The short answer

Virginia was the first state to require sales-based financing brokers — not just providers — to register, with registration open since 1 November 2022.

Checked 30 August 2026. This is a summary of what the rules are, not legal advice on what to do about them — and secondary sources disagree on several of these effective dates, usually because a statute’s own effective date and the date compliance is actually required are different. Confirm against the statute.

The disclosure requirement

Statute

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.

Reaches

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 and licensing

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 into Virginia

Federal TCPA plus Virginia’s telephone privacy provisions. No FTSA-style statutory damages regime for B2B autodialling.

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.

What Virginia files look like

Weighted toward government contracting, professional services and defence-adjacent businesses around Northern Virginia, with hospitality and construction across the rest of the state. Government contractors produce a distinctive file: strong revenue, terrible receivables timing, and heavy customer concentration.

Questions