NEW YORK COMMERCIAL FINANCING DISCLOSURE LAW COMPLIANCE DATE APPROACHING

Compliance with the New York Commercial Finance Disclosure Law (“CFDL”) is required by August 1, 2023. The CFDL applies to multiple types of commercial financing products and requires providers to deliver disclosures when “extending a specific offer” for commercial financing in amounts of $2.5 million or less to a “recipient,” defined as a person who applies for commercial financing and is made a specific offer of commercial financing by a provider. See our ALERTS dated Feb. 10, 2023, Sept. 29, 2022 and Sept. 27, 2021. Read More