Commercial Financing Disclosure Laws Continue To Spread

U.S. states continue to consider and adopt statutes requiring TILA-like disclosures in connection with various types of commercial financing transactions. Most recently, Georgia passed a law, effective January 1, 2024, requiring financing providers to provide such disclosures, following the adoption of similar laws recently passed in California, New York, Utah and Virginia. A similar law has passed both houses of the Florida legislature and would become effective on July 1, 2023 if the Governor signs or fails to veto it. Finally, a similar law, which would become effective on July 1, 2024, passed both houses of the Connecticut legislature on June 7 and is awaiting the Governor's signature. Other states have proposed bills which would enact similar requirements.