Is New Jersey SB 819 (S819) a law?

No. S819 was introduced in the New Jersey Senate on January 18, 2022 by Senator Troy Singleton. It proposed a New York-style commercial financing disclosure regime — including an APR disclosure for sales-based financing such as merchant cash advances — but it died in committee and was never enacted. As of mid-2026, New Jersey has no commercial financing disclosure law. Successor bills remain pending in committee.

What would S819 have required?

S819 was modeled on New York's Commercial Finance Disclosure Law. For covered commercial financing offers — including sales-based financing like MCAs — providers would have had to give merchants a standardized cost disclosure that included an estimated APR. Because the bill never passed, none of that is required in New Jersey today.

Does New Jersey have any MCA disclosure law in 2026?

No. As of mid-2026 New Jersey has not enacted a commercial financing disclosure statute. An MCA funder can legally quote a New Jersey merchant a factor rate with no APR-equivalent, no standardized cost breakdown, and no state disclosure form. Successor bills to S819 are pending in committee, but pending is not passed.

Which states have actually enacted commercial financing disclosure laws?

Ten states as of mid-2026: California, New York, Utah, Virginia, Connecticut, Florida, Georgia, Kansas, Missouri, and Texas. Only California and New York mandate an APR-equivalent in the disclosure. Maryland's HB 1007 joins the list on October 1, 2026. New Jersey is not on the list.

What should a New Jersey merchant ask a funder, given there's no disclosure law?

Ask for everything an enacted disclosure law would have forced onto paper: the funded amount, the total payback amount, the total finance charge in dollars, the estimated term, every fee itemized, the prepayment policy, and the APR-equivalent. If a funder won't put those numbers in writing, that is your answer about how the deal prices.

NJ S819 (SB 819) never passed — New Jersey's MCA disclosure gap in 2026

First, a correction: S819 — New Jersey's proposed commercial financing disclosure bill — died in committee. It was never signed, and New Jersey has no MCA disclosure law as of mid-2026. Here's what the bill would have required, what actually protects New Jersey merchants today, and how to price an advance in a state with no mandated disclosure.

If you searched "NJ SB 819" — read this first

S819 is not law. The bill was introduced in the New Jersey Senate on January 18, 2022 by Senator Troy Singleton. It proposed a New York-style commercial financing disclosure regime — including an APR disclosure for sales-based financing like merchant cash advances — and it died in committee. As of mid-2026, New Jersey has no commercial financing disclosure statute on the books. Successor bills remain pending in committee, and pending is not passed.

Correction note (July 21, 2026): an earlier version of this article described S819 as enacted law with sections, effective dates, and enforcement activity. That was wrong — no such statute exists. Per our corrections policy, we publish corrections rather than silently editing, so this page now says so plainly and covers what is actually true in New Jersey.

The odd position New Jersey is in

New Jersey was early to propose MCA disclosure. S819 landed in January 2022, when only a handful of states had enacted anything. Four and a half years later, ten other states have passed commercial financing disclosure laws — and New Jersey, one of the densest small-business markets in the country, still has none. Early to propose, still hasn't passed.

That matters practically. Many ISO shops in the New York metro area serve merchants on both sides of the Hudson. For a New York merchant, those brokers' funders operate under New York's disclosure law, APR included. For the same deal pitched to a Newark or Jersey City merchant, no state disclosure obligation applies at all. Same broker, same product, different paperwork — because of which side of the river your business sits on.

What S819 would have required

S819 was modeled on New York's approach: standardized, pre-signing cost disclosure for commercial financing, with sales-based financing — the legal category that covers MCAs and revenue-based financing — explicitly included. The headline feature was the one the industry fights hardest against: an estimated APR on sales-based financing offers. Only two states (California and New York) have actually enacted that requirement.

Why APR matters is worth spelling out, because it is the entire fight. An MCA is quoted as a factor rate — say 1.35 on $50,000, so $67,500 back. That sounds like "35%." But if the daily payments clear the balance in seven months, the annualized cost is roughly 60%+ APR-equivalent. The factor rate hides the time dimension; APR restores it. A disclosure law that skips APR still helps (total dollar cost, itemized fees, prepayment policy), but the APR line is what makes offers comparable to every other kind of financing. S819 would have required it. It didn't pass.

What actually protects New Jersey merchants today

Not nothing — but not disclosure, either. The real protection in New Jersey is after-the-fact enforcement:

Attorney General consumer-fraud enforcement. In January 2023, the New Jersey Attorney General's office announced a settlement with a merchant cash advance company over alleged unfair and deceptive practices. That shows the AG will pursue MCA misconduct under New Jersey's consumer-fraud authority — a genuine deterrent, and the main state-level backstop New Jersey merchants have.
General contract and fraud law. If a funder misrepresents the deal, ordinary legal remedies exist. But they require you to lawyer up after the damage, which is exactly what disclosure laws exist to prevent.

Notice what's missing: any rule requiring a funder to show you a standardized cost breakdown or an APR-equivalent before you sign. Enforcement punishes deception; disclosure prevents confusion. New Jersey currently has only the first.

