Ten states now require a standardised disclosure before a merchant signs a commercial financing agreement, and a growing number register the brokers who arrange them. A separate set of states regulates the phone call rather than the paperwork, sometimes far more aggressively. These are the fourteen where the rules genuinely change what a broker does — the other thirty-six have nothing state-specific to say.
14 states with rules that change what you do. Checked 30 August 2026.
Most published state-by-state guides for this industry are wrong in the same two ways: they list New Jersey as a disclosure state, which it is not, and they cover the financing statutes while ignoring the telephone solicitation acts, which are the ones most likely to cost a broker money. This page does neither.
Nothing here is legal advice. It is a map of which rules exist and roughly what they reach, which is enough to ask a lawyer the right question rather than an open one.
Each requires a standardised written disclosure before a merchant signs. Only California and New York mandate an annualised rate; the rest are built around total dollar cost and the payment schedule.
California
Registers brokersCalifornia requires an estimated APR on commercial financing offers of $500,000 or less, and its financing-broker licensing regime is the broadest in the country.
New York
Registers brokersNew York requires an estimated APR on commercial financing up to $2.5 million, bars confessions of judgment against out-of-state merchants, and is where nearly every merchant cash advance recharacterisation case is decided.
Texas
Registers brokersTexas began regulating sales-based financing on 1 September 2025 under HB 700, and both providers and brokers must register by 31 December 2026.
Florida
Florida requires commercial financing disclosures on transactions of $500,000 or less and separately runs one of the harshest telephone solicitation statutes in the country.
Virginia
Registers brokersVirginia was the first state to require sales-based financing brokers — not just providers — to register, with registration open since 1 November 2022.
Utah
Registers brokersUtah requires commercial financing providers to register annually with the Department of Financial Institutions and to disclose total cost and payment terms, but not an annualised rate.
Connecticut
Registers brokersConnecticut requires disclosures on sales-based financing of $250,000 or less — the lowest threshold in the country — and annual registration of both providers and brokers.
Georgia
Georgia requires commercial financing disclosures from 1 January 2024 on transactions of $500,000 or less, and is the state that most clearly declines to require an APR.
Kansas
Kansas has required commercial financing disclosures on transactions of $500,000 or less since 1 July 2024.
Missouri
Registers brokersMissouri requires commercial financing brokers to register with the Division of Finance and post a $10,000 surety bond, in addition to the standard disclosure.
No financing statute, and in three cases a materially higher risk of being sued than in any of the ten above. These are the states where how your dialler is configured matters more than how your disclosure is worded.
New Jersey
New Jersey has no commercial financing disclosure law in force — Senate Bill 1760 has been introduced but not enacted, despite being widely listed as law.
Oklahoma
Oklahoma has no commercial financing disclosure law, but its Telephone Solicitation Act caps commercial calls at three per 24 hours and gives the recipient a private right of action.
Washington
Washington has no commercial financing disclosure law, but its Commercial Telephone Solicitation Act carries a private right of action and damages of up to $1,000 per violation.
Maryland
Maryland has no commercial financing disclosure law, but limits calls on the same subject to three in a 24-hour period.
California, New York, Texas, Virginia, Utah, Connecticut, Missouri, New Jersey. Virginia was first, in November 2022. Missouri is the only one that also requires a surety bond, and Texas has the only deadline still ahead of you — 31 December 2026.
They have no commercial financing disclosure law, no broker registration and no telephone solicitation act that reaches further than the federal TCPA. A page for each would be a page with nothing on it, so there isn’t one. What applies there is the federal baseline, which is covered in the compliance guide.
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