Closed-End Commercial Financing

 meaning: a closed-end extension of credit, secured or unsecured, including equipment financing that does not meet the definition of a lease under section 2-A-103 of the uniform commercial code, the proceeds of which the recipient does not intend to use primarily for personal, family, or household purposes. Closed-end financing includes financing with an established principal amount and duration. See N.Y Financial Services § 801(d).


https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

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