Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to judiciary
|Jan 27, 2021||
referred to judiciary
Senate Bill S3105
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S3105 (ACTIVE) - Details
2021-S3105 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3105 SPONSOR: KAPLAN TITLE OF BILL: An act to amend the general obligations law and the banking law, in relation to providing financial consumer protections for small busi- nesses PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to provide financial consumer protections to small businesses. SUMMARY OF PROVISIONS: Section 1 amends the general obligations law by adding section 5-522 which applies all rights and privileges granted under the title to small businesses It also defines a small business for the purpose of this section.
2021-S3105 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3105 2021-2022 Regular Sessions I N S E N A T E January 27, 2021 ___________ Introduced by Sens. KAPLAN, MAYER, PARKER, SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the general obligations law and the banking law, in relation to providing financial consumer protections for small busi- nesses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The general obligations law is amended by adding a new section 5-522 to read as follows: § 5-522. APPLICATION TO SMALL BUSINESSES. ALL RIGHTS AND PRIVILEGES GRANTED UNDER THIS TITLE TO PERSONS SHALL ALSO APPLY TO SMALL BUSI- NESSES. FOR PURPOSES OF THIS SECTION, A SMALL BUSINESS SHALL BE DEEMED TO BE ONE WHICH IS RESIDENT IN THIS STATE, INDEPENDENTLY OWNED AND OPER- ATED, NOT DOMINANT IN ITS FIELD AND EMPLOYS ONE HUNDRED OR LESS PERSONS. § 2. Section 173 of the banking law is amended by adding a new subdi- vision 4 to read as follows: 4. ALL RIGHTS AND PRIVILEGES GRANTED UNDER THIS SECTION TO PERSONS SHALL ALSO APPLY TO SMALL BUSINESSES. FOR PURPOSES OF THIS SUBDIVISION, A SMALL BUSINESS SHALL BE DEEMED TO BE ONE WHICH IS RESIDENT IN THIS STATE, INDEPENDENTLY OWNED AND OPERATED, NOT DOMINANT IN ITS FIELD AND EMPLOYS ONE HUNDRED OR LESS PERSONS. § 3. Section 380-e of the banking law, as separately amended by chap- ters 349 and 1072 of the laws of 1968, is amended to read as follows: § 380-e. Effect of usury. The knowingly taking, receiving, reserving, or charging by a savings and loan association of interest, as computed pursuant to this article, at a rate greater than such rate of interest as may be authorized by law shall be held and adjudged a forfeiture of the entire interest which the note or other evidence of debt carries with it, or which has been agreed to be paid thereon. If such greater rate of interest has been paid, the person paying the same or his legal EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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