Although the Legislature is on its break until January, S.6688 (Sanders), to regulate commercial finance licensing, was introduced this week. The bill would require businesses that provide or solicit commercial financing products to businesses in New York to be licensed by the New York Department of Financial Services. However, there are limited exemptions including banks and federal credit unions.
For more information, please contact:
Michael P. Smith, President, NYBA, at (212) 297-1699
Clare M. Cusack, General Counsel, at (212) 297-1664
Megan Rowan McGovern, Deputy General Counsel & VP, Government Relations, at (212) 297-1669