ALBANY, N.Y.—The New York State Department of Financial Services has adopted a new regulation relating to disclosure requirements for commercial financing.
The regulation is pursuant to sections 801 to 811 of the New York Financial Services Law (CFDL).
The New York DFS said in a statement the regulation was passed to address the lack of standardized disclosures in small business lending. The rule mandates standardized disclosures for commercial financings below a certain principal amount.
“The CFDL requires certain providers of commercial financing in amounts of up to $2,500,000 to provide standardized disclosures to potential borrowers at the time financing offers are extended,” the DFS said. “These standardized disclosures will help businesses and individuals understand and compare the terms of different commercial financing offers. The regulation implements the CFDL and provides specific instructions to commercial financing providers on how to comply with the CFDL.”
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