NY State Issues Draft Regulations for Financial Disclosure Law

The NY State Department of Financial Services has issued proposed regulations for the state’s commercial finance disclosure law (link: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202109211). SFNet’s Advocacy Committee has been working with DFS on this issue since early 2021 and has provided detailed rationale for our issues with the law. SFNet is disappointed with this initial pass and expects to meet with DFS shortly in order to reinforce our critical positions.