State & Federal Legislative Developments

State Issues

New York State Acting Superintendent of the Department of Financial Services Adrienne Harris proposed a regulation that would require companies that offer commercial financing in amounts under $2.5 million to make standardized disclosures about the terms of credit. The Department believes these standardized disclosures will help businesses and individuals understand and compare the terms of different commercial financing offers. Superintendent Harris also announced this week new consumer protections in New York’s public adjusters’ regulation, which will become effective October 8. The Department says the protections help insureds by clearly defining the duties of insurers and public adjusters hired by insureds to negotiate insurance claim settlements on their behalf. 

During debate on appropriations for national defense, the House voted to include an amendment that contains the SAFE Banking Act, which would permit banks to serve cannabis businesses without regulatory consequences. The amendment’s chances of surviving Senate negotiations are unclear.