New York DFS: The Commercial Financing Disclosure Requirement is Happening

New York State’s financial regulator announced that the commercial financing disclosure law is moving forward as planned for the Jan 1, 2022 deadline.

To prepare those that will be subject to it, Acting Superintendent Adrienne A. Harris released a copy of proposed regulations that will be open to comment for 60 days.

Its length, 45 pages, demonstrates the complexity that compliance will require. Anyone involved in commercial or small business financing should take the careful time to read it.

“The Department of Financial Services will then review all received comments and issue a final regulation,” the announcement says.