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Financial Regulatory Reform › Disclosure Requirements › Financing

Troutman Pepper Locke

Texas Introduces Legislation to Regulate Sales-Based Commercial Financing

Troutman Pepper Locke on

Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction...more

Ballard Spahr LLP

Connecticut Department of Banking issues guidance on consumer-like disclosures in sales-based financing offers

Ballard Spahr LLP on

On June 10, 2024, the Connecticut Department of Banking (“Department”) issued guidance (the “Guidance”) to give direction on required consumer-like disclosures in certain commercial financing offers....more

BCLP

New York’s Detailed Commercial Finance Disclosure Requirements Take Effect

BCLP on

Compliance with the requirements of New York Financial Services Law sections 801-811 (the Commercial Finance Disclosure Law or “NYCFDL”) as implemented by the New York Department of Financial Services (“DFS”) becomes...more

Troutman Pepper Locke

Connecticut Becomes Latest State to Enact a Commercial Financing Disclosure and Registration Law

Troutman Pepper Locke on

On June 28, Connecticut Governor Ned Lamont signed into law Senate Bill 1032 entitled An Act Requiring Certain Financing Disclosures, which requires certain providers of commercial financing to make various disclosures and...more

Cadwalader, Wickersham & Taft LLP

New York Department of Financial Services Issues Regulations Regarding Commercial Finance Disclosures

Cadwalader, Wickersham & Taft LLP on

The State of New York passed a law in December 2020 – the Commercial Finance Disclosure Law (“CFDL”), with an effective date of June 2021 – that prescribed required disclosures for commercial finance transactions that are...more

Mayer Brown

The Suspense Is Over – NYDFS Adopts Final Commercial Financing Disclosure Rules, Announces Effective Date, and Provides New...

Mayer Brown on

Small business financers and brokers (“providers”) active in New York are officially on notice to finalize their preparations to comply with New York’s Commercial Finance Disclosure Law (“CFDL”) by August 1, 2023, the new...more

Mayer Brown

Utah Enacts Commercial Financing Disclosure Law with a Registration Obligation

Mayer Brown on

Utah has followed California and New York by enacting its own Truth in Lending-like commercial financing disclosure law, but with an additional twist—Utah’s new law has a registration requirement. On March 24, Utah Governor...more

Mayer Brown

NY Expands Coverage of Recently Enacted Commercial Financing Disclosure Law

Mayer Brown on

As expected, New York has broadened the reach of its new commercial financing disclosure law less than two months after its enactment. S.B. 5470, as previously reported by Mayer Brown, imposed a range of Truth in Lending-like...more

Mayer Brown

Legal Update: NY Enacts TILA-Like Disclosure Law for Business Loans and Purchases of Receivables (Factors, MCA Providers,...

Mayer Brown on

In late December 2020, New York Governor Andrew Cuomo signed S.B. 5470 into law, which will impose a range of Truth in Lending Act-like disclosure requirements on providers of commercial financing in amounts of $500,000 or...more

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