Small business financers and brokers active in New York must comply with New York’s Commercial Finance Disclosure Law (“CFDL”) by August 1, 2023, according to the new effective date the New York Department of Financial Services provided in final administrative rules on February 1.
In addition to the new effective date, the final rules include important changes regarding the New York nexus that triggers the CFDL, exemptions for depository institution subsidiaries, and the content of required disclosures, among others.
Read more in Mayer Brown’s Legal Update.