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New California legislation will impose disclosure requirements,
similar to those under the federal Truth in Lending Act, on
commercial-purpose loans of $500,000 or less, including
arrangements such as factoring, merchant cash advances, and certain
assignments of accounts and receivables. The disclosures will
generally include the total cost of the financing, expressed both
as a dollar amount and an annualized rate, with variations
applicable to different types of transactions. While the
requirements will not apply to depository institutions, they will
apply to certain bank partner arrangements, such as a
non-depository institution that enters into a written agreement
with a depository institution to arrange for commercial financing
via an online lending platform. The requirements will not, however,
apply to transactions secured by real property, among other
exemptions. The law becomes effective January 1, 2019, but
providers are not required to comply with the disclosure
requirements until final regulations become effective.
Read about the new California requirements in Mayer Brown's
latest
Legal Update
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Mayer Brown article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
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discussed herein.
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