Understand the applicability, scope, and requirements of commercial financing disclosure laws and regulations.
The time to learn disclosure law is now. Increasingly, states are enacting laws and regulations aimed at informing and protecting small businesses. California and New York are leading the way with laws and comprehensive regulations requiring lenders, factors, and other financiers to make certain disclosures when offering, amending, or renewing financings to businesses. The laws and regulations are designed to allow small businesses to more easily compare different types of financing products using similar terms, but, in practice, they are difficult for financiers to understand and comply with. California's regulations become effective on December 9, 2022, and New York will likely adopt final regulations shortly thereafter, which, as currently drafted, will impact not only transactions with New York recipients of commercial financing but recipients in other states as well. This presentation will help financiers understand the applicability, scope, and requirements of the California and New York commercial financing disclosure laws and regulations and the potentially severe civil and regulatory liabilities for failing to comply with these new regulations.
Agenda
Faculty
Stuart J. Wells
White & Williams
Stuart J. Wells, Esq.
- Counsel, White and Williams LLP
- Admitted to practice law before the state and federal courts of New York and New Jersey
- More than 20 years of experience in state and federal courts litigating commercial finance cases involving fraud, intercreditor disputes, lender liability claims, UCC disputes, fraudulent conveyances and preference actions, and predatory lending claims
- Spent the last five years concentrating on representing small businesses in actions against merchant case advance companies sounding in fraud, predatory lending, deceptive practices, abusive collection practices, and civil RICO violations stemming from the collection of an unlawful debt
- Consulted with various trade groups concerning California and New York disclosure laws and other regulations aimed at protecting small businesses from predatory lending and abusive collection tactics
- Member of the New York Institute of Credit
- Frequent speaker for the New York Institute of Credit on issues concerning commercial financing disclosure laws and merchant cash advances
- Graduate of the University of Pennsylvania and Rutgers Law School
- Can be contacted at [email protected] or 917-330-0765
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