New York Finalizes Commercial Financing Disclosure Regulations

On February 1, the New York Department of Financial Services issued final regulations implementing the Commercial Finance Disclosure Law (“CFDL”). The regulations apply to multiple types of commercial financing products and require providers to deliver disclosures when “extending a specific offer” for commercial financing in amounts under $2.5 million to a “recipient,” defined as a person who applies for commercial financing and is made a specific offer of commercial financing by a provider. This final regulation is the third version of the regulation issued. Read More