New York MCA Laws Updated
Thus, expanding the Statutes reach. It is worth noting that under New York Usury laws, the charging of interest in excess of 25% on a loan less than $2,500,000.00 is considered criminal usury. Ostensibly now, non-conventional loans under $2.5MM in New York are subject to both SB 5740 and to New York criminal usury.
https://grantphillipslaw.com/n....ew-york-mca-laws-upd
New York Enacts APR Disclosure Laws
The new TILA-like Disclosure requirements were signed into law on December 23rd of 2020 with an original commencement date of June 21, 2021. However, since passing S.B. 5470 the New York Senate has provided additional guidance and updates (In March 2021), and included in this update is a new date for commencement of the law to begin January 1st, 2022.
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
Tackle All Your Debt with A Debt Relief Attorney
As an attorney licensed & practicing in Florida, New York and New Jersey, with a focus on Total Consumer Debt Relief, I am receiving more and more clients, who were once signed into an alleged debt settlement program, hired a non-attorney to address their debt or had already paid exorbitant amounts of money to such companies, and yet, their debt was NOT settled.
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
