Financial Disclosure Laws Heat Up

As the map on this page depicts, commercial finance disclosure legislation has quickly spread across the country. California, New York and Utah are the only bills to pass at this time with New York and Utah laws still in the regulatory process. California, having passed legislation nearly four years ago, just recently completed its regulatory process. Five additional states have introduced but not passed similar legislation. Those are Connecticut, New Jersey, Maryland, Mississippi and Missouri.

The California SB 1235 Disclosure Regulations, which were finalized on June 9, 2022, can be found here: Finalized CA Disclosure Regulation. In the regulations, ELFA was granted our hard-fought-for six-month stay. The regulation will be stayed/not implemented until Dec. 9, 2022.

Second Important Disclosure Webinar Scheduled

With the New York regulations expected to be finalized soon, ELFA has planned a second Disclosure Webinar as a follow-up to the one we held on Dec. 15, 2021. Mark your calendars: This webinar will take place on Thursday, July 28 from 1:00-3:00 p.m. ET and have a heavy focus on operational preparedness and continued legal questions. Watch the webinar live or access a recording at www.elfaonline.org/events/elearning/web-seminars.

For those who missed the first webinar and are interested, here is a short re-cap and link to that recorded webinar:
ELFA State Advocacy New Year’s Resolutions: Prepare for Commercial Financing Disclosure Laws in New York and California. Over 550 people registered for this webinar, held Dec. 15, 2021, which provided in-depth details of the scope of the new regulations. The webinar recording and slide deck are available on ELFA’s State Advocacy webpage on Lender License and Enhanced Financial Disclosure at www.elfaonline.org/advocacy/state-issues/lenders-license.