New York Enacts APR Disclosure Laws

S.B. 5470 is a New York law requiring non-bank lenders to provide corporate borrowers specific disclosures in the loan paperwork and prior to formal consummation of the loan. The law was enacted in order to create more transparency for small business borrowers surrounding their application for credit from non-conventional banking institutes.

https://grantphillipslaw.com/n....ew-york-enacts-apr-d

New York MCA Laws Updated

New York MCA Laws UpdatedSB 5740 applies to Merchant Cash Advance. In fact, New York law writers took the time to list a Merchant Cash Advance as one kind of non-bank lending the Statute is designed to govern.

https://grantphillipslaw.com/n....ew-york-mca-laws-upd

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Merchant Cash Advance 101 – Explained

Beginning early 2010, after the Great Recession, when the American housing market blew up and the world fell into a financial crisis, conventional banking institutions, for example Chase Bank and Citi, were unwilling to extend credit to small businesses.

https://grantphillipslaw.com/m....erchant-cash-advance

New York MCA Final Disclosure Laws

New York State, by all accounts the haven State for Merchant Cash Advances, ironically is also one of the first States to enact laws that require certain consumer like disclosures even for several commercial loans.

https://grantphillipslaw.com/n....ew-york-mca-final-di