NYFDS ISSUES DRAFT COMMERCIAL DISCLOSURE REQUIREMENTS

Acting Superintendent of Financial Services Adrienne A. Harris announced a new proposed regulation implementing the New York Commercial Financing Disclosure Law (“CFDL”) for small businesses commercial financing. The proposed regulation requires companies that offer commercial financing in amounts under $2.5 million to make disclosures somewhat like those required by the federal Truth in Lending Act and Regulation Z. The CFDL mandates certain disclosures for commercial financing is effective January 1, 2022. See our Alert dated Dec. 14, 2020. Read More