“The NYS Small Business Truth in Lending Act will bring common-sense transparency standards to small business financing at a time when it’s needed most,” said Linda MacFarlane, President of the NYS CDFI Coalition Board, who serves as the Executive Director of the Community Loan Fund of the Capital Region, Inc.
If passed and signed into law, this bill will serve as the nation’s strongest small business financing disclosure law and require financing companies to clearly disclose their pricing and terms to small businesses.
“CDFIs are committed to offering loans in a fair, affordable and transparent manner,” said MacFarlane. “Unfortunately, some lenders make it hard for small businesses to compare the true cost of their offers. CDFI Coalition members around the state are pleased to see this measure has been reported out of committee in both the Assembly and Senate. We hope both houses will heed our call to help New York's small businesses make smart borrowing decisions as they try to rebuild after the COVID-19 pandemic."
They NYS CDFI Coalition is closely monitoring the bill (A.10118/S.5470), sponsored by Senator Kevin Thomas and Assemblyman Ken Zebrowski. Watch our website, Facebook, Twitter and LinkedIn timelines for updates, or check your inbox for a special edition of "New Developments."
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