Visit Grant Phillips Law, PLLC for the help you need with your finances. We are here to assist you in resolving your cash advance matter in a compassionate and knowledgeable manner.
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WHO IS A PROVIDER UNDER THE NEW DISCLOSURE LAW?
As one can see, S.B. 5470 defines “Commercial Financing” broadly and INCLUDES PURCHASES OF FUTURE ACCOUNT RECEIVABLES as well as factoring arrangements. Accordingly, despite several of the required disclosures being difficult to apply to a typical Merchant Cash Advance (to be discussed further in this article), the fact remains that S.B. 5470 applies to a Merchant Cash Advance and thus, an MCA that is for $500,000.00 or less, will require the disclosures, pursuant to the newly passed law.
https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/WHO IS A PROVIDER UNDER THE NEW DISCLOSURE LAW? As one can see, S.B. 5470 defines “Commercial Financing” broadly and INCLUDES PURCHASES OF FUTURE ACCOUNT RECEIVABLES as well as factoring arrangements. Accordingly, despite several of the required disclosures being difficult to apply to a typical Merchant Cash Advance (to be discussed further in this article), the fact remains that S.B. 5470 applies to a Merchant Cash Advance and thus, an MCA that is for $500,000.00 or less, will require the disclosures, pursuant to the newly passed law. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/0 Commentaires 0 Parts 47 Vue 0 AperçuConnectez-vous pour aimer, partager et commenter! -
How can Charging Interest Exceeding 100%+ be Legal?
The world of Merchant Cash Advance is one of ambiguity, deceit, and “invented” to deliberately extract the maximum amount of interest, fees, commissions, and charges possible from small businesses. To qualify one need only show three (3) months of corporate bank statements that reflect some inflow of revenue. That is pretty much the qualification.
https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/How can Charging Interest Exceeding 100%+ be Legal? The world of Merchant Cash Advance is one of ambiguity, deceit, and “invented” to deliberately extract the maximum amount of interest, fees, commissions, and charges possible from small businesses. To qualify one need only show three (3) months of corporate bank statements that reflect some inflow of revenue. That is pretty much the qualification. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/0 Commentaires 0 Parts 51 Vue 0 Aperçu -
What is the Intent of the New Law?
The intent of S.B 5470 is to provide corporate and small business borrowers with more transparency surrounding their taking of credit, in order to allow for better, more informed decisions, a clearer understanding of how much is being borrowed and under what terms and to provide a corporate borrower with the ability to compare different offers of credit.
https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/What is the Intent of the New Law? The intent of S.B 5470 is to provide corporate and small business borrowers with more transparency surrounding their taking of credit, in order to allow for better, more informed decisions, a clearer understanding of how much is being borrowed and under what terms and to provide a corporate borrower with the ability to compare different offers of credit. https://grantphillipslaw.com/new-york-enacts-apr-disclosure-laws/0 Commentaires 0 Parts 49 Vue 0 Aperçu -
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/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/0 Commentaires 0 Parts 38 Vue 0 Aperçu -
GRANT PHILLIPS LAW WILL FIGHT TO SAVE YOUR BUSINESS!
Grant Phillips Law, is a full service Merchant Cash Advance Lawsuit Law firm. We help businesses all over the United States get out from Merchant Cash Advance Debt, lower daily payments and prosecute any MCA fraud.
https://grantphillipslaw.com/GRANT PHILLIPS LAW WILL FIGHT TO SAVE YOUR BUSINESS! Grant Phillips Law, is a full service Merchant Cash Advance Lawsuit Law firm. We help businesses all over the United States get out from Merchant Cash Advance Debt, lower daily payments and prosecute any MCA fraud. https://grantphillipslaw.com/0 Commentaires 0 Parts 50 Vue 0 Aperçu -
Tackle All Your Debt with A Debt Relief Attorney
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/Tackle All Your Debt with A Debt Relief Attorney 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/0 Commentaires 0 Parts 50 Vue 0 Aperçu -
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/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/0 Commentaires 0 Parts 39 Vue 0 Aperçu -
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