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Law Imposes New Disclosure Requirements on New York Commercial Lenders

Law Imposes New Disclosure Requirements on New York Commercial Lenders

Author: Howard D. BaderDate: February 12, 2021

Gov. Andrew Cuomo recently signed legislation (Senate Bill S5470) that imposes new disclosure obligations on New York commercial lenders. The new disclosures are akin to those provided to home buyers by residential mortgage lenders under the federal Truth in Lending Act.

S5470 requires providers of commercial financing to disclose certain information to the borrower upon a specific offer of financing. The term “commercial financing” refers specifically to open-end financing, closed-end financing, sales-based financing, factoring transactions, or other forms of financing the proceeds of which the recipient does not intend to use for personal, family, or household purposes. 

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