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New York Enacts APR Disclosure Laws

Perhaps. Time will tell. With the advent of financial technology, providers and lenders of corporate finance have become more sophisticated and continually seek to “invent” new and complex lending structures that bad actors can use to engage in predatory and lending abuses. S.B 5470 seeks to govern these creations and inventions by requiring the disclosures delineated in more detail further into this article.



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

New York MCA Laws Updated

SB 898 continues its explanation of SB 5740 stating categorically that mere compliance with SB 5740 will not cure a breach of New York Usury Laws. Thus, a breach of usury remains usurious and compliance with SB 5740 will not cure such usury.



https://grantphillipslaw.com/n....ew-york-mca-laws-upd

Tackle All Your Debt with A Debt Relief Attorney

The solution to REAL, LEGAL & COMPLETE debt relief, is working through an attorney licensed and specializing in Total Consumer Debt Relief. With an experienced attorney a debtor has the ability to view their financial hardship and debt in a total and comprehensive fashion and not in a bubble or vacuum of credit card debt alone. They are able to tackle ALL DEBT both secured and unsecured including credit cards, medical bills, tax liens, car repossessions, mortgage debt, judgments, garnishments and foreclosures. This allows for a plan of action that is comprehensive and does not give the debtor temporary relief while ignoring the 800 pound gorilla sitting right next door.



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

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 surrounding their application for credit from non-conventional banking institutes.



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

New York MCA Laws Updated

On its own, SB 5740 reads somewhat ambiguous, with limited reach. Comes along SB 898 (about two months after SB 5740 passed) providing more context into SB 5740 while simultaneously increasing its regulatory reach.



https://grantphillipslaw.com/n....ew-york-mca-laws-upd