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New York Enacts APR Disclosure Laws
The new TILA-like Disclosure requirements were signed into law on December 23rd of 2020 with an original commencement date of June 21, 2021. However, since passing S.B. 5470 the New York Senate has provided additional guidance and updates (In March 2021), and ...
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Merchant Cash Advance 101 – Explained
2010 saw a large increase in MCA loan origination. This growth can be attributed to the economic circumstances and fledging economy at that time. It was a perfect combination of circumstance and timing. Small business lending had all but dried up, demand for funding ...
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Tackle All Your Debt with A Debt Relief Attorney
Only a Consumer National Debt Relief Attorney Can Help You With Total & Lasting Debt Elimination! This applies to most forms of debt, including but not limited to Merchant Cash Advance Loans, Payday Loans, Hard Money Loans, IRS Tax Debt, Medical Bills, Credit Card ...
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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 ...
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New York MCA Laws Updated
Advance, to make certain disclosures in the contract paperwork, available for a small business borrower to make informed borrowing decisions. Examples of required disclosures include revealing the total cost of financing as well as presenting the small business ...
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Merchant Cash Advance 101 – Explained
A Merchant Cash Advance or MCA (as the industry refers to it), was neither proprietary nor patented. In fact, its creation occurred more than a decade earlier. The owner of a Gymboree needing funds today to tide the business over through the slow months, ...
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New York MCA Final Disclosure Laws
The final rules are a good start, but fall short in several areas. For example an MCA Funder is exempt from full disclosure if they are “partnered” with FDIC insured banks. Another shortfall is the inclusion of a $2,500,000 cap. Thus, commercial financing in ...
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