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The New York State Legislature adopts substantial disclosure requirements in certain trade finance transactions, including for the merchant cash advance industry and others

On Thursday, July 23, 2020, the New York State Legislature voted to approve the associated bills (S 5470 / A 10118-A), commonly known as the “New York State Small Business Truth in Lending Act” (NY TILA). By adopting NY TILA, New York State is following in the footsteps of California, …

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The New York State Legislature adopts substantial disclosure requirements in certain trade finance transactions, including for the merchant cash advance industry and others

On Thursday, July 23, 2020, the New York State Legislature voted to approve the associated bills (S 5470 / A 10118-A), commonly known as the “New York State Small Business Truth in Lending Act” (NY TILA). By adopting the NY TILA, New York State is following in the footsteps of …

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NJ says cash advance pioneer cheated borrowers

New Jersey has sued Yellowstone Capital LLC, a pioneer of a form of unregulated loan known as a merchant cash advance, accusing the company of cheating small businesses and offering loans on predatory terms. Attorney General Gurbir Grewal filed a lawsuit Tuesday in Hudson County State Superior Court. Yellowstone, based …

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