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.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Who Must Make Disclosures
- Transactions to Which Disclosures Apply
- Entities Exempt From Disclosures
- Use of Brokers
- Difference Between NY and CA Disclosure Laws
- Thresholds
- Scope
The Information That Must Be Disclosed
- Total Amount Financed
- Total and Itemized Finance Charges
- Annual Percentage Rate
Calculating APR
- Fees Included in APR
- Fees Excluded From APR
- Assumptions Used to Calculate APR
When Must the Disclosures Be Made
- Initial Financing
- Renewal Financing
- Amendments to Financing
Penalties for Non-Compliance
- Regulatory Fines
- Criminal Penalties
- Injunctions and Civil Liabilities
The Future
- Potential Impact of Disclosure Laws on Lenders
- Potential Impact of Disclosure Laws on Borrowers
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 1, 2022.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.0
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 64 Minutes.
- NM CLE 1.0
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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