NY A00164

Bill

Enacts provisions relating to the discontinuance of LIBOR (the London interbank offered rate); prohibits parties from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement; establishes that the replacement is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR; provides a safe harbor from litigation for the use of the recommended benchmark replacement.

Introduced
01/06/2021

In Committee
03/24/2021

Crossed Over
03/24/2021

Passed
04/01/2021

Dead

Signed/Enacted/Adopted
04/06/2021

Introduced Session

2021-2022 General Assembly

Bill Summary

Enacts provisions relating to the discontinuance of LIBOR (the London interbank offered rate); prohibits parties from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement; establishes that the replacement is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR; and provides a safe harbor from litigation for the use of the recommended benchmark replacement.

AI Summary

This bill enacts provisions relating to the discontinuance of LIBOR (the London interbank offered rate). It prohibits parties from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement. The bill establishes that the replacement is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR, and provides a safe harbor from litigation for the use of the recommended benchmark replacement, which is based on SOFR (the secured overnight financing rate) and selected or recommended by a relevant recommending body.

Committee Categories

Justice

Sponsors (4)

Ken Zebrowski (D)*, Judy Griffin (D), John McDonald (D), Jenifer Rajkumar (D),

Last Action

signed chap.94 (on 04/06/2021)

Official Document

https://www.nysenate.gov/legislation/bills/2021/A164

(1 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.nysenate.gov/legislation/bills/2021/A164
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=A00164&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A00164B
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=A00164&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A00164A
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=A00164&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A00164

Bill > A00164

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (4)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary