NY A00979

Adds exemption for commercial financing transactions where the recipient is a vehicle dealer, rental vehicle company, or their affiliates, provided the financing agreement is at least $50,000.

Increases the threshold for the individual transaction exemption from $2.5 million to $2 million, exempting smaller transactions from disclosure requirements.

Requires providers using the opt-in method for calculating estimated annual percentage rates in sales-based financing to report annual data to the superintendent on estimated versus actual rates.

Allows the superintendent to require providers to use the historical method for calculating annual percentage rates if projected sales volume results in unacceptable deviation between estimated and actual rates.

Changes the effective date of the underlying 2020 commercial financing disclosure law from 180 days after enactment to January 1, 2022, with authorization for the superintendent to promulgate necessary rules immediately.