Fundnode today launched a state-by-state commercial financing disclosure compliance tracker, covering the seven US states that have enacted explicit disclosure regimes for sales-based and commercial financing: California (SB 1235 / CCFPL), New York (CFDL / NYDFS 803), Virginia (SB 1252), Utah (Commercial Financing Registration Act / 70C), Texas (SB 1280), New Jersey (SB 819), and Ohio (SB 232).
The tracker is machine-readable, free, and updated continuously as state regimes evolve. It is intended for merchants, ISOs, funders, journalists, and policy researchers who need a single authoritative reference for the current state of US commercial-financing regulation.
“Half the US small-business funding market now operates under explicit APR-equivalent disclosure rules. Funders need to know which states they're registered in. Merchants need to know what disclosures they're entitled to. ISOs need to know which states require licensing. Nobody had built a single source of truth — so we did.”
What the tracker documents
For each state, the tracker documents the statute citation, effective date, registration requirement (provider and broker), disclosure trigger (typically financing under a dollar threshold), the specific disclosures required (APR-equivalent, total cost of capital, prepayment schedule, broker compensation), enforcement agency, and known enforcement actions to date.
The tracker also surfaces functional differences between regimes. California requires APR-equivalent on any sales-based financing under $500,000; New York requires it under $2.5 million; Virginia's regime extends to providers and brokers with looser dollar thresholds; Utah requires registration but caps disclosure scope more narrowly; Texas's 2026 SB 1280 is the most comprehensive of the recent additions; New Jersey's SB 819 closely tracks the New York model; Ohio's SB 232 layers a broker-registration regime onto disclosure.
Why this matters
More than half of US small-business merchant cash advance volume now originates in or is delivered to states with explicit APR-equivalent disclosure rules. Funders that operate nationally must comply with the most stringent regime they touch. ISOs that refer leads across state lines must understand which states require broker licensing. Merchants in covered states are entitled to standardized disclosures that broker marketing often obscures.
The compliance picture is also a leading indicator of where the rest of the country is heading. Pending bills in Florida, Illinois, North Carolina, and Pennsylvania closely track the existing regimes. The tracker will be updated as those bills advance.
Editorial position
Fundnode's editorial position is that state commercial-financing disclosure regimes are net-positive for the merchant and for compliant funders — they raise the floor on the broker-merchant trust relationship and reduce the marketing advantage of non-compliant actors. The tracker is published as a neutral reference; Fundnode does not advocate for or against any specific bill. The disclosure tracker complements Fundnode's funder profiles, which already flag funders that are registered or operating in each disclosure state.