Which funding products does this apply to?

Merchant Cash Advance, Working Capital, Business Line of Credit, Invoice Financing, Revenue-Based Financing. Each has its own page listing the funders in this directory that offer it and what each one publishes about its terms.

Does this apply in California?

This piece is written about California specifically. Rules on disclosure, broker registration and lender licensing are set at state level and change, so confirm the current position with the state agency named on the California page before relying on it.

The Find Me Funders research desk. Some drafting is AI-assisted, and every page that is says so at the top, including whether a person has checked its claims yet.

How do I know a figure here is right?

Where a page carries the green notice, its claims were checked against the sources listed at the end and a reviewer is named. Where it carries the amber one, nobody has verified it yet and you should confirm anything you plan to act on.

Are the examples real deals?

No. Every worked example is labelled illustrative and exists to show the arithmetic. What any particular lender charges is on that lender's page, where it publishes it.

Why do you never say what a typical rate is?

Because we cannot source it. A market average assembled from lenders who do not publish prices is a guess with a decimal point on it. Where a lender publishes a figure, we show that figure and say where it came from.

Is this financial or legal advice?

No. It is general information about how these products work. Outcomes depend on your contract and your state, and a lawyer or accountant licensed where you are is the person to ask about your situation.

Can I reuse this content?

Quote a paragraph with a link back. Do not republish whole articles.

Which states require commercial financing disclosure to businesses

Which states make a funder show you the numbers before you sign

Eleven states have commercial financing disclosure regimes on the books as of 2026. Only two of them make the funder state an APR.

By Find Me Funders research desk Updated 14 September 2026 911 words 4 min read

Drafted with AI assistance. Not yet independently checked. Nobody has verified the claims on this page against a source, so treat the figures and legal points as a starting point rather than as settled, and confirm anything you are about to act on. How we check things.

Eleven states had commercial financing disclosure regimes in force as of 2026, and they are not the same law with different letterheads. Two require an annual percentage rate. Four register the funder or the broker with a state agency. One gives you three days to think. The rest hand you a list of dollar figures and leave the arithmetic to you.

The states, and what each one is for

New York State.Financial Services Law article 8, implemented by 23 NYCRR 600, adopted February 2023. Requires an estimated APR, a prescribed OFFER SUMMARY form, and your signature. Administered by the New York State Department of Financial Services — a state agency, not a New York City one. Exempt above $2,500,000.

California.SB 1235 and the Department of Financial Protection and Innovation regulations, effective 9 December 2022. Requires an APR. Applies where the offer is $500,000 or less.

Utah.Commercial Financing Registration and Disclosure Act, from 1 January 2023. Providers register with the Department of Financial Institutions. Seven dollar figures, no APR, no prescribed form. Exempt above $1,000,000.

Virginia.Title 6.2 chapter 22.1, for sales-based financing. Providers and brokers register with the State Corporation Commission. Prescribed form, broker compensation disclosed, disputes kept in Virginia courts, confession-of-judgment clauses prohibited. Exempt above $500,000.

Florida.Commercial Financing Disclosure Law, for transactions consummated on or after 1 January 2024. Six figures at or before consummation, no APR, advance-fee rules for brokers, Attorney General enforcement, no private right of action. Exempt above $500,000.

Georgia.Senate Bill 90, effective 1 January 2024. Five figures, limits on brokers including advance fees, Attorney General enforcement.

Connecticut.Conn. Gen. Stat. §§ 36a-861 to 36a-872. Disclosure from 1 July 2024, registration of providers and brokers by 1 October 2024. A specific offer cannot be revoked, withdrawn or modified until midnight of the third calendar day. Waivers of prejudgment remedy rights prohibited.

Kansas.Commercial Financing Disclosure Act, SB 345, approved April 2024. Six figures before or at closing, broker conduct rules, Attorney General enforcement only. Exempt above $500,000.

Missouri.RSMo 427.300. Six figures, plus broker registration with the Division of Finance carrying a $100 fee and a $10,000 surety bond. Exempt above $500,000. Commencement was tied to rulemaking, so check the current status.

Texas.Finance Code chapter 398, from HB 700, effective 1 September 2025. Sales-based financing under $1 million. Confession-of-judgment clauses void. Provider and broker registration through the Office of Consumer Credit Commissioner on a timetable running into late 2026. The Finance Commission may not set a maximum rate.

Louisiana.R.S. 9:3137.10, from Act 198 of 2025, effective 1 August 2025. Six figures at or before consummation for revenue-based financing, and a statement that the amounts charged are not interest.

The three things that actually differ

APR or dollar cost.New York State and California require a rate. The other nine give you a total dollar cost. A dollar cost with no time attached is not a price — the same $18,000 of cost over five months and over eighteen are different transactions entirely, and nine of these eleven laws will not tell you which one you are looking at.

When the sheet arrives.New York, California, Virginia and Connecticut tie disclosure to the moment a specific offer is extended, while you are still deciding. Florida, Kansas, Missouri and Louisiana tie it to consummation or closing. Getting the numbers at the closing table is materially worse than getting them a week earlier, so ask early regardless of what the statute requires.

Whether anyone is registered.Utah, Virginia, Connecticut, Missouri and Texas put funders or brokers on a state register. That gives you one verifiable fact about the person selling to you. It is not a quality mark — no state in this list reviews pricing — but an unregistered operator in a registration state has already told you something.

Federal law does not fill the gap

The Truth in Lending Act covers consumer credit, not business credit. The CFPB determined in March 2023 that state commercial financing disclosure laws in California, New York, Utah and Virginia are not preempted by TILA precisely because they operate where the federal statute does not.

The Dodd-Frank § 1071 small business lending data rule is a data collection rule for lenders, not a disclosure you receive, and its compliance date has been moved repeatedly — as of 2026 it stands at 1 January 2028 under a final rule issued in May 2026. Check the CFPB's page for the current position.

What federal law does give you is an adverse action notice. Under Regulation B, a creditor that turns down a business credit application must notify the applicant, with the form and timing depending on whether the business had gross revenues of $1 million or less in the preceding fiscal year.

If your state is not on the list

Most are not. Bills get introduced in more states every session — New Jersey and Maryland both had commercial financing disclosure bills that had not been enacted as of 2026 — and none of that helps you today. In a state with no disclosure law, ask for the same figures anyway, in writing, before you sign: funds provided, funds disbursed, total repayment, total cost, payment amount and frequency, expected duration, and what prepayment does. A funder who will supply that list is worth talking to. One who will not has answered your question.

This is general information and not legal advice for your situation.

Where this applies