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ARTICLE · 12 APRIL 2022

Utah Enacts Commercial Financing Disclosure Requirement

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On March 24, Utah Governor Spencer Cox signed SB 183 into law making Utah the third state in the country to enact a Truth in Lending-like commercial financing disclosure law.

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
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On March 24, Utah Governor Spencer Cox signed SB 183 into law making Utah the third state in the country to enact a Truth in Lending-like commercial financing disclosure law.  Utah joins California and New York to adopt such statutory commercial financing disclosure requirements.  As opposed to similar laws in California and New York, however, the Utah Commercial Financing Registration and Disclosure Act (the Act) does not include an “APR” disclosure requirement and requires commercial lenders to register as commercial loan providers with the Nationwide Multistate Licensing System and Registry and Utah Department of Financial Institutions (DFI).  The law has an effective date of January 1, 2023.

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