Category: Compliance Regulation

Enacted in 2010, the Dodd-Frank Act aims to address systemic risks in the financial sector and enhance consumer protection. Section 1071 specifically amended the Equal Credit Opportunity Act (ECOA) to mandate financial institutions to collect, maintain, and submit certain data related to applications for credit from women-owned, minority-owned, and small businesses. The overarching goals are […]

As of January 1, 2024, both Georgia and Florida have implemented regulatory changes affecting small business financing disclosure requirements. In Georgia, Senate Bill 90 (SB 90) amends the Fair Business Practices Act. Florida enacted its own Commercial Financing Disclosure Law (CFDL), joining the ranks of California and New York. This review underscores the significance of […]

On June 26, 2023, Florida Governor Ron DeSantis took a significant step towards ensuring transparency and consumer protection in the commercial financing industry by signing the Florida Commercial Financing Disclosure Law (FCFDL) into effect. This landmark legislation introduces comprehensive disclosure requirements for covered commercial financing transactions. It outlines specific prohibitions for brokers, including collecting advance […]

In a significant move towards transparency and consumer protection, Georgia has become the fifth U.S. state to enforce small business financing disclosure requirements. These disclosure regulations began in 2018 when California pioneered such legislation. Governor Brian Kemp signed Georgia Senate Bill 90 on May 1, 2023, which is set to take effect on January 1, […]