senate Bill S5470B

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 - 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 (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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

Votes

view votes

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 Rules 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 Banks committee vote details

Banks Committee Vote: Jul 21, 2020

nay (2)
aye wr (1)

S5470 - Details

See Assembly Version of this Bill:
A10118
Law Section:
Financial Services Law
Laws Affected:
Add Art 8 §§801 - 812, Fin Serv L

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.

S5470 - Sponsor Memo

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

S5470A - Details

See Assembly Version of this Bill:
A10118
Law Section:
Financial Services Law
Laws Affected:
Add Art 8 §§801 - 812, Fin Serv L

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.

S5470A - Sponsor Memo

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

view additional co-sponsors

S5470B (ACTIVE) - Details

See Assembly Version of this Bill:
A10118
Law Section:
Financial Services Law
Laws Affected:
Add Art 8 §§801 - 812, Fin Serv L

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.

S5470B (ACTIVE) - Sponsor Memo

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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