The Consumer Financial Protection Bureau issued a preliminary determination that the Truth in Lending Act does not preempt a New York state law requiring commercial financing disclosures.
CFPB: TILA doesn’t preempt N.Y. disclosure law
December 09, 2022 / By ICBA
The Consumer Financial Protection Bureau issued a preliminary determination that the Truth in Lending Act does not preempt a New York state law requiring commercial financing disclosures.
The Consumer Financial Protection Bureau issued a preliminary determination that the Truth in Lending Act does not preempt a New York state law requiring commercial financing disclosures. The CFPB said the New York law is not preempted by TILA because it regulates commercial financing transactions rather than consumer-purpose transactions.
Request for Comment: The CFPB also issued a request for public comment on whether it should finalize its preliminary determination and extend its decision to similar laws in California, Utah, and Virginia, as required by TILA regulations. The deadline for submitting comments is Jan. 20, 2023.
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