Assembly Bill A2445

2021-2022 Legislative Session

Relates to asset-based lending transactions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A2445 (ACTIVE) - Details

See Senate Version of this Bill:
S3921
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §340-a, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A3637, S3850
2023-2024: S3548

2021-A2445 (ACTIVE) - Summary

Deems asset-based lending transactions to be loans for all purposes.

2021-A2445 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2445
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced  by  M. of A. NIOU, PEOPLES-STOKES, BARRON, KIM, ENGLEBRIGHT,
   FRONTUS, RICHARDSON, FALL, SAYEGH, SOLAGES,  PRETLOW,  REYES  --  read
   once and referred to the Committee on Banks
 
 AN  ACT  to  amend  the  banking law, in relation to asset-based lending
   transactions

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The banking law is amended by adding a new section 340-a to
 read as follows:
   §  340-A. ASSET-BASED LENDING TRANSACTIONS. 1. AS USED IN THIS SECTION
 THE TERM "ASSET-BASED LENDING TRANSACTION" SHALL MEAN A  TRANSACTION  IN
 WHICH ADVANCES ARE MADE WHICH ARE CONTINGENT ON THE RECIPIENT FORWARDING
 PAYMENTS  RECEIVED FROM ONE OR MORE THIRD PARTIES FOR GOODS SUCH RECIPI-
 ENT HAS SUPPLIED OR SERVICES SUCH RECIPIENT HAS RENDERED TO  THAT  THIRD
 PARTY OR PARTIES.
   2.  ALL  ASSET-BASED  LENDING TRANSACTIONS SHALL BE DEEMED TO BE LOANS
 FOR ALL PURPOSES.
   § 2. This act shall take effect on the ninetieth day  after  it  shall
 have become a law.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04663-01-1

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