Commercial Financing Registration and Disclosure Act

Commercial Financing Registration and Disclosure Act

Commercial Financing Transactions
The Utah Legislature passed SB 183 during the 2022 General Session. On March 24, 2022 Governor Cox signed SB 183 into law. SB 183 codifies a new chapter in the Department’s Title 7. Chapter 27 is the Commercial Financing Registration and Disclosure Act.

SB 183 has an effective date of May 4, 2022. However, two key provisions of Chapter 27 do not take effect until January 1, 2023.

These provisions are as follows:

Those who conduct commercial financing transactions in Utah or with a Utah resident, beginning January 1, 2023, under Utah Code §7-27-101 et. seq. should read SB 183 to determine if they are subject to it and to comply accordingly.

The text of SB 183 can be found at https://le.utah.gov/~2022/bills/static/SB0183.html

Registration under Utah Code §7-2-201(2)(d)(viii) shall be through the Nationwide Multistate Licensing System and Registry (NMLS). Information on where and how this can be accomplished will be provided in an update to this web page prior to November 1, 2022.

*Updated* NMLS will begin receiving new applications for Commercial Financing Registration for the Utah Department of Financial Institutions beginning September 1, 2022.

License requirements for Commercial Financing Registration and registration information can be found here.

The NMLS system begins its annual renewals each year on November 1st. The NMLS system experiences heavy usage during this renewal season. As a result, we encourage entities that are planning to engage in Commercial Financing Transactions in Utah to consider registering before November 1, 2022.

Contact Us
If you have questions about chapter 27 Commercial Financing Registration and Disclosure Act, please email us at dfi@utah.gov or call 801-538-8830 and select option 0.