penalties and much more. The bill currently exempts UCC 2A True Leases. ELFA is working with the sponsors to introduce our full suite of exemptions to mirror those we originally negotiated into the previously introduced Disclosure bill. Those exemptions needed to be added to this Licensing bill are the Captive, UCC 9 Purchase Money Obligation and Bank Subsidiaries and Affiliate exemptions.

Read SB 2234