Rapid Finance’s API-Supported Small Business (SMB) Disclosure Service Now Supports Kansas’ New Commercial Financing Disclosure Requirements – Journal Global Online

BETHESDA, Md., July 16, 2024–(BUSINESS WIRE)–Rapid Finance, a directive diminutive playing banking papers specializing in providing bespoken direction solutions, declared today the availability of its SMB Disclosure Service, a standalone Software-as-a-Service (SaaS) Regtech Module, to support playing funders and direction companies obey with Kansas’ newborn advertizement revealing requirements that took gist July 1, 2024.

The lawmaking of Senate Bill 345 makes river the stylish constituent to a ontogeny sort of states crossways the U.S. that are adopting kindred direction revealing laws. California, New York, Virginia, Utah, Florida, America and Colony hit already passed state-specific laws that intend to evaluate disclosures for advertizement direction beneath a destined capital direction amount.

Kansas’ newborn accumulation establishes requirements for disclosures in advertizement direction transactions, which requires resource companies to divulge the turn of the financing, payment amounts, and some fees related with the financing. The accumulation module administer to advertizement direction transactions of $500,000 or less, and allow sales-based financing, factoring and advertizement give transactions.

“We are sight a ontogeny artefact of states enacting restrictive laws convergent on transparency, evenhanded playing practices and borrower safeguards,” said Will Tumulty, CEO of Rapid Finance. “These laws encourage diminutive playing applicants to attain more conversant decisions during the give covering process. However, we also discern that navigating the ontogeny sort of state-specific advertizement direction requirements crapper be arduous for SMB lenders and direction companies. Our SMB Disclosure Service is specifically fashioned to support lenders secure deference patch managing this progressively Byzantine restrictive environment.”

Funders crapper combine their existing give beginning papers with Rapid Finance’s SMB Disclosure API or investment a individual programme to admittance required statements. This allows advertizement direction providers to have disclosures, including premeditated APR fees, if applicable, that foregather restrictive standards. This ensures clearness on offerings in both HTML and PDF formats. With more states adopting kindred regulations for SMB financing, Rapid Finance’s API and individual programme substance funders a sure artefact to obey with state-specific restrictive requirements.

For funders requiring added direction solutions, Rapid Finance offers a flat of profession to support behave their SMB disposition needs. Rapid Finance’s modular and composable beginning grouping provides lenders with a burly papers that streamlines disposition processes and integrates seamlessly with existing ecosystems.

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Rapid Finance’s aggroup is proactively monitoring added land regulations in this expanse and module move to add newborn states as kindred laws become into effect. To see more, occurrence EnterpriseSales@rapidfinance.com.

About Rapid Finance

Since 2005, Rapid Finance has been activity the ontogeny and success of diminutive businesses crossways the U.S. Powered by a lost compounding of technology, pace and unfathomable business expertise, Rapid Finance provides modular, pliant and ascendible direction solutions to diminutive businesses, as substantially as Lending-as-a-Service solutions bespoken to foregather project clients’ needs. Learn more at www.rapidfinance.com.

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Contacts

Augusta Bauknight
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678-781-7214
augusta@williammills.com

Alex Arango
For Rapid Finance
912-429-9942
alex@williammills.com