From the Revenue Based Finance Coalition, there are updates from the Missouri Division of Finance regarding the registration that brokers will have to make to do deals for merchants based in Missouri. Here is what the RBFC has said regarding this new info:
The Missouri Division of Finance has released information regarding the registration requirement for commercial financing brokers under its new Commercial Financing Disclosure Law. The registration requirement becomes effective either six months after the Division finalizes rules under the CFDL or, if the Division does not intend to promulgate rules, on February 28, 2025. The Division must announce any intention to promulgate rules no later than February 28, 2025, and we do not believe that it will announce any such intention. As a result, we expect the requirement to take effect next month.
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The CFDL requires a broker to register on a form provided by the Division. That form is available online at https://finance.mo.gov/Contribute%20Documents/CommercialFinancingInfoForm.pdf. The broker must also obtain a $10,000 surety bond. The bond form is available online at https://finance.mo.gov/Contribute%20Documents/CommercialFinancingBond.pdf. A broker must pay an initial registration fee of $100. After initial registration, the broker must renew annually by January 31, updating the registration information and paying a $50 annual fee.
If you do deals in MO will you get registered or actually stop doing business there?
Their application looks elementary compared to the CA process I had to go through to get licensed so I will go ahead and register.