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

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 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/

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 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/

 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/

 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/

 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/

 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/

 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/

 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/

  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/

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 However, sadly many businesses have been destroyed because of these loans like funding instruments. It is easy to fall prey to an MCA. Afterall, once the business is denied conventional financing or cannot obtain an SBA loan, they are desperate and vulnerable to the non-stop barrage of cold caller sales people, offering easy and quick money. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

 The solution to REAL, LEGAL & COMPLETE debt relief, is working through an attorney licensed and specializing in Total Consumer Debt Relief. With an experienced attorney a debtor has the ability to view their financial hardship and debt in a total and comprehensive fashion and not in a bubble or vacuum of credit card debt alone. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

 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/

 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/

 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 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/

 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/

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 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.

 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/

 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/

 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/

 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. https://grantphillipslaw.com/new-york-mca-laws-updated/

 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/

 Notwithstanding the lack of DFS guidance thus far, the law is categorical in its underlying intent and drive. New York is looking out for small businesses at home and across the country. S.B 5470 is groundbreaking in so far as it mandates that certain disclosures be provided to corporate borrowers, thereby providing a corporate borrower with protection from lending abuses perpetrated on small businesses and merchants across the United States. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/

 The solution to REAL, LEGAL & COMPLETE debt relief, is working through an attorney licensed and specializing in Total Consumer Debt Relief. With an experienced attorney a debtor has the ability to view their financial hardship and debt in a total and comprehensive fashion and not in a bubble or vacuum of credit card debt alone. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

 On its own, SB 5740 reads somewhat ambiguous, with limited reach. Comes along SB 898 (about two months after SB 5740 passed) providing more context into SB 5740 while simultaneously increasing its regulatory reach. https://grantphillipslaw.com/new-york-mca-laws-updated/

 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. 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/

 The solution to REAL, LEGAL & COMPLETE debt relief, is working through an attorney licensed and specializing in Total Consumer Debt Relief. With an experienced attorney a debtor has the ability to view their financial hardship and debt in a total and comprehensive fashion and not in a bubble or vacuum of credit card debt alone. https://grantphillipslaw.com/tackle-all-your-debt-with-a-debt-relief-attorney/

 On its own, SB 5740 reads somewhat ambiguous, with limited reach. Comes along SB 898 (about two months after SB 5740 passed) providing more context into SB 5740 while simultaneously increasing its regulatory reach. https://grantphillipslaw.com/new-york-mca-laws-updated/

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 The industry has been booming ever since and without regulation and no barrier to entry, hundreds of participants have entered the MCA lending sphere. While many engage in deceptive lending practices together with other predatory abuses, including illegal collection methods, harassment and fraud, there are some participants that do follow the law. https://grantphillipslaw.com/merchant-cash-advance-101-explained/

 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/

 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/

 The CFDL was in fact originally passed in 2020 and later amended to include additional commercial financing instruments such as a Merchant Cash Advance. https://grantphillipslaw.com/new-york-mca-final-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/