News & Analysis as of

Merchant Cash Advance (MCA) Loans

Shipman & Goodwin LLP

Merchant Cash Advance Litigation In Connecticut

Shipman & Goodwin LLP on

The recipients of some merchant cash advances have an opportunity to defend, and even counterclaim for treble damages and attorneys’ fees, when funders of certain loans characterized as merchant cash advances sue them in...more

Wilson Sonsini Goodrich & Rosati

Revenue Purchase or Predatory Loan? New York Attorney General Targets Merchant Cash Advance Providers

On March 5, 2024, the New York Attorney General (AG) Letitia James sued Yellowstone Capital LLC (Yellowstone) and various affiliates, accusing them of running a predatory lending operation by disguising the loans as purchases...more

Troutman Pepper

New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses

Troutman Pepper on

New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals. James alleges that Yellowstone...more

Ballard Spahr LLP

New Jersey Attorney General settles lawsuit against merchant cash advance providers

Ballard Spahr LLP on

The New Jersey Attorney General recently announced a settlement in its lawsuit against Yellowstone Capital LLC, its parent company, and various subsidiaries and affiliates alleging that the defendants violated the New Jersey...more

Cozen O'Connor

AG Platkin Settles with Yellowstone Capital for $27.4 Million over Allegedly Predatory Small Business Loans

Cozen O'Connor on

New Jersey AG Matthew J. Platkin announced a $27.4 million settlement with Yellowstone Capital LLC and related entities (collectively, “Yellowstone”) to resolve allegations that Yellowstone’s offers, sales, servicing, and...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 10, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Manatt, Phelps & Phillips, LLP

New York Commercial Financing Disclosure Requirements Take Effect Soon

On September 21, 2021, the New York Department of Financial Services (NYDFS) released its pre-proposed regulations to implement the commercial financing disclosure requirements in S5470-B and S898. The ten-day outreach...more

Bradley Arant Boult Cummings LLP

Florida Court Affirms That Merchant Cash Advance Product Not Subject to Usury Statute

This month, a Florida appellate court held that a merchant cash advance (MCA) purchase and sale agreement was not a “disguised loan” and, therefore, was not subject to Florida’s criminal usury statute. MCA purchase and sale...more

Hudson Cook, LLP

New York Passes Small Business Finance Disclosure Law

Hudson Cook, LLP on

On July 23, 2020, the New York legislature passed A10118A/S5470B requiring disclosures in various commercial financing transactions, including loans, merchant cash advances ("MCA"), and factoring transactions (the "Disclosure...more

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