| State | License? | Notes |
|---|---|---|
| Alabama | NO | Asset-only generally allowed |
| Alaska | GRAY | Depends on structure |
| Arizona | YES | License likely required |
| Arkansas | NO | Typically permitted |
| California | YES | Requires license |
| Colorado | GRAY | Depends on structure |
| Connecticut | GRAY | Limited guidance |
| Delaware | NO | Clear exemption |
| Florida | YES | Statutory enforcement |
| Georgia | YES | Common enforcement |
| Hawaii | NO | Asset-only allowed |
| Idaho | GRAY | If lease/real estate involved |
| Illinois | YES | Registration required |
| Indiana | NO | Generally allowed |
| Iowa | NO | No explicit prohibition |
| Kansas | NO | Permitted |
| Kentucky | NO | Generally allowed |
| Louisiana | GRAY | Enforcement varies |
| Maine | NO | Clear exemption |
| Maryland | GRAY | Structure matters |
| Massachusetts | NO | Clear exemption |
| Michigan | YES | License likely required |
| Minnesota | GRAY | Depends on structure |
| Mississippi | NO | Allowed |
| Missouri | NO | Permitted |
| Montana | NO | Allowed |
| Nebraska | GRAY | Fact-dependent |
| Nevada | YES | License + permit required |
| New Hampshire | GRAY | Depends on structure |
| New Jersey | GRAY | Often scrutinized |
| New Mexico | NO | Allowed |
| New York | NO | Clear exemption |
| North Carolina | NO | No clear requirement (asset-only) |
| North Dakota | NO | Allowed |
| Ohio | NO | Permitted |
| Oklahoma | NO | Allowed |
| Oregon | GRAY | Structure-sensitive |
| Pennsylvania | GRAY | Enforcement varies; licensing may be required depending on the activity. |
| Rhode Island | NO | Clear exemption |
| South Carolina | GRAY | Depends on deal structure |
| South Dakota | YES | License likely required |
| Tennessee | NO | Permitted |
| Texas | GRAY | If lease/real estate involved |
| Utah | GRAY | If lease/real estate involved |
| Vermont | NO | Clear exemption |
| Virginia | GRAY | Depends on structure |
| Washington | YES | License likely required |
| West Virginia | NO | Allowed |
| Wisconsin | GRAY | Depends on structure |
| Wyoming | GRAY | Depends on structure |
Copyrights 202X | Canzell™ | Terms & Conditions
