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

Current through Register Vol. 46, No. 28, July 10, 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.