MCA leads in Connecticut.

Disclosure law

An Act Requiring Certain Financing Disclosures

In force

Enacted 28 June 2023, with disclosure requirements from 1 July 2024 and registration from 1 October 2024.

Threshold

Sales-based financing of $250,000 or less — the lowest ceiling of the ten states

Must contain

Total amount financed, finance charge, total repayment, payment frequency and amount, prepayment terms, and specific language on the right to prepay.

Annualised rate

Not an annualised-rate regime. The disclosure is built on total cost, payment frequency and prepayment.

Registration

Annual registration with the Connecticut Department of Banking for both providers and brokers, from 1 October 2024.

Calling

Federal TCPA plus Connecticut’s telemarketing provisions. No FTSA-style private right of action.

sources disagree on some effective dates, so confirm against the statute

1. 1At $250,000 the ceiling is low enough that essentially every advance is covered. There is no practical carve-out.
2. 2The prepayment language requirement is specific to Connecticut and is the provision most often missed by providers using a generic multi-state template.
3. 3Broker registration is annual and is enforced by the Department of Banking rather than an Attorney General, which in practice means administrative rather than litigated consequences — but it still lapses.