Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 23, 2020 |
approval memo.65 signed chap.369 |
Dec 11, 2020 |
delivered to governor |
Jul 23, 2020 |
returned to senate passed assembly ordered to third reading rules cal.264 substituted for a10118a referred to codes delivered to assembly passed senate |
Jul 22, 2020 |
ordered to third reading cal.886 |
Jul 21, 2020 |
reported and committed to rules |
Jul 13, 2020 |
print number 5470b |
Jul 13, 2020 |
amend and recommit to banks |
Mar 13, 2020 |
print number 5470a |
Mar 13, 2020 |
amend (t) and recommit to banks |
Jan 08, 2020 |
referred to banks |
May 01, 2019 |
referred to banks |
Senate Bill S5470B
Signed By Governor2019-2020 Legislative Session
Sponsored By
(D) 6th Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2019-S5470 - Details
2019-S5470 - Summary
Requires certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient, including information concerning the financing amount, finance charges, the annual percentage rate, the total repayment amount, the term, payment amounts, other potential fees, any prepayment costs and a description of any collateral requirements.
2019-S5470 - Sponsor Memo
BILL NUMBER: S5470 SPONSOR: THOMAS TITLE OF BILL: An act to amend the financial services law, in relation to commercial financing disclosures PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to require greater transparency from commer- cial financing providers consistently across financing products. SUMMARY OF PROVISIONS: Section 701 of the new Article 7 provides definitions of relevant terms to be used in this act. Section 702 of the new Article 7 provides exemptions from the disclosure requirements for financial institutions, technology service providers to other exempted entities, lenders regulated under the Federal Farm Credit Act; commercial financing transaction secured by real property, and
2019-S5470 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5470 2019-2020 Regular Sessions I N S E N A T E May 1, 2019 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the financial services law, in relation to commercial financing disclosures THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The financial services law is amended by adding a new arti- cle 7 to read as follows: ARTICLE 7 COMMERCIAL FINANCING SECTION 701. DEFINITIONS. 702. EXEMPTIONS. 703. PURCHASE AND SALE DISCLOSURE REQUIREMENTS. 704. CLOSED-END COMMERCIAL FINANCING DISCLOSURE REQUIREMENTS. 705. OPEN-END COMMERCIAL FINANCING DISCLOSURE REQUIREMENTS. 706. ADDITIONAL INFORMATION. 707. ESTIMATES. 708. PENALTIES. § 701. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE: (A) "ACCOUNTS RECEIVABLE PURCHASE" MEANS A PURCHASE AND SALE TRANS- ACTION IN WHICH ONE OR MORE DESIGNATED ACCOUNTS ARE ASSIGNED TO THE PURCHASER BY THE SELLER AT A SPECIFIED DISCOUNT RATE. FOR PURPOSES OF THIS ARTICLE, "ACCOUNT" SHALL HAVE THE MEANING ASSIGNED TO THAT TERM IN PARAGRAPH TWO OF SUBSECTION (A) OF SECTION 9-102 OF THE UNIFORM COMMER- CIAL CODE. AN ACCOUNTS RECEIVABLE PURCHASE INCLUDES, BUT IS NOT LIMITED TO, A FACTORING TRANSACTION. (B) "COMMERCIAL FINANCING" MEANS AN ACCOUNTS RECEIVABLE PURCHASE, FUTURE RECEIVABLES PURCHASE, COMMERCIAL LINE OF CREDIT OR COMMERCIAL LOAN, THE PROCEEDS OF WHICH THE RECIPIENT DOES NOT INTEND TO USE PRIMA- RILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES. FOR PURPOSES OF DETER- MINING WHETHER A FINANCING IS A COMMERCIAL FINANCING, THE PROVIDER MAY EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) Senate District
(D, IP, WF) Senate District
(D, WF) 13th Senate District
2019-S5470A - Details
2019-S5470A - Summary
Requires certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient, including information concerning the financing amount, finance charges, the annual percentage rate, the total repayment amount, the term, payment amounts, other potential fees, any prepayment costs and a description of any collateral requirements.
