While consumer lenders have long been attuned to disclosure requirements under the Truth in Lending Act, many commercial financiers are or soon will be subject to similar state-level obligations. On June 23, 2023, Florida became the sixth state, joining California, Georgia, New York, Utah, and Virginia, to enact a law requiring disclosure of specified information in connection with commercial financing transactions. Other states are considering similar legislation.

Non-bank lenders, including those that provide bridge financing, rescue loans and similar financings (or who may feel compelled to provide protective advances in order to support their other investments), as well as financial technology (“Fintech”) lenders, should take particular note, because these common activities may now be subject to complex and overlapping disclosure requirements where none previously applied.