Commercial Financing

Connecticut Department of Banking issues guidance on consumer-like disclosures in sales-based financing offers

By Catherine LaGrange on June 24, 2024

Posted in Commercial Financing, State regulation

On June 10, 2024, the Connecticut Department of Banking (“Department”) issued guidance (the “Guidance”) to give direction on required consumer-like disclosures in certain commercial financing offers.

As background on the Guidance, Connecticut’s commercial financing disclosure law, An Act Requiring Certain Disclosures, was signed into law on June 28 2023, and will become effective on July 1, 2024 (the “Statute”).… Continue Reading

Bill to license commercial lenders proposed in New York

By John D. Socknat on June 29, 2023

Posted in Commercial Financing, Small Business, State Licensing

New York Senator James Sanders Jr. recently proposed Senate Bill 1450A (“S1450”), which would require those making or soliciting “commercial financing products” in New York State to obtain a license and comply with specified requirements.

Section 363-A of proposed S1450 defines a “commercial financing product” as any advance of funds to a commercial or business enterprise made for the purpose of assisting the business with its capital needs. … Continue Reading