COMMERCIAL FINANCING DISCLOSURE REQUIREMENTS taking effect in various states starting in 2022 will have a significant impact on the commercial equipment leasing and finance sector. ELFA’s State Advocacy team has been lobbying rigorously on behalf of members and the industry. It’s been ELFA’s strategy to work to exempt as many industry transactions as we can. We’re engaged in the legislative process and regulatory rulemaking and continue to keep our members aware of what they can expect to prepare their businesses.
To help educate members about what they need to know about this important topic, ELFA has compiled a number of critical informational resources.
In-Depth Webinar and Takeaways
I was joined by ELFA members Moorari Shah, Chair of ELFA’s State Legislative & Regulatory Subcommittee and Partner, Sheppard Mullin; Robert S. Cohen, Partner, Moritt Hock & Hamroff LLC; Troy Kepler, Corporate Counsel, Channel; and Daniel Nelson, CEO, Tamarack in presenting a webinar on July 28, 2022, titled “Operational Preparedness: Are You Ready for the New CA and NY Disclosure Requirements?”
The session generated considerable interest with 580 people registering to learn about the latest legal, operational and system integration information concerning commercial financing disclosure laws. The webinar also touched on overlaps and inconsistencies among state regulations that could require redundant, tedious and/or cumbersome investments in technology, software and training to comply with the subtle and material differences between the state laws. Members are encouraged to visit https://www.elfaonline.org/July28Webinar to access the
• webinar recording
• slide deck
• video Q&A.
With the effective date of the final regulations in California coming later this year, the time to address these issues is now. It will take preparation to get operations up to speed to implement methods to capture all the types of information that need to be disclosed.
Additional State Advocacy Resources
In addition to the July 28 webinar resources, members are encouraged to visit ELFA’s State Advocacy webpage, Lender License and Enhanced Financial Disclosure, https://www.elfaonline.org/advocacy/state-issues/lenders-license, for an overview of finance licensing, the State Advocacy team’s legislative testimony and regulatory comments, requests for guidance, and regulatory response. A recording and slide deck from the first webinar held on Dec. 15, 2021, “ELFA State Advocacy New Year’s Resolutions: Prepare for Commercial Financing Disclosure Laws in New York and California,” are also available.
