WHO IS A PROVIDER UNDER THE NEW DISCLOSURE LAW?


As one can see, S.B. 5470 defines “Commercial Financing” broadly and INCLUDES PURCHASES OF FUTURE ACCOUNT RECEIVABLES as well as factoring arrangements. Accordingly, despite several of the required disclosures being difficult to apply to a typical Merchant Cash Advance (to be discussed further in this article), the fact remains that S.B. 5470 applies to a Merchant Cash Advance and thus, an MCA that is for $500,000.00 or less, will require the disclosures, pursuant to the newly passed law.

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

Will S.B. 5470 Eliminate All Corporate Lending Abuses?


Don’t expect the law to eradicate all corporate lending abuse, however. We expect to continue to see certain illegalities and abuses such as the inclusion of a Confession of Judgment or other illegal documents in Merchant Cash Advance lending packets and other parts of the Merchant Cash Advance contract with possible illegal clauses, notwithstanding the new laws. Unfortunately, human greed cannot be regulated absolutely.

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

New York Joins California in Passing Disclosure Law.


New York follows the State of California by enacting this type of law and like California, New York’s newly enacted statute applies to a Merchant Cash Advance. Like California, New York is trying to clean up its reputation as the bedrock and home of most Merchant Cash Advance, Confessions of Judgments, and other predatory loan type scams. New York State has spoken.


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

Tackle All Your Debt with A Debt Relief Attorney


As an attorney licensed & practicing in Florida, New York and New Jersey, with a focus on Total Consumer Debt Relief, I am receiving more and more clients, who were once signed into an alleged debt settlement program, hired a non-attorney to address their debt or had already paid exorbitant amounts of money to such companies, and yet, their debt was NOT settled.

https://grantphillipslaw.com/t....ackle-all-your-debt-

New York Enacts APR Disclosure Laws


“New York State Adopts Truth In Lending (TILA) – Like Disclosure Law for Business Loans, including Merchant Cash Advance and Purchase of Future Receivables.”


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