On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less.  New York’s commercial financial law (NYCFL) states that it takes effect on the 180th day after becoming law, which is June 21, 2021. Coverage.  The NYCFL defines “commercial financing” as “open-end financing, closed-end financing, sales-based financing, factoring transaction, or other form of financing, the proceeds of which the…