On April 11, 2022, Virginia became the second US state to require providers of merchant cash advance (“MCA”) products to obtain a state regulatory license or registration—hot on the heels of Utah. With Governor Glenn Youngkin’s signing House Bill 1027 into law, companies providing “sales-based financing” in Virginia will now be required to provide up-front
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Legal Update: Utah Enacts Commercial Financing Disclosure Law with a Registration Obligation
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NYDFS Issues Pre-Proposed Rules to Implement New Commercial Financing Disclosure Law
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Illinois Imposes 36% Rate Cap
Illinois Imposes Strict 36% Usury Cap for a Range of Consumer Finance Products and Providers
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