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New York MCA Laws Updated
Originally, SB 5740 governed loans of less than $500,000.00. Now, as amended by SB 898, the law applies to commercial lending transactions, including Merchant Cash Advance, of less than $2,500,000.00.
https://grantphillipslaw.com/n....ew-york-mca-laws-upd
New York Enacts APR Disclosure Laws
In order to be a loan, money must be given and repaid no matter what. With a legal Merchant Cash Advance, Courts hold that the money received by the corporate borrower is not being loaned but is rather money provided today for the rights to receive a massive chunk of the corporation’s future receivables.
https://grantphillipslaw.com/n....ew-york-enacts-apr-d
New York MCA Laws Updated
One little quirk exists though, what if the loan is for exactly $2,500,000.00? The law would seem to point to the fact that a transaction in the exact amount of $2.5MM is still governed by SB 5740, but not governed any longer under criminal usury since in New York criminal usury is capped at $2,499,999.00
https://grantphillipslaw.com/n....ew-york-mca-laws-upd
New York Enacts APR Disclosure Laws
The protocol and format of how lenders will issue, maintain and comply with the new law and the manner by which lenders will be monitored, will be prescribed by The New York Department of Financial Services (DFS). At the time of writing this article, the DFS has yet to issue guidance or provide instruction on Format and Compliance.
https://grantphillipslaw.com/n....ew-york-enacts-apr-d
