|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2020||referred to banks|
|Sep 06, 2019||referred to rules|
senate Bill S6688
Current Bill Status - In Senate Committee Banks Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6688 (ACTIVE) - Details
S6688 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6688 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law and the administrative code of the city of New York, in relation to regulating commercial finance licensing and making conforming technical changes relating ther- eto PURPOSE: This bill would require persons or entities engaging in the business of making or soliciting commercial financing products in the New York state to obtain ,a license from the superintendent. SUMMARY OF PROVISIONS AND STATEMENT IN SUPPORT: Section 363. Requires persons or entities engaging in the business of making soliciting commercial financing products in the New York state to obtain a license from the superintendent. Commercial financing product means any advance of funds to a commercial
S6688 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6688 2019-2020 Regular Sessions I N S E N A T E September 6, 2019 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the banking law and the administrative code of the city of New York, in relation to regulating commercial finance licensing and making conforming technical changes relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Article 9-A of the banking law is renumbered article 9-B and a new article 9-A is added to read as follows: ARTICLE IX-A COMMERCIAL FINANCE LICENSING SECTION 363. DOING BUSINESS WITHOUT LICENSE PROHIBITED. 363-A. DEFINITIONS. 363-B. EXEMPTIONS. 363-C. APPLICATION FOR LICENSE. 363-D. CONDITIONS FOR ISSUANCE OF A LICENSE. 363-E. LOCATIONS; CHANGE OF ADDRESS. 363-F. CHANGES IN CONTROL. 363-G. GROUNDS FOR SUSPENSION OR REVOCATION. 363-H. EXAMINATIONS. 363-I. BOOKS AND RECORDS. 363-J. ADVERTISING. 363-K. PROHIBITED PRACTICES OF LICENSEES. 363-L. PENALTIES. 363-M. REGULATIONS. 363-N. SEVERABILITY. § 363. DOING BUSINESS WITHOUT LICENSE PROHIBITED. 1. NO PERSON OR OTHER ENTITY SHALL ENGAGE IN THE BUSINESS OF MAKING OR SOLICITING COMMERCIAL FINANCING PRODUCTS TO BUSINESSES LOCATED IN NEW YORK STATE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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