Protecting Maryland Merchants: Grant Phillips Law - Your Merchant Cash Advance Attorney

 Grantphillipslaw.com Merchant Cash Advance Loans can provide your firm with the extra funding it needs. Put your trust in our skilled staff to assist you in thriving. Merchant Cash Advance Loans

 The New York Truth in Lending/TILA Disclosure Law, shows a clear and unambiguous intent on the part of the New York Legislature. No more predatory loans! Not here. This directive includes its chief protagonist, namely the infamous Merchant Cash Advance. New York has begun to regulate the Merchant Cash Advance industry and together with California, provides fiscal protection to corporations and businesses (Emphasis added). S.B. 5470 goes a long way to right potential corporate lending abuses https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 Thus, expanding the Statutes reach. It is worth noting that under New York Usury laws, the charging of interest in excess of 25% on a loan less than $2,500,000.00 is considered criminal usury. Ostensibly now, non-conventional loans under $2.5MM in New York are subject to both SB 5740 and to New York criminal usury. https://grantphillipslaw.com/new-york-mca-laws-updated/

 implementation, enforcement, and protocol for compliance. The intent of SB 898 as passed by the New York Legislature is to answer some of these questions and to provide SB 5740 with a far broader reach to include more loan transactions within its purview and includes Merchant Cash Advance transactions. https://grantphillipslaw.com/new-york-mca-laws-updated/

 An attorney must give a retainer agreement and layout in plain English up front, what he or she is doing for the client and how much it will cost. A good attorney will not even take money or start a case if they see that the client’s desires are not legally possible or there is no legal defense. A qualified attorney will never make promises or guarantees about success, let alone promise total elimination or settlement, while settlement companies tout 50% to 90% reductions. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

 The new TILA-like Disclosure requirements were signed into law on December 23rd of 2020 with an original commencement date of June 21, 2021. However, since passing S.B. 5470 the New York Senate has provided additional guidance and updates (In March 2021), and included in this update is a new date for commencement of the law to begin January 1st, 2022. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 As a direct result of the economic crisis back then, an environment for alternative lending opened to meet small business demand and plug the lending gap left by conventional banking institutions. The predominant and favorite tool predatory lenders leaned upon, was the offering of a Merchant Cash Advance to an unsuspecting small business owner. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

 The final rules are a good start, but fall short in several areas. For example an MCA Funder is exempt from full disclosure if they are “partnered” with FDIC insured banks. Another shortfall is the inclusion of a $2,500,000 cap. Thus, commercial financing in excess of $2.5M is exempt from the CFDL. Hardly ideal. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/

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Fight back against predatory lending and deceptive practices with Grantphillipslaw.com. Protect your rights and seek justice with our experienced team.  Predatory Lending Deceptive Practices

 The New York Truth in Lending/TILA Disclosure Law, shows a clear and unambiguous intent on the part of the New York Legislature. No more predatory loans! Not here. This directive includes its chief protagonist, namely the infamous Merchant Cash Advance. New York has begun to regulate the Merchant Cash Advance industry and together with California, provides fiscal protection to corporations and businesses (Emphasis added). S.B. 5470 goes a long way to right potential corporate lending abuses. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 SB 898 instructs that an APR (annual percentage rate) must be calculated in accordance with the Truth in Lending Act (TILA) as applied on a federal level and in accordance with Regulation Z. Interestingly, Regulation Z is a law that protects consumers from misleading information when applying for credit. SB 898 goes even further by stating that this calculation method is required regardless of whether the underlying transaction requires federal-TILA like disclosures or Regulation Z. https://grantphillipslaw.com/new-york-mca-laws-updated/

 Advance, to make certain disclosures in the contract paperwork, available for a small business borrower to make informed borrowing decisions. Examples of required disclosures include revealing the total cost of financing as well as presenting the small business borrower with a defined APR (Annual Percentage Rate). https://grantphillipslaw.com/new-york-mca-laws-updated/

 As an attorney licensed & practicing in Florida, New York and New Jersey, with a focus on Total Consumer Debt Relief, I am receiving more and more clients, who were once signed into an alleged debt settlement program, hired a non-attorney to address their debt or had already paid exorbitant amounts of money to such companies, and yet, their debt was NOT settled. Many of these practitioners fail to inform the debtor of their limitations, instead often taking loads of upfront money a violation of FTC and State Law, while not performing any service. I have also encountered many companies that promise to eliminate all debt. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

 S.B. 5470 is a New York law requiring non-bank lenders to provide corporate borrowers specific disclosures in the loan paperwork and prior to formal consummation of the loan. The law was enacted in order to create more transparency for small business borrowers surrounding their application for credit from non-conventional banking institutes. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

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 With an abundance of new regulation, credit underwriting standards inevitably increased to such an extent, that most small businesses were left out in the cold, unable to obtain working or start-up capital, thus leaving a massive void in the lending to small business space. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

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 This is significant development since New York’s Commercial Finance Disclosure Law (CFDL) went into effect August 1st, 2023 and in the law the CFDL has extended disclosure requirements ordinarily required for consumer lending to commercial financing instruments such as a merchant cash advance. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/

