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On September 14, 2022, the New York Department of Financial Services (the "DFS") released proposed regulations implementing the New York Commercial Finance Disclosure Law (the "CFDL"). The proposed regulations are open to...more
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
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
On December 23, 2020, New York Governor Andrew Cuomo signed into law Senate Bill S5470B (Small Business Truth in Lending Law), which imposes new requirements on certain providers of commercial financing. Aimed at protecting...more
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
A new year brings new compliance requirements for non-banks and fintechs conducting business in New York, including Merchant Cash Advance (MCA) companies. On December 23, 2020, New York Gov. Andrew Cuomo signed SB5470...more
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
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
UPDATE - After this article was published, New York Governor Andrew Cuomo issued an executive order clarifying this issue. According to the order, due to the coronavirus pandemic, until April 19, 2020, companies...more
On October 11, 2019, New York Governor Andrew M. Cuomo (D) signed legislation (S.2387-B/A.164-B) requiring menstrual product packages or boxes sold in New York State to contain a “plain and conspicuous printed list of all the...more
With the signature of Governor Andrew Cuomo last Friday, October 11 (not coincidentally also the United Nations’ “International Day of the Girl”), New York became the first state to require manufacturers of tampons and other...more
On September 16, 2019, Governor Cuomo signed a new limited liability company disclosure bill requiring greater transparency in real estate dealings. Previously, only single-member LLCs were required to disclose the name of...more
Following national attention on the #metoo movement, New York Governor Andrew Cuomo announced plans as part of his State of the State address earlier this month to strengthen New York’s laws on sexual harassment in the...more
On June 1, 2017, the state of New York’s Department of Economic Development (the department) issued draft forms and guidance to capture employee salary information from New York state contractors and subcontractors pursuant...more
In January 2017, New York Gov. Andrew Cuomo issued Executive Order 162 (the order) requiring state contractors to disclose the salary paid to employees who work on the contract. The order attempts to address disparity in pay...more
Bill No. A. 10742/S. 8160, introduced during the final hours of the spring legislative session and signed into law by Governor Andrew Cuomo, requires 501(c)(3) organizations to publicly disclose the identities of certain...more
Governor Cuomo recently signed into law the highly anticipated "Ethics Reform Plan." The new law amended or added statutory provisions in four primary areas: (1) lobbying source of funding disclosures; (2) disclosures by tax...more
Late last week, New York Governor Andrew Cuomo and State legislative leaders announced agreement on a broad set of ethics and campaign-finance reforms focused on increased disclosure, transparency, and public trust....more