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ARTICLE · 27 OCTOBER 2021

NYDFS Issues Proposed Rules To Implement New Commercial Financing Disclosure Law

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On October 20, the New York Department of Financial Services (NYDFS) issued proposed rules under New York's Commercial Financing Disclosure Law (CFDL)

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
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On October 20, the New York Department of Financial Services (NYDFS) issued proposed rules under New York's Commercial Financing Disclosure Law (CFDL) (See S5470-B, as amended by S898).  Under the CFDL, commercial financing providers will be required to give consumer-style loan disclosures to recipients at the time a specific offering of finance is extended for certain commercial transactions of $2.5 million or less.  The public comment period on the proposed rules are due by December 19, 2021.

Among other things, the proposed regulation:

  • Describes how the CFDL's $2.5 million disclosure threshold is calculated
  • Explains how providers should calculate the APR and outlines allowed tolerances

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