New York Codes, Rules and Regulations
Title 23 - FINANCIAL SERVICES
Chapter I - Regulations of the Superintendent of Financial Services
Part 600
Section 600.0 - Introduction
Universal Citation: 600.0 NY Comp Codes Rules and Regs ยง 600.0
Current through Register Vol. 46, No. 52, December 24, 2024
(a) Financial Services Law sections 801, 802, 803, 804, 805, 806, 807, 808, 809, 810, and 811 (defined in section 600.1(l) as the Commercial Finance Disclosure Law (CFDL)) require providers of commercial financing that are subject to the CFDL to provide disclosures to potential recipients of commercial financing, at the time a specific offer of financing is extended to a recipient.
(b) Pursuant to the CFDL, the superintendent has the power to promulgate regulations that:
(1) include in the definition of "finance
charge" set forth in Financial Services Law section 801(e) "any charges as
determined by the superintendent";
(2) prescribe the formatting of sales-based
financing disclosure requirements, pursuant to Financial Services Law section
803;
(3) prescribe a review process
under which providers utilizing the opt-in method of calculating estimated
annual percentage rate (APR) report data to the superintendent of estimated
annual percentage rates disclosed to the recipient and actual retrospective
annual percentage rates of completed transactions, pursuant to Financial
Services Law section 803(c)(ii), and also:
(i)
prescribe the information to be contained in such report as necessary or
appropriate for the purpose of making a determination of whether the deviation
between the estimated annual percentage rate and actual retrospective annual
percentage rates of completed transactions was reasonable; and
(ii) establish a method of such
reporting;
(4) prescribe
the formatting of closed-end financing disclosure requirements pursuant to
Financial Services Law section 804;
(5) prescribe the formatting of open-end
commercial financing disclosure requirements pursuant to Financial Services Law
section 805;
(6) prescribe the
formatting of factoring transaction disclosure requirements pursuant to
Financial Services Law section 806;
(7) require disclosure by a provider
extending a specific offer of commercial financing that is not openend
financing, closed-end financing, sales-based financing, or factoring
transaction but otherwise meets the definition of commercial financing, and
prescribe the formatting of such disclosures, pursuant to Financial Services
Law section 807; and
(8) pursuant
to Financial Services Law section 811, promulgate any other rules and
regulations as may be consistent with the purposes of the CFDL, or appropriate
for the effective administration of the CFDL, including such rules and
regulations:
(i) in connection with the
calculation or determination of any metric required to be disclosed to a
recipient;
(ii) as necessary to
develop and prescribe disclosure formatting to be used by providers that allows
for recipients to easily compare financing options in a clear and conspicuous
manner;
(iii) as may define the
terms used in the CFDL and as may be necessary and appropriate to interpret and
implement the provisions of the CFDL; and
(iv) as may be necessary for the enforcement
of the CFDL.
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