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I'm not sure if anyone was ready for it to come up out

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 of nowhere as it did the law obviously passed a

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 while back. So we already knew that the rules were coming.

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 There has been the opportunity to comment on the proposed rules

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 and originally when that proposal was

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 put up people the feedback that the Department of

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 Financial Services got there was

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 a lot and they recognized them and said, hey we got

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 to go back and really redo this whole thing. And I think

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 people kind of got the feeling that there was going to be a lot of

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 back and forth.

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Just like what had happened in California where there

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 was kind of back and forth for maybe four or five years

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 over what the final rules are going to be New York

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 kind of eliminated all of that and really

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 just got right to the point our confident that

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 they have it right now. Yeah, and they put

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 the rules up on their site on or

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 they published it in the state Register. I should say they published

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 it the rules the final rules in the state Register on

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 February 1st, but they actually filed

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 them on January 12th. So the rules

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 were technically finalized on January 12th, but they weren't made

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 available to the public in the state Register until February

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 1st. And so now we have them. Yeah, and

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 it's the new reality if you're wondering

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Wait a minute. What do I need to comply with these new

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 rules? Because everyone needs time to yeah to figure out

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 how they're going to move forward with it get ready to adjust and

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 adapt and my understanding is because because I'm

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 not an attorney is that the rules go into effect six

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 months from the date that they're published in

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 the state Register which would put it

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 as around August of 2023. Yeah,

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 for one people would have to comply that's my understanding of

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 it. Obviously if you're out there check with an attorney.

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 Yeah. It's interesting because so far we know that it's a 53 page

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 rule book. That's gonna dictate. Well covered parties will

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 be required to do and overall the department said

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 that it received just 21 comments on the proposed

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 revised rule.

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 So 21 comments. That's it. Yeah,

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 I was a little surprised when we read that when I

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 read that because I thought it would be more common and more people

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 kind of chiming in but they just had received 21 comments

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 and the department has

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 cons.

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Every comment received and has made several revisions to

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 the rule book. And again,

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 this is the final version of that and I

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 think if you are interested in reading more about it, we have

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 that part of the you know, we a link

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 to that actual rule book on on the article on

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 our website and it's 53

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 pages. I mean, there's a lot to go over. I

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 mean, I think the best recommendation is to sit

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 down with your attorney and kind of go over

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 what exactly it's gonna be required for you if you're

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 doing business in New York May I add that you

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 should forgive your attorney. If you're not currently an expert

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 at all 53 Pages because the rules

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 were just finalized. So I imagine

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 they need time to study what the final rules are you before

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 they're able to you know, give you advice as

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 to how to move forward. Yeah you well,

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 you know, I'd haven't

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 read all 53

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is on my own but I did read there's this

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 a addendum attached to the rules where the

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 DFS kind of

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discusses the commentary it received and how

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 it decided to proceed and one of the comments they had received out

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 of the only 21 was that Brokers should not

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 be covered.

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By the rules and they've actually

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 said too bad they are. Yeah and

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 what capacity again that's for an attorney

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 to figure out but this will have you know wide reaching

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 effects and I imagine will be similar

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 to the rules in California overall. Yeah,

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 you know, that's how the law itself was written. It was kind of modeled after the

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 law in California. So I anticipate that it would

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 be, you know, very similar in terms of what will be

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 required going forward. Yeah. I think one thing also thinking to

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 consideration is if you actually go online and you read these pages

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 and this is just something I'm saying

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 a lot is definitely don't just read

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 it and assume, you know, what what you can

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 do or what to do because there's a lot of information. I have some of

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 the points of what it goes through but there's just so much

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 and it's so specific that I think you

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 know, if you the best

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 thing is to hire an attorney and sit down and go over with it

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 go over it with them specifically because

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um, just you know, it's it's a lot of information. It's very

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 specific and I think we've said it

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 before it's like it's very specific to New York. If you're doing business in New

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 York and it's gonna look very different from what California has

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 and what other states have because it's

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 just a different Beast Within itself.

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 So

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Yeah anything that's gonna say everybody.

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Just that New York is the major Metropolitan hub

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 for the small business finance industry,

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 right? That's undeniable. And before when

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 the California rules went into effect. There

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 was a segment of people in the

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 New York Market that were deciding whether or not they should proceed

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 in California as if it were some foreign market

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 that was optional. Yeah, everyone recognized that

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 California with the biggest state in the country by

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 population. And that were there was a tremendous amount

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 of business to be gained by continuing to do

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 business in the state. Yeah, but still is almost

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 like they were there was a remoteness or Detachment to it because many

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 of the company many of the companies in the industry are

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 in New York or even in Florida too, right? But

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 here we are now on the home turf of

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 the industry and if you decide to say,

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 hey, I'm gonna sit the state out. It might be a little weird to

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to not be able to help a customer

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 down the street right? Because if you're based on

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 Long Island, you're based in Brooklyn, you're based in the city and you have that

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 local business. It says hey I hear what you do. Can you

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 help me out? You know, can you help me get some funding? It would

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 be really weird to be like, oh sorry can't do business.

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 Yeah here right, I think.

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For anyone who had not

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 moved forward in California. This will be the impetus

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 for them to be compliant with disclosure laws

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 because I don't think new york-based funding companies are

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 going to want to miss out on funding businesses

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 in New York. That's my personal opinion.