[co-author: Shelby Lomax] A new year brings new compliance requirements for non-banks and fintechs conducting business in New York, including Merchant Cash Advance (MCA) companies. On December 23, 2020, New York Gov. Andrew Cuomo signed SB5470 expanding the New York Financial Services law to require non-banks and fintechs to provide small businesses with lending disclosures similar to those required under the Truth in Lending Act. This new disclosure law is set to take effect on June 21, 2021. Although disclosure requirements are not new in the consumer finance space, New York is only the second state to require similar disclosures for small business financing. In 2018, California enacted similar legislation. The California law, however, is not set to become effective until six months after the California commissioner of the Department of Financial Protection and Innovation implements enacting regulations.