Relates to the application of certain provisions relating to commercial financing

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Relates to the application of certain provisions relating to commercial financing

Relates to the application of certain provisions relating to commercial financing 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.

What This Bill Does

• Relates to the application of certain provisions relating to commercial financing 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.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

Relates to the application of certain provisions relating to commercial financing
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.

Current Bill Text

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:

     1    Section 1. The financial services law  is  amended  by  adding  a  new
     2  section 813 to read as follows:
     3    §  813. APPLICATION. THE REQUIREMENTS OF THIS ARTICLE SHALL NOT IMPOSE
     4  ANY LIABILITY ON A PROVIDER AS A RESULT OF THE ACTUAL ANNUAL  PERCENTAGE
     5  RATE  CHARGED  BY  THE  PROVIDER  DIFFERING  FROM  THE  ESTIMATED ANNUAL
     6  PERCENTAGE RATE DISCLOSED BY THE PROVIDER ACTING IN GOOD  FAITH  AND  IN
     7  CONFORMITY  WITH  THIS ARTICLE AND APPLICABLE DEPARTMENT RULES AND REGU-
     8  LATIONS.
     9    § 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