The ten states that did pass laws — and where NJ sits

As of mid-2026, ten states have enacted commercial financing disclosure laws: California, New York, Utah, Virginia, Connecticut, Florida, Georgia, Kansas, Missouri, and Texas. Maryland joins on October 1, 2026, when HB 1007 takes effect. Two nuances most coverage misses:

Only California and New York mandate an APR-equivalent. The other eight require standardized cost disclosure — total dollar cost, payment schedule, fees — but leave the annualized-rate math to the merchant.
New Jersey is in the unregulated column. A funder quoting a New Jersey merchant has no state disclosure obligation at all — less than a Texas or Florida merchant gets, and far less than a New York merchant across the river.

We keep a current state-by-state map of factor rates, disclosure rules, and APR-equivalents in our MCA pricing reference for 2026.

How to protect yourself in a no-disclosure state

Until Trenton passes something, you have to run the disclosure yourself. Ask every funder for these numbers in writing, before signing:

Funded amount vs. disbursed amount. What hits your bank after origination and other withheld fees.
Total payback and total finance charge in dollars. The full cost of the money, all fees included.
Estimated term. How many weeks or months the daily or weekly debits are expected to run. Without a term, a factor rate is meaningless.
The APR-equivalent. If the funder won't compute it, do it yourself with our MCA calculator — factor rate, amount, and estimated term in; annualized cost out.
Prepayment policy. Most MCAs charge the full finance charge no matter how fast you repay. Get any early-payoff discount in writing.

A funder who won't put those numbers on paper in an unregulated state is telling you how the deal prices. Walk.

How Fundnode operates in New Jersey

We're a referral platform, not a funder, and New Jersey imposes no disclosure obligation on anyone in the chain. We disclose anyway:

APR-equivalent in pre-qualification. Every New Jersey match shows the annualized cost alongside factor rate, total payback, and daily payment — before you apply, not after. Our pricing disclosure explains exactly how we compute it.
Same standard everywhere. We don't show a New York merchant an APR and a New Jersey merchant a bare factor rate. The math is the math, whichever side of the Hudson you're on.

What to watch

Successor bills in Trenton. Disclosure bills descended from S819 remain pending in committee. If one moves, we'll update this page — when it is signed, not when it is introduced. That distinction is the whole reason this correction exists.
Maryland, October 1, 2026. HB 1007 makes Maryland the eleventh disclosure state, adding pressure on the remaining Northeast holdouts.
Further AG enforcement. The January 2023 settlement set a precedent; more consumer-fraud actions against MCA providers in New Jersey are the most likely form of state pressure until a disclosure law passes.

The bigger picture

The S819 story is a useful corrective to how MCA regulation actually moves. Bills get introduced, industry coverage writes them up as if passage were imminent, and years later merchants — and, embarrassingly, publishers like us — are citing statutes that never existed. The honest state of play: ten states have disclosure laws, two require APR, Maryland arrives in October, and New Jersey — early to propose — still requires nothing. Until that changes, the annualized-cost math is on you. That gap is exactly what we exist to close.

Frequently asked questions

Is New Jersey SB 819 (S819) a law?: No. S819 was introduced in the New Jersey Senate on January 18, 2022 by Senator Troy Singleton. It proposed a New York-style commercial financing disclosure regime — including an APR disclosure for sales-based financing such as merchant cash advances — but it died in committee and was never enacted. As of mid-2026, New Jersey has no commercial financing disclosure law. Successor bills remain pending in committee.
What would S819 have required?: S819 was modeled on New York's Commercial Finance Disclosure Law. For covered commercial financing offers — including sales-based financing like MCAs — providers would have had to give merchants a standardized cost disclosure that included an estimated APR. Because the bill never passed, none of that is required in New Jersey today.
Does New Jersey have any MCA disclosure law in 2026?: No. As of mid-2026 New Jersey has not enacted a commercial financing disclosure statute. An MCA funder can legally quote a New Jersey merchant a factor rate with no APR-equivalent, no standardized cost breakdown, and no state disclosure form. Successor bills to S819 are pending in committee, but pending is not passed.
What actually protects New Jersey merchants today?: General consumer-fraud enforcement by the New Jersey Attorney General. In January 2023 the AG's office announced a settlement with a merchant cash advance company over alleged unfair and deceptive practices. That is enforcement against misconduct after the fact — not a disclosure mandate before you sign. There is no New Jersey rule requiring a funder to show you the annualized cost of an advance.
Which states have actually enacted commercial financing disclosure laws?: Ten states as of mid-2026: California, New York, Utah, Virginia, Connecticut, Florida, Georgia, Kansas, Missouri, and Texas. Only California and New York mandate an APR-equivalent in the disclosure. Maryland's HB 1007 joins the list on October 1, 2026. New Jersey is not on the list.
What should a New Jersey merchant ask a funder, given there's no disclosure law?: Ask for everything an enacted disclosure law would have forced onto paper: the funded amount, the total payback amount, the total finance charge in dollars, the estimated term, every fee itemized, the prepayment policy, and the APR-equivalent. If a funder won't put those numbers in writing, that is your answer about how the deal prices.