Merchant Cash Advance 101 – Explained

However, since no law presently exists to govern the MCA space, the cases that have gone before the NY Courts have been decided upon the specific case facts relating to that matter. Notwithstanding this lack of regulation, New York recently passed SB 5470 but it is yet to be enacted. SB 5740 are laws requiring Merchant Cash Advance funders to disclose certain information about the MCA and its loan terms to the potential borrowing Merchant. This is a good start to reforming the space and limiting abuses.



https://grantphillipslaw.com/m....erchant-cash-advance

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New York MCA Laws Updated

SB 898 includes language that states categorically that a lender’s compliance with SB 5740 does not mean the underlying loan transaction is therefore legal. Put another way, the new law of SB 5740 does not give a non-bank lender a pass. Fraud is still fraud. Misrepresentation is still misrepresentation and thus even total compliance with the SB 5740 disclosures will not waive fraudulent or legally questionable transactions. SB 5740 does not make illegal transactions suddenly legal.

https://grantphillipslaw.com/n....ew-york-mca-laws-upd

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New York Enacts APR Disclosure Laws

The new TILA-like Disclosure requirements were signed into law on December 23rd of 2020 with an original commencement date of June 21, 2021. However, since passing S.B. 5470 the New York Senate has provided additional guidance and updates (In March 2021), and included in this update is a new date for commencement of the law to begin January 1st, 2022.



https://grantphillipslaw.com/n....ew-york-enacts-apr-d

Merchant Cash Advance 101 – Explained

As a direct result of the economic crisis back then, an environment for alternative lending opened to meet small business demand and plug the lending gap left by conventional banking institutions. The predominant and favorite tool predatory lenders leaned upon, was the offering of a Merchant Cash Advance to an unsuspecting small business owner.



https://grantphillipslaw.com/m....erchant-cash-advance

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