Accord Financial Corp., one of the U.S. and Canada’s leading independent commercial finance companies ("Accord") (TSX: ACD) has expanded their Canadian Asset Based Finance/Factoring senior management team to include Karim Habib as Managing Director, Business Development Ontario and Western Canada. His responsibilities will include expanding Accord’s brand presence as well as developing long-term business growth strategies. 

In a Memorandum filed with Senate Bill SB-5470-B, New York State Governor, Andrew Cuomo acknowledged SFNet’s and other’s opposition to the measure noting that “there is no strong consensus as to the best approach in how to compare various products” and stating, “I have secured an agreement with the legislature to make certain technical changes to this bill to better provide clarity…”. The new statute requires non-regulated commercial lenders, including asset-based lenders and factors, that propose to lend $2 million (pending approval by the legislature the threshold is likely to be at least $2 million) or less to New York-based borrowers to make certain uniform disclosures in their proposals including an “estimated” Annual Percentage Rate.