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New York’s New Law Impacting Commercial Financing Transactions

The New York Commercial Financing Disclosure Law (“CFDL”) imposes consumer-style disclosure requirements for a variety of commercial financing transactions, including loans, sales-based financing, including merchant cash advances, and factoring transactions.  The original bill, SB 5470, was signed into law in December 2020 and then amended by SB 898 in February 2021. State or federally chartered … Continue Reading

California’s new commercial financing disclosures

Newly-effective California law requires a non-bank provider of commercial financing to present its financing recipient with certain consumer lending-style cost disclosures at the time when making an offer of commercial financing, and to obtain the recipient’s signature on the required disclosure before consummating the financing. While effective now, parties need not comply with the new … Continue Reading