[CreditGuy]

Can you please explain this

Sure. When you create a contract it is subject to the laws and regulations of the jurisdiction in which it is originated. (This is different, but not totally separate from, than a contract venue clause, which states in which venue any subsequent legal proceedings (lawsuits, judgements, etc.) will occur.) So, if a lender makes a credit decision and issues a contract from NY, the terms of that contract are subject to NY law including things like usury caps and the like. A lender that makes their credit decisions in DE, for example, can generate a contract and set loan terms based on DE's laws, which are much more favorable in terms of interest rates and other terms versus NY. The lender "exports" DE law with their loan contract despite the borrower not being located in DE. A lender can't export law unless the credit decision/contract generation occurs in the state whose law they wish to export though. That is, you can't have all your UWs in NY but still export DE law.