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 implementation, enforcement, and protocol for compliance. The intent of SB 898 as passed by the New York Legislature is to answer some of these questions and to provide SB 5740 with a far broader reach to include more loan transactions within its purview and includes Merchant Cash Advance transactions. https://grantphillipslaw.com/new-york-mca-laws-updated/

 This is significant development since New York’s Commercial Finance Disclosure Law (CFDL) went into effect August 1st, 2023 and in the law the CFDL has extended disclosure requirements ordinarily required for consumer lending to commercial financing instruments such as a merchant cash advance. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/

 What arrived next was enormous growth in a previously obscure lending instrument, ubiquitously known as a Merchant Cash Advance. A seemingly legal transaction whereby a predatory lender is permitted to charge what ordinarily would be considered usurious interest, without being guilty of breaking the law. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

 The New York Truth in Lending/TILA Disclosure Law, shows a clear and unambiguous intent on the part of the New York Legislature. No more predatory loans! Not here. This directive includes its chief protagonist, namely the infamous Merchant Cash Advance. New York has begun to regulate the Merchant Cash Advance industry and together with California, provides fiscal protection to corporations and businesses (Emphasis added). S.B. 5470 goes a long way to right potential corporate lending abuses. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 The intent of S.B 5470 is to provide corporate and small business borrowers with more transparency surrounding their taking of credit, in order to allow for better, more informed decisions, a clearer understanding of how much is being borrowed and under what terms and to provide a corporate borrower with the ability to compare different offers of credit. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 The new law imposes multiple disclosure requirements similar to TILA (Truth in Lending), on funders and providers of corporate financing including Fintech, Factors, and Merchant Cash Advance transactions. Prior to enactment, there was no uniform methodology for the disclosure of vital components of the credit being extended to businesses, such as the total amount being borrowed, the total amount of repayment, the total interest cost, annual percentage rate, and a host of other disclosures, to be discussed later in this article. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 S.B. 898 explains that a car dealer is exempt from the disclosure requirements of SB 5740 provided the recipient of the financing is also a car dealer or a car rental company and where their dealings lead to a transaction that exceeds $50,000.00. https://grantphillipslaw.com/new-york-mca-laws-updated/

 New York law SB 5740 is designed to create transparency around loans originated in the State of New York and provided to small businesses via unconventional non-bank lenders, SB 5740 passed in December of 2020. https://grantphillipslaw.com/new-york-mca-laws-updated/

 SB 898 continues its explanation of SB 5740 stating categorically that mere compliance with SB 5740 will not cure a breach of New York Usury Laws. Thus, a breach of usury remains usurious and compliance with SB 5740 will not cure such usury. https://grantphillipslaw.com/new-york-mca-laws-updated/

 S.B. 5470 is a New York law requiring non-bank lenders to provide corporate borrowers specific disclosures in the loan paperwork and prior to formal consummation of the loan. The law was enacted in order to create more transparency for small business borrowers surrounding their application for credit from non-conventional banking institutes. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 As a direct result of the economic crisis back then, an environment for alternative lending opened to meet small business demand and plug the lending gap left by conventional banking institutions. The predominant and favorite tool predatory lenders leaned upon, was the offering of a Merchant Cash Advance to an unsuspecting small business owner. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

The final rules provide that the finance charge on a transaction should be calculated and disclosed. This means the fees that the Merchant Cash Advance Funder usually charges for underwriting and origination. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/  

 New York follows the State of California by enacting this type of law and like California, New York’s newly enacted statute applies to a Merchant Cash Advance. Like California, New York is trying to clean up its reputation as the bedrock and home of most Merchant Cash Advance, Confessions of Judgments, and other predatory loan type scams. New York State has spoken. It is standing up and telling providers and lenders of credit to businesses, to disclose critical terms and to be transparent and accurate or face consequences. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 The protocol and format of how lenders will issue, maintain and comply with the new law and the manner by which lenders will be monitored, will be prescribed by The New York Department of Financial Services (DFS). At the time of writing this article, the DFS has yet to issue guidance or provide instruction on Format and Compliance. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 When a debtor hires a debt expert or company additional problems arise. There is the too common issue of multiple creditors and the inability of the expert or debt settlement company to get ALL of the debtor’s creditors into one all-encompassing settlement. Worse yet, is the failure of the debt settlement company to contact the true and actual creditor making sure the party they are “negotiating” with is the true debt holder and not a third party collection agency without authorization to issue settlements, thus leaving the debtor open to collections down the road. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

 Advance, to make certain disclosures in the contract paperwork, available for a small business borrower to make informed borrowing decisions. Examples of required disclosures include revealing the total cost of financing as well as presenting the small business borrower with a defined APR (Annual Percentage Rate). https://grantphillipslaw.com/new-york-mca-laws-updated/

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 As an attorney licensed & practicing in Florida, New York and New Jersey, with a focus on Total Consumer Debt Relief, I am receiving more and more clients, who were once signed into an alleged debt settlement program, hired a non-attorney to address their debt or had already paid exorbitant amounts of money to such companies, and yet, their debt was NOT settled. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

