As expected, New York has broadened the reach of its new commercial financing disclosure law less than two months after its enactment.
S.B. 5470 imposed a range of Truth in Lending-like disclosure requirements on a variety of commercial financing transactions. On February 16, 2021, New York Governor Andrew Cuomo signed S.B. 898 into law, clarifying and broadening the effect of the previous legislation.
Read more about the changes that commercial financers should note in Mayer Brown’s Legal Update.