Rapid Finance extends availability of API service to support requirements under new Utah commercial financing disclosure law
BETHESDA, MD (March 2, 2023) — Rapid Finance, a market leader in helping small businesses find sustainable and customized financing solutions through a fast and simple application process, announced the availability of its new standalone Software as a Service (SaaS) Regtech module, SMB Disclosure Service, to support business lenders and financing companies in complying with Utah’s new commercial transaction disclosure requirements.
Much like California, Utah has passed its commercial financing disclosure law (SB 183) that became effective this year. However, Utah’s regulations differ in that the law includes annual registration obligations with the Utah Department of Financial Institutions (DFI), in addition to the disclosure requirements. New York will also enact its disclosure law in August of this year after recently announcing its adoption of updated regulations to mandate standardized disclosures for commercial financings below a certain principal amount. Rapid Finance’s team is proactively monitoring additional state regulations in this space and will continue to add new states as similar laws come into effect.
“The trend among state legislatures in regulating commercial financers to provide prescribed disclosures is expected to continue as these laws aim to protect and guide businesses in understanding the terms of financing,” said Will Tumulty, CEO, Rapid Finance. “While the process may differ from state to state, the SMB Disclosure Service equips business lenders and commercial financing companies with the ability to quickly and easily produce compliant disclosure statements adhering to each individual state’s requirements and registration obligations as part of the application process.”
Organizations have the option to integrate their existing loan origination platforms with Rapid Finance’s SMB Disclosure API (application programming interface) or utilize a user interface to obtain the desired statements. Commercial finance providers simply submit their offer details and Rapid Finance returns the disclosures in either HTML or PDF format (including calculated APR and fees) that can then easily be provided to the borrower.
The SMB Disclosure Service is an offering from Rapid Enterprise, the company’s business segment focused on providing Lending as a Service (LaaS) solutions, technology consulting and custom development offerings to help enterprises accelerate their growth. To learn more, contact EnterpriseSales@rapidfinance.com.
About Rapid Finance
Since 2005, Rapid Finance has been supporting the growth and success of small businesses across the U.S. Powered by a thoughtful combination of technology, speed and deep industry expertise, the Rapid Enterprise business line provides Lending-as-a-service solutions to enterprise clients. With modular, flexible and scalable financial solutions, Rapid Enterprise solutions are customized to our enterprise partners’ needs. Learn more at www.rapidfinance.com.