assembly Bill A1420

2021-2022 Legislative Session

Relates to regulating commercial finance licensing

download bill text pdf

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Current Bill Status - In Assembly Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 11, 2021 referred to banks

A1420 (ACTIVE) - Details

See Senate Version of this Bill:
S1061
Current Committee:
Assembly 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
Versions Introduced in 2019-2020 Legislative Session:
A10878, S6688

A1420 (ACTIVE) - Summary

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

A1420 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1420
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2021
                                ___________
 
 Introduced  by  M.  of  A.  JEAN-PIERRE -- read once and referred to the
   Committee on Banks
 
 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.