[harvey]

im not sure whats a bigger joke this guy thinking this will work / how he talks about others in the space

or the fact that debanked ran this story

[fundingsmbs]

total fugazi

[Sean Cash]

lol just read their website stating something called performance based APR and floating APR; "OPV gives the merchant an opportunity to significantly lower their AP"... yea APR in an MCA product wont do well in court, doesnt matter if its just a marketing tactic if the implied product has an APR, but im sure the lawyers can dig in to their future receivables contract.

As of January 1st, all MCAs in New York will have to have an APR on their contract. If someone is not ready to do that, the only reprieve is that the state is giving everyone 6 months leeway to start complying with it.

[ryanh]

As of January 1st, all MCAs in New York will have to have an APR on their contract. If someone is not ready to do that, the only reprieve is that the state is giving everyone 6 months leeway to start complying with it.

Didn't it get pushed back 6 months?

https://debanked.com/2021/10/new-yor...6-month-delay/

[Sean Cash]

Didn't it get pushed back 6 months?

https://debanked.com/2021/10/new-yor...6-month-delay/

Yes, I wrote, "the only reprieve is that the state is giving everyone 6 months leeway to start complying with it."

Basically because DFS was forced to put it in place on Jan 1 before they or anyone were ready, they got around it by saying everyone has 6 months to start complying with it.