Whether you are an expert in rocket science or, perhaps, alchemy, staying apprised of the panoply of new disclosure bills and laws is somewhat of a daunting challenge. This article is intended, as all lawyers intend, to make your lives easier. [laugh track]

Here is a list of the states (and at least one country) with disclosure laws or bills, or those which have considered or are considering them, and an update on where things stand:

1. California: The world of disclosures invariably begins in the United States of California, the Mecca of all disclosure laws. The law and its attendant regulations have passed, and are in full force and effect right now.
2. New York: I put New York in second place not because they will be second in enactment (they’ll be fourth), but because it’s where I generally expect the Yankees to land at the end of every season. The law has passed, but will not take effect until August 1, 2023.
3. Utah: Its Commercial Financing Registration Act took effect on January 1, 2023. Keep in mind that this is more than a disclosure law. It also requires state registration through the Nationwide Mortgage Licensing System (“NMLS”).
4. Virginia: This law became effective on April 11, 2022, but is limited to sales-based financing (aka Merchant Cash Advances).
5. North Carolina: Its House bill was enacted May 11, 2021. It is still in committee.
6. Illinois: Senate and House bills were both proposed this year. Both remain pending.
7. Maryland: A Senate bill was proposed this year. Still pending.
8. Connecticut: Proposed a Senate bill this year, which is also still pending.
9. Florida: Its bill has passed both chambers. If signed by Gov. DeSantis, and approved by Disneyland, the law will go into effect on July 1, 2023.
10. Georgia: Echoing Florida, the Senate bill hit Gov. Kemp’s desk two months after it was passed by the legislature. If, as expected, the bill becomes law, it will go into effect on January 1, 2024.
11. Missouri: Both Senate and House bills were proposed this year, and both are still pending.
12. New Jersey: Senate and House bills remain pending during the carry-over session.
13. Kansas: A Senate bill was proposed this year. It is pending.
14. Mississippi: Both Senate and House bills were proposed this year, both of which have since failed. It is expected that they will be resurrected in one form or another.
15. United States: A uniform federal disclosure bill, although deeply flawed, was introduced in late 2021. Not surprisingly, given the state of the Federal government these past few years, it is mired in political quicksand.

If the foregoing list is any indication, the disclosure trend will continue, and perhaps envelope the country. Alternatively, the proposed federal bill, will be much more finely tuned, and develop bipartisan support for passage.

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