senate Bill S1061A

2021-2022 Legislative Session

Regulates commercial finance licensing, establishes the minority- and women-owned business protection program and provides for the study of certain impacts on underbanked and underserved areas

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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2021 print number 1061a
May 10, 2021 amend (t) and recommit to banks
Jan 06, 2021 referred to banks

S1061 - 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-p, amd §§22, 635 & 652-b, Bank L; amd §10-136, NYC Ad Cd
Versions Introduced in 2019-2020 Legislative Session:
S6688

S1061 - Summary

Regulates commercial finance licensing; establishes the minority- and women-owned business protection program; provides for the study of certain impacts on underbanked and underserved areas; makes conforming technical changes thereto.

S1061 - Sponsor Memo

S1061 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1061
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed 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.

Co-Sponsors

S1061A (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-p, amd §§22, 635 & 652-b, Bank L; amd §10-136, NYC Ad Cd
Versions Introduced in 2019-2020 Legislative Session:
S6688

S1061A (ACTIVE) - Summary

Regulates commercial finance licensing; establishes the minority- and women-owned business protection program; provides for the study of certain impacts on underbanked and underserved areas; makes conforming technical changes thereto.

S1061A (ACTIVE) - Sponsor Memo

S1061A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1061--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Banks  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT to amend the banking law and the administrative code of the city
   of New York, in relation to regulating commercial  finance  licensing,
   establishing   the   minority-  and  women-owned  business  protection
   program, providing for the study of certain impacts on underbanked and
   underserved areas 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. MINORITY- AND WOMEN-OWNED BUSINESS PROTECTION PROGRAM.
         363-N. STUDY;  CERTAIN  IMPACTS  ON  UNDERBANKED AND UNDERSERVED
                  AREAS.
         363-O. REGULATIONS.
         363-P. SEVERABILITY.

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