Nine states now want an APR on your commercial finance quote

For years a commercial equipment quote showed a payment and a term, and that was enough. It no longer is. California’s SB 362 took effect on January 1, 2026, and it changed what a quote has to say. In the words of one compliance summary: “anytime you quote a price, fee, or financing amount after extending a specific offer, you must also state the APR.”

It is not just California any more

New York went first with its own disclosure law. By this summer the list had grown to nine states, and more have bills in committee.

“California, New York, Utah, Virginia, Florida, Georgia, Connecticut, Kansas, and Missouri.”

Beancount, states with commercial financing disclosure laws in effect or nearly so, August 2026

The details differ by state, and whether a particular lease or EFA is covered depends on the product, the amount and who the provider is. That is a question for your counsel. What does not differ is the direction: the disclosure is moving toward every quote, and the number it keeps asking for is an annualized rate.

If the APR is not on the quote, somebody is calculating it by hand after the customer already has a number.

Why the spreadsheet struggles here

An APR on an equipment deal is not the customer rate. It has to account for the advance payments, the interim rent, the fees and the residual, under a method the regulation specifies. The pricing workbook most teams use was built to produce a payment and a commission. Bolting an APR calculation onto it is where the errors start, and in California administrative penalties run up to $10,000 per violation.

What the quote needs to carry now

• The estimated APR, calculated under the method the state specifies, not the customer rate relabelled
• Total amount financed, total repayment and the payment schedule
• Itemized fees and prepayment terms
• The same numbers on the rep’s screen and on the PDF the customer receives

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