assembly Bill A10118A

2019-2020 Legislative Session

Requires certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient

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Sponsored By

Current Bill Status Via S5470 - Passed Senate & Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 23, 2020 returned to senate
passed assembly
ordered to third reading rules cal.264
substituted for a10118a
Jul 23, 2020 substituted by s5470b
Jul 21, 2020 ordered to third reading rules cal.264
rules report cal.264
reported
Jul 17, 2020 reported referred to rules
Jul 13, 2020 reported referred to codes
Jul 10, 2020 print number 10118a
Jul 10, 2020 amend and recommit to banks
Mar 12, 2020 referred to banks

Votes

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Jul 22, 2020 - Rules committee Vote

S5470B
12
4
committee
12
Aye
4
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Jul 21, 2020 - Banks committee Vote

S5470B
8
2
committee
8
Aye
2
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jul 21, 2020

nay (2)
aye wr (1)

Co-Sponsors

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A10118 - Details

See Senate Version of this Bill:
S5470
Law Section:
Financial Services Law
Laws Affected:
Add Art 8 §§801 - 812, Fin Serv L

A10118 - 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.

A10118 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10118
 
                           I N  A S S E M B L Y
 
                              March 12, 2020
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Banks
 
 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
 PAYMENT  HELD  BY  A  RECIPIENT  FOR GOODS THE RECIPIENT HAS SUPPLIED OR
 SERVICES THE RECIPIENT HAS RENDERED THAT HAVE BEEN ORDERED BUT FOR WHICH
 PAYMENT HAS NOT YET BEEN MADE.
   (B) "COMMERCIAL FINANCING" MEANS A COMMERCIAL LINE OF CREDIT,  CLOSED-
 END  CREDIT,  SALES-BASED FINANCING, ACCOUNTS RECEIVABLE TRANSACTION, OR
 OTHER FORM OF FINANCING, THE PROCEEDS OF WHICH THE  RECIPIENT  DOES  NOT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Co-Sponsors

view additional co-sponsors

A10118A (ACTIVE) - Details

See Senate Version of this Bill:
S5470
Law Section:
Financial Services Law
Laws Affected:
Add Art 8 §§801 - 812, Fin Serv L

A10118A (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.

A10118A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10118--A
 
                           I N  A S S E M B L Y
 
                              March 12, 2020
                                ___________
 
 Introduced by M. of A. ZEBROWSKI, MOSLEY, STERN, GALEF, D'URSO, GRIFFIN,
   JAFFEE,  THIELE, GOTTFRIED, COLTON, SEAWRIGHT, SIMON, O'DONNELL, McMA-
   HON, ENGLEBRIGHT, CAHILL, BRONSON, OTIS, BUTTENSCHON, McDONALD,  FAHY,
   DICKENS,  DARLING,  ORTIZ,  LIFTON  --  read  once and referred to the
   Committee on Banks --  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:
   (A)  "FACTORING  TRANSACTION"  MEANS  AN  ACCOUNTS RECEIVABLE PURCHASE
 TRANSACTION THAT INCLUDES AN AGREEMENT TO PURCHASE, TRANSFER, OR SELL  A
 LEGALLY  ENFORCEABLE CLAIM FOR PAYMENT HELD BY A RECIPIENT FOR GOODS THE
 RECIPIENT HAS SUPPLIED OR SERVICES THE RECIPIENT HAS RENDERED THAT  HAVE
 BEEN ORDERED BUT FOR WHICH PAYMENT HAS NOT YET BEEN MADE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets