NY S00898

Adds a new exemption from commercial financing disclosure requirements for transactions where the recipient is a vehicle dealer, rental vehicle company, or their affiliates, if the financing agreement or open-end credit plan is at least $50,000.

Modifies the existing exemption threshold for individual commercial financing transactions from $2.5 million to over $2 million.

Requires APR calculations for all financing types regardless of whether federal Truth in Lending Act and Regulation Z would require such calculations.

Clarifies that the act does not authorize otherwise illegal transactions or allow entities to operate without required licenses.

Changes the effective date of these amendments to January 1, 2022, with authorization for the superintendent to promulgate necessary rules and regulations immediately upon enactment.