New York Enacts APR Disclosure Laws

Since a bona fide Merchant Cash Advance is not permitted to designate a definite deadline for repayment because the transaction, if done legitimately, is supposed to be premised solely on possible and potential future receivables, no one knows of the time it will take to make the receivables to be provided to the lender.



https://grantphillipslaw.com/n....ew-york-enacts-apr-d

Merchant Cash Advance 101 – Explained

A traditional loan is repayable absolutely and gives no contingencies to the borrowing company to not pay. On the other hand, a true Merchant Cash Advance is NOT repayable absolutely and thus there are circumstances where the money provided by the Merchant Cash Advance funder is not repayable.



https://grantphillipslaw.com/m....erchant-cash-advance

New York MCA Laws Updated

Advance, to make certain disclosures in the contract paperwork, available for a small business borrower to make informed borrowing decisions. Examples of required disclosures include revealing the total cost of financing as well as presenting the small business borrower with a defined APR (Annual Percentage Rate).



https://grantphillipslaw.com/n....ew-york-mca-laws-upd

Tackle All Your Debt with A Debt Relief Attorney

In other words “We will reduce your debt by x% but we still reserve the legal right to sue you and come after you for the x% we temporarily forgave at a later time when you have income or assets.” Often such judgments stay in affect for 20 years and lead to wage garnishments, liens and writs of possession.



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New York Enacts APR Disclosure Laws

How can Merchant Cash Advance lenders charge corporate borrowers what they do? The Courts have held a Merchant Cash Advance (a real MCA) i.e. the purchase of future receivables is not a loan.



https://grantphillipslaw.com/n....ew-york-enacts-apr-d

Merchant Cash Advance 101 – Explained

The industry has been booming ever since and without regulation and no barrier to entry, hundreds of participants have entered the MCA lending sphere. While many engage in deceptive lending practices together with other predatory abuses, including illegal collection methods, harassment and fraud, there are some participants that do follow the law.



https://grantphillipslaw.com/m....erchant-cash-advance

New York MCA Final Disclosure Laws

The final rules provide that the finance charge on a transaction should be calculated and disclosed. This means the fees that the Merchant Cash Advance Funder usually charges for underwriting and origination.



https://grantphillipslaw.com/n....ew-york-mca-final-di

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