New York DFS Publishes New Proposal on Commercial Financing Disclosure Law

The New York regulator in charge of rolling out the commercial financing disclosure law, published a new draft of the rules in the State Register yesterday.

In it, the New York Department of Financial Services (DFS) also gave its own assessment of the comments received from potentially covered parties.

“Some commenters are opposed to the basic purpose of the Commercial Finance Disclosure Law (“CFDL”), Financial Services Law (“FSL”) sections 801-811, and accordingly are opposed to the regulation,” DFS said. “Most commenters acknowledge the need for the rule to implement the CFDL and made comments intended to improve the regulation from their perspective.”

Thus, with all of the feedback previously received, the new proposal is out. The public now has until October 31st to provide further feedback to it.

The new 55-page proposal can be viewed here.