News & Analysis as of

Small Business Loans Truth in Lending Act (TILA)

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2024

OCC Requests Public Comments on Proposed Bank Merger Policy Statement and Rules The OCC has proposed a new policy to increase the transparency of the standards that the agency applies to review business combinations involving...more

Hudson Cook, LLP

Connecticut Broadens Scope of Small Loan Act

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In June 2023, the Connecticut legislature passed amendments to the Small Loan Lending and Related Activities Act (the "Act"). On September 11, 2023, the Connecticut Department of Banking (the "Department") subsequently issued...more

Womble Bond Dickinson

Florida Enacts Commercial Financing Disclosure Law

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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

McGlinchey Stafford

The Small Business Truth in Lending Act

McGlinchey Stafford on

On February 10, 2023, Illinois State Senator Laura Ellman introduced SB2234, also referred to as the “Small Business Truth in Lending Act” (Act), in the Illinois House of Representatives. The purpose of the Act is to protect...more

Womble Bond Dickinson

Maryland House Economic Matters Committee Considers Senate-Passed Commercial Finance Disclosure Law: Consumer Type Disclosures in...

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We recently reported that the Maryland Senate unanimously approved amended Senate Bill 496 – a broad measure proposed to curb perceived commercial lending abuses in Maryland. The bill has moved on to the House of Delegates...more

Orrick, Herrington & Sutcliffe LLP

What Commercial Finance Companies Need to Know About New Commercial Financing Disclosure Rules

There has been increased focus on commercial financing transactions over the past few years. States have been moving to introduce consumer lending disclosure regimes to commercial financing. Several states, including...more

Buchalter

CFPB Proposed Regulatory Activity Agenda Released, Focuses on Limitations on Bank and Credit Card Fees, Small Business Lending...

Buchalter on

The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies...more

Mayer Brown

CFPB Preliminarily Determines State Commercial Financing Disclosure Laws Not Preempted by Truth in Lending Act

Mayer Brown on

Small business lenders hoping for federal intervention will be disappointed to learn that the Consumer Financial Protection Bureau (CFPB) has reached a preliminary determination that New York’s new commercial financing...more

Troutman Pepper

NYDFS Publishes Notice of Proposed Regulation for Commercial Financing Disclosures

Troutman Pepper on

On October 20, the New York Department of Financial Services (NYDFS) published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470-B, which requires disclosures for...more

Bradley Arant Boult Cummings LLP

New York DFS Proposes Regulation to Implement TILA-Like Requirements on Small Business Loans

On September 21, 2021, New York’s Department of Financial Services (DFS) announced proposed regulations that clarify the small business Truth in Lending disclosure requirements that go into effect on January 1, 2022. The...more

Mayer Brown

Legal Update: NY Enacts TILA-Like Disclosure Law for Business Loans and Purchases of Receivables (Factors, MCA Providers,...

Mayer Brown on

In late December 2020, New York Governor Andrew Cuomo signed S.B. 5470 into law, which will impose a range of Truth in Lending Act-like disclosure requirements on providers of commercial financing in amounts of $500,000 or...more

Bradley Arant Boult Cummings LLP

New York Enacts Small Business Truth in Lending Disclosure Requirement Affecting Small Business Loans, MCAs, and Other Forms of...

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

Hudson Cook, LLP

Gov. Cuomo Signs New York Small Business Finance Disclosure Law

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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

Troutman Pepper

FTC Investigation Highlights: Small Business Lending Risks

Troutman Pepper on

On May 23, the FTC launched an investigation into unfair or deceptive practices in the small business financing industry. Press reports of this investigation emphasized the investigation’s relevance for online lenders and...more

Manatt, Phelps & Phillips, LLP

California Passes First-in-Nation Disclosure Requirements for Small Business Loans

At literally the 11th hour on August 31, the California legislature passed Senate Bill 1235 (SB 1235). Governor Brown has until September 30 to sign this legislation. Although not certain, we believe it is more likely than...more

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