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Proposed Legislation Commercial Loans

Sheppard Mullin Richter & Hampton LLP

Texas Legislature Proposes Disclosure Rules for Commercial Financing 

The Texas House and Senate introduced House Bill 700 and Senate Bill 2677 to regulate commercial sales-based financing transactions. The proposed legislation would impose standardized disclosure requirements, require broker...more

Womble Bond Dickinson

Insurance Premium Finance Exemption - Maryland Commercial Finance Disclosure Legislation

Womble Bond Dickinson on

Maryland recently introduced Commercial Finance Disclosure Law (“CFDL”) legislation in both the House (HB 693) and Senate (SB 754), following a path of other states with laws requiring consumer-like disclosures in certain...more

Holland & Knight LLP

House Agriculture Committee Completes Markup of 2024 Farm Bill

Holland & Knight LLP on

The U.S. House of Representatives Committee on Agriculture completed its markup of the Farm, Food and National Security Act of 2024 (Farm Bill) on May 24, 2024, and passed the proposed legislation 33-21, with four Democrats –...more

Womble Bond Dickinson

Commercial Financing Disclosure Laws Proposed in U.S. Congress

Womble Bond Dickinson on

California, Connecticut, Florida, Georgia, New York, Virginia, and Utah have enacted laws requiring consumer-like disclosures in certain commercial loans. Some of these “Commercial Financing Disclosure Laws” require...more

Ballard Spahr LLP

Bill to license commercial lenders proposed in New York

Ballard Spahr LLP on

New York Senator James Sanders Jr. recently proposed Senate Bill 1450A (“S1450”), which would require those making or soliciting “commercial financing products” in New York State to obtain a license and comply with specified...more

Hudson Cook, LLP

California Senator Introduces Bill to Make Commercial Brokers Fiduciaries of Borrowers

Hudson Cook, LLP on

Last month, California Senator Steve Glazer introduced a bill that could fundamentally change commercial finance brokering in the state. Senate bill 869 would expand the licensing requirement for brokers of commercial loans...more

Womble Bond Dickinson

Maryland House Economic Matters Committee Considers Senate-Passed Commercial Finance Disclosure Law: Consumer Type Disclosures in...

Womble Bond Dickinson on

We recently reported that the Maryland Senate unanimously approved amended Senate Bill 496 – a broad measure proposed to curb perceived commercial lending abuses in Maryland. The bill has moved on to the House of Delegates...more

Womble Bond Dickinson

Truth-in-Lending Type Disclosures in Commercial Loans Gain Steam Again in 2023 Legislative Sessions: Non-Bank Lenders Should Take...

Womble Bond Dickinson on

State legislative sessions are well underway in 2023, and many states already have introduced various forms of commercial financing disclosure legislation. These proposed laws (commercial financing disclosure laws or “CFDLs”)...more

Miles & Stockbridge P.C.

U.S. Small Business Lending Disclosure Act: Congress’s Commercial Finance Disclosure Law - Will It Displace State Law?...

Over the past year, we have reported on the new wave of laws enacted and proposed in various states requiring consumer-like disclosures in commercial financing transactions. These state laws are often titled “Commercial...more

Miles & Stockbridge P.C.

Maryland Joins Other States Proposing Commercial Finance Disclosure Laws: Truth-in-Lending Type Disclosures in Commercial Loans

Earlier this month, Maryland State Senator Benjamin K. Kramer introduced Senate Bill 825 titled “Consumer Credit - Commercial Financing Transactions.” Although not obvious from the bill’s title, it contains legislation...more

Moritt Hock & Hamroff LLP

Lender Alert: Commercial Finance Disclosure Legislation In New York State Merits Watching

If passed, proposed New York State Senate Bill S5470 (“the Bill”) would impose a disclosure requirement upon certain New York commercial lenders. This proposal follows a trend exemplified most notably in California, which...more

Moritt Hock & Hamroff LLP

Lender Alert: Commercial Finance Licensing Legislation In New York State Merits Watching

A bill recently introduced in the New York State Senate (S6688) would vastly expand the reach and scope of the licensing regime applicable to effectively all forms of commercial financing transactions. The current lender...more

Allen Matkins

California Bill Seeks To Impose Disclosure Requirements On Commercial Lenders

Allen Matkins on

I have often remarked that the California Financing Law (fka Finance Lenders' Law) imposes virtually no substantive lending requirements. That will change if Steve Glazer succeeds in enacting SB 1235. This bill would...more

Allen Matkins

Bill Introduced To Require Registration Of Finders Under The California Finance Lenders Law

Allen Matkins on

The California Finance Lenders Law, Financial Code § 22000 et seq., currently requires licensing of finance lenders and brokers. A finance lender is defined as any person who is engaged in the business of making consumer...more

Allen Matkins

Bill Would Authorize Payments For Commercial Loan Referrals

Allen Matkins on

California State Senator Marty Block has introduced a bill, SB 197, that would authorize a licensed finance lender to compensate an unlicensed person or company in connection with the referral of one or more prospective...more

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