NYDFS announced a new proposed regulation designed to improve transparency for small businesses seeking commercial loans. The regulation applies to companies offering commercial financing in amounts under $2.5 million, requiring them to make standardized disclosures about credit terms. The regulation implements legislation enacted by the State legislature earlier this year. It is the first proposed regulation issued by recently appointed Acting Superintendent Harris.
The proposed regulation may be found here:
https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202109211