NYS CDFIs Back NYS Small Business
Truth in Lending Act
From Albany to Rochester, from Westchester County to Chautauqua County, and in NYC and Long Island, CDFIs lent their support to the NYS Truth in Lending Act in a statewide news release. The release was issued on Tuesday as the NYS Senate and Assembly returned to Albany after an extended hiatus caused by the pandemic.
“We applaud Senator Kevin Thomas for drafting the NYS Small Business Truth in Lending Act to help business owners make informed choices about their borrowing options,“ said Linda MacFarlane, the nonprofit association’s Chair, based in Albany. “As community lenders, CDFIs too often see the damage that’s been done when business owners realize too late that their loans have very high interest rates and fees or severe prepayment penalties. CDFIs are committed to offering loans in a fair, affordable and transparent manner. Our members around the state offer their full support for a measure that will require other lenders to behave in the same way.”
The companion bill in the Assembly (A.10118) is sponsored by Assemblyman Ken Zebrowski (D-Rockland County). This historic bill builds on the small business truth-in-lending legislation passed in California in 2018 with overwhelming bipartisan support. New York small business owners could save millions of dollars annually when empowered by the basic price transparency information needed to navigate financial products in the marketplace.
Read the full release on our website.