New York Enacts APR Disclosure Laws
The law was enacted in order to create more transparency for small business borrowers surrounding their application for credit from non-conventional banking institutes.
https://grantphillipslaw.com/n....ew-york-enacts-apr-d
Merchant Cash Advance 101 – Explained
Beginning early 2010, after the Great Recession, when the American housing market blew up and the world fell into a financial crisis, conventional banking institutions, for example Chase Bank and Citi, were unwilling to extend credit to small businesses.
https://grantphillipslaw.com/m....erchant-cash-advance
Merchant Cash Advance 101 – Explained
As a direct result of the housing debacle, banks reacted with a plethora of new internal regulation, making it almost impossible for the average small business to qualify for a business loan.
https://grantphillipslaw.com/m....erchant-cash-advance
New York MCA Final Disclosure Laws
This is significant development since New York’s Commercial Finance Disclosure Law (CFDL) went into effect August 1st, 2023 and in the law the CFDL has extended disclosure requirements ordinarily required for consumer lending to commercial financing instruments such as a merchant cash advance.
https://grantphillipslaw.com/n....ew-york-mca-final-di
New York MCA Final Disclosure Laws
New York State, by all accounts the haven State for Merchant Cash Advances, ironically is also one of the first States to enact laws that require certain consumer like disclosures even for several commercial loans.
https://grantphillipslaw.com/n....ew-york-mca-final-di