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09-26-2021, 01:30 AM #1
- Join Date
- Mar 2019
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- 105
NY Disclosure Law
Just finishing reading through the NY Disclosure Law. As a broker & syndicator based in New York. Have a couple of questions if anyone has insight or can point me in the right direction of people I should speak to.
If I am syndicating on a deal with a funding company who is not based in New York state, thus not impacted by this law, am I technically a Financer or is that still all on the funding company?
My biggest concerns are the points:
Page 44
(b) A broker shall not provide a recipient with a specific amount, rate, or price quote for commercial financing based upon information from, or about, the recipient, until the broker transmits the disclosures required by subdivision (a)(1) of this section, unaltered, to the recipient. After a broker transmits disclosures to the recipient, the broker shall provide evidence of transmission of the disclosures to the financer, including the time
of transmission. Does this mean I have to calculate an APR on every deal, even if the funder is not legally responsible to do so if they are not located in New York?
Page 45
(1) require a broker to evaluate the accuracy of the disclosures provided by the financer;
PG 45
(2) create any liability for a broker if the disclosures that the financer provides do not comply with this
Part; or
We must now calculate APR on every deal if I am reading this correctly, eh?
https://www.dfs.ny.gov/system/files/...fs_sect600.pdf
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