 S.B. 5470 is a New York law requiring non-bank lenders to provide corporate borrowers specific disclosures in the loan paperwork and prior to formal consummation of the loan. The law was enacted in order to create more transparency for small business borrowers surrounding their application for credit from non-conventional banking institutes. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

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 What arrived next was enormous growth in a previously obscure lending instrument, ubiquitously known as a Merchant Cash Advance. A seemingly legal transaction whereby a predatory lender is permitted to charge what ordinarily would be considered usurious interest, without being guilty of breaking the law. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

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 The final rules require any commercial financing that incorporates a Broker that the MCA Funder must inform the Business receiving the MCA in writing of how and by whom the broker will be compensated. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/

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 This is significant development since New York’s Commercial Finance Disclosure Law (CFDL) went into effect August 1st, 2023 and in the law the CFDL has extended disclosure requirements ordinarily required for consumer lending to commercial financing instruments such as a merchant cash advance. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/

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  The attorneys at Grant Phillips Law, PLLC have assisted hundreds of Merchants with their Merchant Cash Advance Loans in most States, including but not limited to: California, Texas, New York, Florida, Michigan, Pennsylvania, Illinois, Tennessee, Ohio, New Jersey, Georgia, Arizona, North Carolina, Massachusetts, Indiana, Missouri and all across the United States. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

  SB 898 includes language that states categorically that a lender’s compliance with SB 5740 does not mean the underlying loan transaction is therefore legal. https://grantphillipslaw.com/new-york-mca-laws-updated/

  SB 5740 applies to Merchant Cash Advance. In fact, New York law writers took the time to list a Merchant Cash Advance as one kind of non-bank lending the Statute is designed to govern. https://grantphillipslaw.com/new-york-mca-laws-updated/

  This applies to most forms of debt, including but not limited to Merchant Cash Advance Loans, Payday Loans, Hard Money Loans, IRS Tax Debt, Medical Bills, Credit Card Debt and in certain instances even Student Loan Debt. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

  The law was enacted in order to create more transparency for small business borrowers surrounding their application for credit from non-conventional banking institutes. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

  Beginning early 2010, after the Great Recession, when the American housing market blew up and the world fell into a financial crisis, conventional banking institutions, for example Chase Bank and Citi, were unwilling to extend credit to small businesses. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

  New York State, by all accounts the haven State for Merchant Cash Advances, ironically is also one of the first States to enact laws that require certain consumer like disclosures even for several commercial loans. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/

 Only a Consumer National Debt Relief Attorney Can Help You With Total & Lasting Debt Elimination! This applies to most forms of debt, including but not limited to Merchant Cash Advance Loans, Payday Loans, Hard Money Loans, IRS Tax Debt, Medical Bills, Credit Card Debt and in certain instances even Student Loan Debt. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

 New York follows the State of California by enacting this type of law and like California, New York’s newly enacted statute applies to a Merchant Cash Advance. Like California, New York is trying to clean up its reputation as the bedrock and home of most Merchant Cash Advance, Confessions of Judgments, and other predatory loan type scams. New York State has spoken. It is standing up and telling providers and lenders of credit to businesses, to disclose critical terms and to be transparent and accurate or face consequences. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 2010 saw a large increase in MCA loan origination. This growth can be attributed to the economic circumstances and fledging economy at that time. It was a perfect combination of circumstance and timing. Small business lending had all but dried up, demand for funding had risen sharply and the resulting turmoil presented both the conditions and timing necessary for the MCA industry to grow exponentially. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

 The final rules limit the CFDL to transactions where the recipient is directed or managed from New York or is a resident of New York. This is very similar to California’s law. Both NY and CA allow a Merchant Cash Advance Funder to rely on the business address provided by the recipient in its application for financing to make the determination. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/

 The final rules are a good start, but fall short in several areas. For example an MCA Funder is exempt from full disclosure if they are “partnered” with FDIC insured banks. Another shortfall is the inclusion of a $2,500,000 cap. Thus, commercial financing in excess of $2.5M is exempt from the CFDL. Hardly ideal. https://grantphillipslaw.com/new-york-mca-final-disclosure-laws/

 S.B. 898 explains that a car dealer is exempt from the disclosure requirements of SB 5740 provided the recipient of the financing is also a car dealer or a car rental company and where their dealings lead to a transaction that exceeds $50,000.00. https://grantphillipslaw.com/new-york-mca-laws-updated/

 SB 898 includes language that states categorically that a lender’s compliance with SB 5740 does not mean the underlying loan transaction is therefore legal. Put another way, the new law of SB 5740 does not give a non-bank lender a pass. Fraud is still fraud. Misrepresentation is still misrepresentation and thus even total compliance with the SB 5740 disclosures will not waive fraudulent or legally questionable transactions. SB 5740 does not make illegal transactions suddenly legal. https://grantphillipslaw.com/new-york-mca-laws-updated/