senate Bill S6688

2019-2020 Legislative Session

Relates to regulating commercial finance licensing

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to banks
Sep 06, 2019 referred to rules

S6688 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Ren Art 9-A to be Art 9-B, add Art 9-A §§363 - 363-n, amd §§22, 635 & 652-b, Bank L; amd §10-136, NYC Ad Cd

S6688 (ACTIVE) - Summary

Relates to regulating commercial finance licensing and making conforming technical changes relating thereto.

S6688 (ACTIVE) - Sponsor Memo

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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.