Lenders will have to provide New York small businesses with clear information about the interest rates and other terms under a new law set to take effect in mid-2021.
New York Gov. Andrew Cuomo on Wednesday signed into law the state’s Small Business Truth in Lending Act (S 5470/A 10118-A). The legislation, passed by the New York legislature in July, will require lenders to provide small businesses with the annual percentage rates on loans they sign up for, as well as finance charges and descriptions of other fees, payment terms and other information.
The legislation will also give the ...
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