APR Calculation Further Explained

 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/

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