2019-S5470A - Sponsor Memo
BILL NUMBER: S5470a SPONSOR: THOMAS TITLE OF BILL: An act to amend the financial services law, in relation to requiring certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient PURPOSE OR GENERAL IDEA OF THE BILL: This bill would require certain providers of commercial financing to disclose information regarding the amount, pricing, and terms to borrow- ers prior to accepting the financing. SUMMARY OF PROVISIONS: Section one of the bill amends the financial services by adding a new article 7 as it relates to requiring providers of commercial financing to disclose certain information to the borrower including cost of
2019-S5470A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5470--A 2019-2020 Regular Sessions I N S E N A T E May 1, 2019 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- recommitted to the Committee on Banks in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the financial services law, in relation to requiring certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The financial services law is amended by adding a new arti- cle 7 to read as follows: ARTICLE 7 COMMERCIAL FINANCING SECTION 701. DEFINITIONS. 702. EXEMPTIONS. 703. SALES-BASED FINANCING DISCLOSURE REQUIREMENTS. 704. CLOSED-END COMMERCIAL FINANCING DISCLOSURE REQUIREMENTS. 705. OPEN-END COMMERCIAL FINANCING DISCLOSURE REQUIREMENTS. 706. ACCOUNTS RECEIVABLE TRANSACTION DISCLOSURE REQUIREMENTS. 707. OTHER FORMS OF FINANCING DISCLOSURE REQUIREMENTS. 708. DISCLOSURE REQUIREMENTS FOR RENEWAL FINANCING. 709. REQUIRED SIGNATURE. 710. ADDITIONAL INFORMATION. 711. RULES AND REGULATIONS. 712. PENALTIES. § 701. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE: (A) "ACCOUNTS RECEIVABLE TRANSACTION" MEANS AN ACCOUNTS RECEIVABLE PURCHASE TRANSACTION, INCLUDING FACTORING TRANSACTIONS, THAT INCLUDES AN AGREEMENT TO PURCHASE, TRANSFER, OR SELL A LEGALLY ENFORCEABLE CLAIM FOR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) Senate District
(D, IP, WF) Senate District
(D) 16th Senate District
(D) 20th Senate District
2019-S5470B (ACTIVE) - Details
2019-S5470B (ACTIVE) - Summary
Requires certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient, including information concerning the financing amount, finance charges, the annual percentage rate, the total repayment amount, the term, payment amounts, other potential fees, any prepayment costs and a description of any collateral requirements.
2019-S5470B (ACTIVE) - Sponsor Memo
BILL NUMBER: S5470B SPONSOR: THOMAS TITLE OF BILL: An act to amend the financial services law, in relation to requiring certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient PURPOSE OR GENERAL IDEA OF THE BILL: This bill would require certain providers of commercial financing to disclose information regarding the amount, pricing, and terms to borrow- ers prior to accepting the financing. SUMMARY OF PROVISIONS: Section one of the bill amends the financial services law by adding a new Article 8 that requires providers of commercial financing to disclose certain information to the borrower upon a specific offer of
2019-S5470B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5470--B 2019-2020 Regular Sessions I N S E N A T E May 1, 2019 ___________ Introduced by Sens. THOMAS, CARLUCCI, KAPLAN, RAMOS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- recommitted to the Committee on Banks in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the financial services law, in relation to requiring certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The financial services law is amended by adding a new arti- cle 8 to read as follows: ARTICLE 8 COMMERCIAL FINANCING SECTION 801. DEFINITIONS. 802. EXEMPTIONS. 803. SALES-BASED FINANCING DISCLOSURE REQUIREMENTS. 804. CLOSED-END COMMERCIAL FINANCING DISCLOSURE REQUIREMENTS. 805. OPEN-END COMMERCIAL FINANCING DISCLOSURE REQUIREMENTS. 806. FACTORING TRANSACTION DISCLOSURE REQUIREMENTS. 807. OTHER FORMS OF FINANCING DISCLOSURE REQUIREMENTS. 808. DISCLOSURE REQUIREMENTS FOR RENEWAL FINANCING. 809. REQUIRED SIGNATURE. 810. ADDITIONAL INFORMATION. 811. RULES AND REGULATIONS. 812. PENALTIES. § 801. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11387-05-0
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