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Senate Bill S9366

2023-2024 Legislative Session

Relates to the application of certain provisions relating to commercial financing

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Archive: Last Bill Status Via A9463 - In Senate Committee Rules Committee

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2023-S9366 (ACTIVE) - Details

See Assembly Version of this Bill:
A9463
Current Committee:
Senate Rules
Law Section:
Financial Services Law
Laws Affected:
Add §813, Fin Serv L
Versions Introduced in 2025-2026 Legislative Session:
S4604, A4810

2023-S9366 (ACTIVE) - Summary

Relates to the application of certain provisions relating to commercial financing; provides that liability shall not be imposed on a provider if the actual annual percentage rate charged by the provider differs from the estimated annual percentage rate disclosed by the provider acting in good faith.

2023-S9366 (ACTIVE) - Sponsor Memo

2023-S9366 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9366
 
                             I N  S E N A T E
 
                               May 14, 2024
                                ___________
 
 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 financial services law, in relation to the  applica-
   tion of certain provisions relating to commercial financing
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The financial services law  is  amended  by  adding  a  new
 section 813 to read as follows:
   §  813. APPLICATION. THE REQUIREMENTS OF THIS ARTICLE SHALL NOT IMPOSE
 ANY LIABILITY ON A PROVIDER AS A RESULT OF THE ACTUAL ANNUAL  PERCENTAGE
 RATE  CHARGED  BY  THE  PROVIDER  DIFFERING  FROM  THE  ESTIMATED ANNUAL
 PERCENTAGE RATE DISCLOSED BY THE PROVIDER ACTING IN GOOD  FAITH  AND  IN
 CONFORMITY  WITH  THIS ARTICLE AND APPLICABLE DEPARTMENT RULES AND REGU-
 LATIONS.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14693-01-4

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