MCA leads in Virginia.
Virginia was the first state to require sales-based financing brokers — not just providers — to register, with registration open since 1 November 2022.
- Disclosure law
- Yes
- Registration
- Yes
- State calling act
- Federal only
The rules.
- Disclosure law
- Sales-Based Financing Providers, Va. Code §§ 6.2-2228 to 6.2-2238
- In force
- Statute effective July 2022, with registration required from 1 November 2022 and disclosures applying to transactions entered after 1 July 2022.
- Threshold
- Transactions above $500,000 are exempt
- Must contain
- Total funds provided, total funds disbursed, total repayment, total dollar cost, estimated number of payments and the payment amount, plus a description of any fees.
- Annualised rate
- No annualised rate mandate. The disclosure is a dollar-cost and schedule disclosure.
- Registration
- Both sales-based financing providers and sales-based financing brokers must register with the State Corporation Commission. This is the provision the later statutes were modelled on.
- Calling
- Federal TCPA plus Virginia’s telephone privacy provisions. No FTSA-style statutory damages regime for B2B autodialling.
sources disagree on some effective dates, so confirm against the statute
What changes for a broker.
- Broker registration here is not incidental — it is the point of the statute, and it predates every other broker registration requirement in the country.
- The definition is scoped to sales-based financing, so a broker placing term loans and a broker placing advances are not in the same position.
- If you are registered in Virginia you have already done most of the work Texas, Missouri and Connecticut will ask for. The regimes rhyme.
Questions.
Yes. Sales-Based Financing Providers, Va. Code §§ 6.2-2228 to 6.2-2238. Threshold: Transactions above $500,000 are exempt. In force: Statute effective July 2022, with registration required from 1 November 2022 and disclosures applying to transactions entered after 1 July 2022. Must contain: Total funds provided, total funds disbursed, total repayment, total dollar cost, estimated number of payments and the payment amount, plus a description of any fees.
Both sales-based financing providers and sales-based financing brokers must register with the State Corporation Commission. This is the provision the later statutes were modelled on.
Federal TCPA plus Virginia’s telephone privacy provisions. No FTSA-style statutory damages regime for B2B autodialling.
Yes. Every exclusive lead clears the same 8 minimums wherever the merchant is, and exclusive leads can be filtered by state.
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