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Small business financers and brokers active in New York must
comply with New York’s Commercial Finance Disclosure Law
(“CFDL”) by August 1, 2023, according to the new
effective date the New York Department of Financial Services
provided in final administrative
rules on February 1.
In addition to the new effective date, the final rules include
important changes regarding the New York nexus that triggers the
CFDL, exemptions for depository institution subsidiaries, and the
content of required disclosures, among others.
Read more in Mayer Brown’s Legal Update.
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