N.Y. Financial Services Law § 806

§ 806. Factoring transaction disclosure requirements. A provider,\nsubject to this article, shall provide the following disclosures to a\nrecipient at the time of extending a specific offer for a factoring\ntransaction according to formatting prescribed by the superintendent:\n (a) The amount of the receivables purchase price paid to the recipient\nand, if different from the purchase price, the amount disbursed to the\nrecipient after any fees deducted or withheld at disbursement.\n (b) The finance charge.\n (c) The estimated annual percentage rate, using that term, calculated\naccording to the federal Truth in Lending Act, Regulation Z, 12 C.F.R. §\n1026 Appendix J, as a "single advance, single payment transaction",\nregardless of whether such act or such regulation would require such a\ncalculation. To calculate the estimated annual percentage rate, the\npurchase amount is considered the financing amount, the purchase amount\nminus the finance charge is considered the payment amount, and the term\nis established by the payment due date of the receivables. As an\nalternate method of establishing the term, the provider may estimate the\nterm for a factoring transaction as the average payment period, its\nhistorical data over a period not to exceed the previous twelve months,\nconcerning payment invoices paid by the party owing the accounts\nreceivable in question.\n (d) The total payment amount, which is the purchase amount plus the\nfinance charge.\n (e) A description of all other potential fees and charges that can be\navoided by the recipient.\n (f) A description of the receivables purchased and any additional\ncollateral requirements or security interests.\n