Legal Update: NY Enacts TILA-Like Disclosure Law for Business Loans and Purchases of Receivables (Factors, MCA Providers, Fintechs, Commercial Lenders—Take Note)

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 less. In signing the legislation, Governor Cuomo noted in the memorandum filed with the bill that he had “secured an agreement with the legislature to make certain technical changes to this bill to better provide clarity and align to existing requirements under federal laws,...
By: Mayer Brown - Retained Interest

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