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Assembly Bill A10440

2015-2016 Legislative Session

Relates to a study and report on online lending products and platforms available to small businesses in New York state

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2015-A10440 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Banks

2015-A10440 (ACTIVE) - Summary

Requires the superintendent of financial services to study and issue a report on online small business lending products and platforms that originate from lenders licensed by New York state or advertised to small businesses within the state.

2015-A10440 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10440

                          I N  A S S E M B L Y

                              May 27, 2016
                               ___________

Introduced by M. of A. CANCEL -- read once and referred to the Committee
  on Banks

AN  ACT  in  relation  to requiring a study and report on online lending
  products and platforms available  to  small  businesses  in  New  York
  state; and providing for the repeal of such provisions upon expiration
  thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 1. The superintendent of financial services shall study and
issue a report on online small business lending products  and  platforms
that  originate from lenders licensed by New York state or advertised to
small businesses within New York state. Such study  shall  address,  but
not be limited to the following issues:
  (a) whether online lenders are offering credit at reasonable and tran-
sparent  interest rates and charging reasonable and transparent fees and
payment terms;
  (b) whether lenders  offer  inclusive  and  non-discriminatory  credit
access and observe fair lending practices;
  (c) what type of underwriting is conducted before issuing credit;
  (d)  whether lenders report loan repayment information to major credit
bureaus and consult the borrower's credit data when underwriting a loan;
  (e) whether lenders are offering small businesses the opportunity  for
further financial and business planning and the opportunity to establish
a more traditional, long-term banking access to credit; and
  (f)  a  review  of  any other products or practices the superintendent
deems relevant to small business access to capital.
  2. Such report shall be made to  the  governor,  the  speaker  of  the
assembly and the temporary president of the senate no later than January
1, 2018.
  3.  The  superintendent  of  financial  services  may  request, and is
authorized to receive, any information from any state agencies  that  is
relevant  and  material to the completion of this study and report. Such
information shall be subject to the same requirements for confidentiali-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15525-01-6

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