Geraci LLP is dedicated to keeping our clients and friends apprised of the latest legislation relevant to the non-conventional lending industry. Please reach out if you have any questions about lending legislation.


New York Commercial Finance Disclosure Bill (S05470) Sent to Gov. Cuomo’s Desk

The New York legislature delivered a bill to Governor Cuomo for his signature on December 11, 2020 that would require Private Lenders who make certain “Commercial Financing Transactions” to provide a wide range of loan disclosures to commercial borrowers. These loan disclosures are substantially similar to many consumer disclosures provided by lenders for consumer loans that are covered by the Truth-in-Lending Act (TILA) and its implementing Regulation Z

Section 1071 of the Dodd-Frank Act: A New Regulatory Chapter for Lenders

The Consumer Financial Protection Bureau (“CFPB”) is finally prepared to begin writing regulations implementing Section 1071 of the Dodd-Frank Act, which could usher in a new regulatory chapter for small busines lenders and result in significant new reporting requirements, fair lending examinations and possible enforcement actions.Z

California Assembly Bill 3088 (AB 3088)

AB 3088 was signed into law by California Governor Newsom on August 31, 2020. The law is intended to forestall public harm by temporarily preventing unpaid rental debt from serving as a cause of action for eviction or foreclosure during the COVID pandemic emergency. This Summary is limited to discussing the impact of the Act on mortgages, including foreclosure rights

California Senate Bill 1079 (SB 1079)

SB 1079 was signed into law by California Governor Newsom on September 28, 2020 and goes into effect on January 1, 2021. Its goal is to reduce the number of California’s vacant homes and give a first right of refusal to buy a foreclosed property to tenants, buyer’s intending to occupy the property as a primary residence, local governments intending to use the property as affordable housing, and certain other eligible buyers. SB 1079 would also increase the fines that cities and counties can charge to a person who acquires a vacant residential property through foreclosure if that person does not properly maintain that property.

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