Big Picture: Advocacy Is Paying Off
As state legislative sessions start to wind down, we’re seeing real results from coordinated advocacy. Two closely watched “Truth in Lending”-style bills—one in Maryland and one in Illinois—have stalled this session. That’s a strong signal that early engagement and a unified industry voice are making a difference.
Maryland & Illinois: What Happened
In Maryland, a bill that would have applied consumer-style disclosures to commercial financing didn’t move forward. In Illinois, a similar proposal also failed to gain traction.
In both states, the outcome came down to strong grassroots advocacy and coordination between the Equipment Leasing & Finance Association and coalition partners across the commercial finance space.
Why These Bills Matter
These proposals are part of a broader trend—states trying to regulate commercial finance using consumer lending frameworks.
The challenge? That approach doesn’t always fit how equipment finance actually works. Applying APR-style disclosures to asset-based transactions can create confusion, especially for true leases and purchase-money financing tied directly to equipment.
Advocacy in Action
These wins didn’t happen by chance. They’re the result of early engagement, clear messaging, and consistent outreach.
ELFA’s state advocacy team, working alongside coalition partners, connected directly with lawmakers—bringing real-world examples of how equipment finance supports small businesses, drives investment, and fuels local economies. That helped shift the conversation and clarify the differences between commercial finance and consumer lending.
Meanwhile… the Political Landscape Is Shifting
All of this is happening as the 2026 midterm elections ramp up. Lawmakers are increasingly focused on campaign priorities, economic messaging, and constituent-driven issues.
- All 435 House seats are up for election
- 35 Senate seats are in play
- 36 gubernatorial races will shape state leadership
It’s shaping up to be a competitive cycle, which means legislative priorities—and timelines—are shifting quickly.
Why This Matters for the Industry
State policy and elections go hand in hand. As legislators turn their attention to reelection, the window to move—or stop—legislation gets smaller.
That makes early engagement, strong relationships, and clear messaging more important than ever.
Looking Ahead
Maryland and Illinois are a good reminder: advocacy works.
But these issues aren’t going away. We can expect similar proposals to resurface in future sessions. The good news is the industry is well-positioned—with a strong foundation, coordinated strategy, and continued engagement—to stay ahead of what’s next.
Bottom Line
Momentum matters. And right now, the industry is proving that when it shows up early and speaks with one voice, it can shape outcomes.
