With ELFA’s recent federal wins—grounded in clear messaging, member-driven advocacy, and a unified industry voice—we’ve scored some meaningful progress. But success in Washington has a funny way of turning up the temperature in state capitals. And right now, it’s getting warm in all the usual places.

As legislative sessions hit their stride, we’re seeing a surge of state-level proposals on privacy, licensing, and commercial finance disclosure. These bills may wear different jerseys, but they’re often driven by the same undercurrent: growing skepticism of financial services from some wings, pressure from progressive coalitions, and a general “if D.C. won’t act fast enough, we will” mindset.

This dynamic is particularly noticeable in states with more activist legislatures—think California and New York—where federal inaction used to be the justification for aggressive state action. Now, with federal movement, some state lawmakers in states like Illinois, Maryland, and New Jersey are sensing opportunity—or feeling pressure—to outpace the feds, especially on issues like transparency and consumer protection.

The result? A patchwork of bills, some well-meaning, almost all poorly targeted, and every last one moving fast enough to create headaches. What was once a slow drip of policy chatter is now a full-court press. The volume is up, and so is the risk of collateral damage to our industry.

That’s where ELFA’s state advocacy engine kicks into gear. Through relationships with coalition partners and state lobbying teams, we’re actively tracking and engaging in high-risk jurisdictions. Our goal isn’t just to play defense—we’re working to educate lawmakers before misguided proposals take root.

Take the growing wave of legislation aimed at increasing disclosure in commercial finance. These bills are designed to crack down on bad actors, but they’re written so broadly that they often entangle equipment finance companies in unintended regulatory webs. We’ve seen it before: good intentions, bad policy, and real consequences. That’s why we’re in the room early—explaining how our industry works, who we serve, and why we’re different.

Our work with the Uniform Law Commission (ULC) continues to be a key pillar of this effort. ELFA is pushing a “carve-in” strategy that reinforces clear definitions and safeguards for responsible commercial finance. The goal? Make it harder for sweeping legislation to hit the wrong targets. Precision matters.

The broader strategy hasn’t changed. We build relationships. We educate. We show up—early and often. Whether it’s federal or state, the playbook is the same: proactive, persistent, and powered by our members’ voices.

So yes, we’re celebrating progress in D.C.—but with eyes wide open. The Trump administration’s efforts at deregulation and Republican legislative action in Washington are turning heads in statehouses. The next phase of our work is already underway in the states, and it may be even more critical than what came before.

The Public Policy team is on it, and we’ll keep fighting to ensure that equipment finance remains understood, respected, and protected—everywhere the legislative game is being played.