State legislation requiring standardised cost disclosures to a business before it signs a financing agreement.
Ten states have them as of August 2026: California, Connecticut, Florida, Georgia, Kansas, Missouri, New York, Texas, Utah and Virginia. Seven attach broker or provider registration, and Texas has a registration deadline of 31 December 2026.
Broker registration
A state requirement that a firm brokering commercial financing register with a regulator before doing so.
APR
The annualised cost of financing, accounting for the repayment schedule as well as the amount charged.
Buy rate
The factor rate a funder offers a broker, before the broker adds their own margin.
CFPB
The federal agency with rulemaking and enforcement authority over consumer financial products, and over small business lending data collection under Section 1071.
Section 1071
The Dodd-Frank provision requiring lenders to collect and report demographic and pricing data on small business credit applications.
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