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Commercial Loans Governor Cuomo

Stark & Stark

New York Commercial Finance Disclosure Law

Stark & Stark on

On December 23, 2020, then Governor Andrew Cuomo signed into law NY CLS Fin Serv §§ 801-812 (the “Disclosure Law”) with the intended purpose of “requiring certain providers that extend specific terms of commercial financing...more

Pillsbury Winthrop Shaw Pittman LLP

New York Enacts Novel Disclosure Requirements for Commercial Financing Transactions

Fintechs and other nonbanks will be required to provide consumer-style disclosures when offering to extend small business financing in New York. In late December 2020, New York Governor Andrew Cuomo signed into law...more

Ballard Spahr LLP

New York enacts commercial financing disclosure law

Ballard Spahr LLP on

On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less.  New York’s commercial financial law (NYCFL)...more

Hudson Cook, LLP

Gov. Cuomo Signs New York Small Business Finance Disclosure Law

Hudson Cook, LLP on

On December 23, 2020, New. York Governor Cuomo signed into law A10118A/S5470B requiring disclosures in various commercial financing transactions, including loans, merchant cash advances ("MCA"), and factoring transactions...more

Troutman Pepper

New York State Legislature Adopts Substantial Disclosure Requirements in Certain Commercial Finance Transactions, Including for...

Troutman Pepper on

On Thursday, July 23, 2020, the New York State Legislature voted to approve companion bills (S 5470/A 10118-A), commonly referred to as the “New York State Small Business Truth in Lending Act” (NY TILA). In passing the NY...more

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