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Podcast - Open Finance
What Happened: In a little-noticed development, eight states have enacted legislation that requires specific disclosures for commercial non-real estate secured financing transactions....more
Over the past several years, many states have considered and enacted requirements requiring commercial financing providers to give disclosures when extending commercial financing....more
On April 12, Kansas enacted the Commercial Financing Disclosure Act in SB 345 (the “Act”) which will require the disclosure of certain commercial financing product transaction information, provide civil penalties for...more
On March 13, the Governor of Utah signed into law SB 25, a bill that amended certain provisions related to commercial financing transactions, specifically repealing provisions related to disclosing commercial financing...more
On September 7, 2023, the U.S. Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (Corp Fin) issued guidance on XBRL disclosures in the form of a Sample Letter to Companies Regarding Their XBRL...more
Compliance with the requirements of New York Financial Services Law sections 801-811 (the Commercial Finance Disclosure Law or “NYCFDL”) as implemented by the New York Department of Financial Services (“DFS”) becomes...more
Our Financial Services & Products Group illuminates three new state laws in Georgia, Florida, and Connecticut requiring provider disclosures in commercial financing transactions....more
On June 23, the Florida governor signed HB 1353 (the “Act”), creating the Florida Commercial Financing Disclosure Law and imposing several requirements on commercial financing providers and brokers. The Act defines a...more
On June 23, 2023, Florida Governor Ron DeSantis signed into law Florida House Bill 1353, the latest in the growing trend of commercial financing disclosure laws (CFDLs). Florida follows the lead of California, Georgia, New...more
On May 1, the Georgia governor signed SB 90 to, among other things, require disclosures in connection with commercial financing transactions. The amendments modify the existing state Fair Business Practices Act and apply to...more
If you are a nonbank finance company that makes commercial loans of $2.5 million or less in New York or represent such a company, this Holland & Knight alert is for you. There has been a growing concern expressed over the...more
State legislative sessions are well underway in 2023, and many states already have introduced various forms of commercial financing disclosure legislation. These proposed laws (commercial financing disclosure laws or “CFDLs”)...more
On February 1, 2023, the New York State Department of Financial Services (DFS) adopted final regulations relating to New York’s Commercial Finance Disclosure Law (CFDL), which requires providers of commercial financing,...more
The New York Department of Financial Services (DFS) has issued final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL) which requires consumer-like disclosures for “commercial financing”...more
On March 24, Utah Governor Spencer Cox signed into law SB 183, a bill that contains certain commercial transaction disclosure requirements applicable to prescribed providers of many forms of "smaller" business credit. Utah...more
On March 24, Utah Governor Spencer Cox signed S.B. 183, the Commercial Financing Registration and Disclosure Act ("CFRDA"). This makes Utah the third state to adopt a commercial financing disclosure law, following California...more
In the absence of a federal law requiring disclosures be provided to small businesses, regulators in California in 2018, and now New York, have jumped into the void. With the Enactment of the New York Commercial Finance...more
New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions. On July 23, 2020, the New York State legislature passed SB 5470 (S.5470/A.10118-A), which closely follows...more
The SEC has proposed amendments to the description of business, legal proceeding and risk factor disclosures that are required pursuant to Regulation S-K. The SEC intends to update the rules to account for developments in...more
On April 25, 2019, the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed proposed amendments to FINRA Rule 5110 (“FINRA Rule 5110” or “the Rule”), commonly referred to as the “Corporate Financing Rule”, with the...more
On March 20, 2019, the Securities and Exchange Commission (the “Commission”) adopted rule amendments to modernize and simplify certain disclosure requirements in Regulation S-K and related rules and forms. These amendments...more
This September, Governor Jerry Brown signed SB 1235 (Stats. 2018, Ch. 1011) into law. In a nutshell, SB 1235 adds a new division to the Financial Code imposing specific loan disclosure requirements on providers of commercial...more
On November 16, 2018, the American Bar Association’s Committee on Federal Regulation of Securities hosted a dialogue with William Hinman, Securities and Exchange Commission (“SEC”) Director of the Division of Corporation...more
The Australian Securities and Investments Commission ("ASIC") recently released the "ASIC regulation of corporate finance: January to June 2018" report that demonstrates ASIC's increased preparedness to take action on...more
It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state's Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more