S T A T E O F N E W Y O R K
________________________________________________________________________
4604
2025-2026 Regular Sessions
I N S E N A T E
February 10, 2025
___________
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.
LBD08928-01-5