For any customer in Virginia, ISOs are now required by state law to obtain the customer’s signature on the separate Virginia disclosure form – in addition to Forward’s standard customer contract – before funds can be disbursed.
While most of the information on the Virginia disclosure form is also included on the front page of Forward’s contract, the disclosure form also includes broker compensation – the fee paid by Forward Financing to the ISO for connecting us with the customer – as a separate line item.
ISOs should be aware that the Virginia disclosure form:
- Cannot be altered and is consistent for all “sales-based” financing in the state of Virginia;
- Must be signed by the same party or parties that sign the funding contract;
- Will be treated like any other stipulation;
- Cannot be merged with any other document; it must be its own PDF.
The Commonwealth of Virginia will require ISOs to be registered as “sales-based financing brokers” to refer Virginia-based customers for sales-based financing. Learn more at the SCC website under “Sales-based Financing.”
Accordingly, ISOs must provide their Forward Account Manager proof of registration for us to review their VA-based applications submitted after November 1, 2022.