Washington, DC – New commercial financing disclosure laws taking effect in New York on August 1, 2023 and their impact on the commercial equipment leasing and finance sector are top priorities of ELFA’s State Advocacy team, led by VP of State Government Relations Scott Riehl. “ELFA’s engagement in the legislative process and regulatory rulemaking has resulted in a suite of exemptions being included in New York,” said Riehl. “Our strategy to work to exempt as many industry transactions as we can continues in order to reduce burdensome requirements on equipment finance companies.”
New York is one of six states that have passed commercial financial disclosure laws, out of a total of 15 states that have proposed such legislation. To help educate members about what they need to know about this important topic, ELFA has compiled a number of critical informational resources.
In-Depth Webinar and Takeaways
Riehl and ELFA members Moorari Shah, Chair of ELFA’s State Legislative & Regulatory Subcommittee and Partner, Sheppard Mullin; Robert S. Cohen, Partner, Moritt Hock & Hamroff LLC; and Robert Hornby, Partner, Chiesa, Shahinian & Giantomasi PC presented the third in a series of webinars about disclosure laws on July 12 titled “The NY Disclosure Laws Are Effective on August 1, 2023 – Will You Be Ready? Let Us Help!”
The session generated considerable interest with approximately 500 people registering to learn about topics including which organizations must comply, exempt organizations and transaction types, information that must be disclosed with transactions, operational requirements, penalties, record keeping and reporting obligations, disclosure fees, and effective dates for upcoming regulations in other states.
The webinar recording, slide deck and video Q&A from the webinar are available at
https://www.elfaonline.org/advocacy/state-issues/lenders-license.
The webinar provided an extended opportunity for Q&A with attendees, as well as an invitation to follow up with the expert session presenters directly. “I encourage anyone with questions about disclosure law issues to watch the webinar Q&A, and to contact me or any of the panel presenters with their questions,” said Riehl. “ELFA members have the benefit of these resources, as well as the expertise of ELFA’s legislative and regulatory subcommittee of 60 member attorneys who volunteer their time to advocate for and help educate fellow members.”
Contact information for the presenters is in the webinar slide deck, or contact sriehl@elfaonline.org for more information.
Additional State Advocacy Resources
ELFA’s industry topic webpage on State Disclosure at https://www.elfaonline.org/advocacy/state-issues/lenders-license provides an overview of finance licensing and enhanced finance disclosure, the State Advocacy team’s legislative testimony and regulatory comments, and invitation for comments.
Recordings and slide decks from ELFA’a two previous webinars on disclosure regulations, “Operational Preparedness: Are You Ready for the New CA and NY Disclosure Requirements?” and “ELFA State Advocacy New Year’s Resolutions: Prepare for Commercial Financing Disclosure Laws in New York and California,” are also available.
About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. ELFA has been equipping business for success for more than 60 years. For more information, please visit www.elfaonline.org.
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Media/Press Contact: Amy Vogt, Vice President, Communications and Marketing, ELFA, 202-238-3438 or avogt@elfaonline.org