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S4607 • 2025

Relates to asset-based lending transactions

Relates to asset-based lending transactions

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
James Sanders Jr.
Last action
2026-06-05
Official status
In Senate Committee
Effective date
Not listed

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 asset-based lending transactions

Relates to asset-based lending transactions Deems asset-based lending transactions to be loans for all purposes.

What This Bill Does

  • Relates to asset-based lending transactions Deems asset-based lending transactions to be loans for all purposes.

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.

Bill History

  1. 2026-06-05 Senate

    COMMITTED TO RULES

  2. 2026-05-14 Senate

    ADVANCED TO THIRD READING

  3. 2026-05-13 Senate

    2ND REPORT CAL.

  4. 2026-05-12 Senate

    1ST REPORT CAL.1029

  5. 2026-01-07 Senate

    REFERRED TO BANKS

  6. 2025-06-13 Senate

    COMMITTED TO RULES

  7. 2025-05-07 Senate

    ADVANCED TO THIRD READING

  8. 2025-05-06 Senate

    2ND REPORT CAL.

  9. 2025-05-05 Senate

    1ST REPORT CAL.934

  10. 2025-02-10 Senate

    REFERRED TO BANKS

Official Summary Text

Relates to asset-based lending transactions
Deems asset-based lending transactions to be loans for all purposes.

Current Bill Text

Read the full stored bill text 
S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          4607

                               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 banking law,  in  relation  to  asset-based  lending
          transactions

          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. The banking law is amended by adding a new section 340-a to
     2  read as follows:
     3    § 340-A. ASSET-BASED LENDING TRANSACTIONS. 1. AS USED IN THIS  SECTION
     4  THE  TERM  "ASSET-BASED LENDING TRANSACTION" SHALL MEAN A TRANSACTION IN
     5  WHICH ADVANCES ARE MADE WHICH ARE CONTINGENT ON THE RECIPIENT FORWARDING
     6  PAYMENTS RECEIVED FROM ONE OR MORE THIRD PARTIES FOR GOODS SUCH  RECIPI-
     7  ENT  HAS  SUPPLIED OR SERVICES SUCH RECIPIENT HAS RENDERED TO THAT THIRD
     8  PARTY OR PARTIES.
     9    2. ALL ASSET-BASED LENDING TRANSACTIONS SHALL BE DEEMED  TO  BE  LOANS
    10  FOR ALL PURPOSES.
    11    §  2.  This  act shall take effect on the ninetieth day after it shall
    12  have become a law.





         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09226-01-5