[Yankeeman07]

Regardless of what some politicians believe they are accomplishing an MCA Contract is NOT a loan -
A funder is PURCHASING An Asset "Future Sales (Receivables) - $100,00 of your future sales and for that we are giving you $$
upfront money today - $70,000 - A Discount is not nor ever will be an APR.

BTW - California has a similar Law - it does not make a difference to the merchant -

[BB_Cooper]

For MCA products NY SB 5470 requires APR to be calculated on "projected sales volume", which is contra to the practice up "tru-ing up" MCA recapture rates over the course of the contract. ILPA members, who overwhelmingly make bank loans not MCAs, seem to have been successful in imposing disclosure regulations best suited to bank loan products on the entire range of products made available to merchants by the alternative finance industry.

MCA focused funders and ISO's will have to work that much harder to eliminate merchant's confusion caused by this new law that attempts to allow a comparison of the relative size of different apples with a measuring stick built for bananas.

Does anyone have a link to the final reconciled bill signed by the Governor?