Bill
Bill > A01978
summary
Introduced
01/14/2021
01/14/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the general obligations law and the banking law, in relation to providing financial consumer protections for small businesses
AI Summary
This bill expands consumer protections for usury and interest to small businesses. It amends the General Obligations Law and the Banking Law to apply the same rights and privileges granted to persons under these laws to small businesses, defined as those resident in New York, independently owned and operated, not dominant in their field, and employing 100 or fewer persons. This ensures small businesses receive the same protections against excessive interest rates and usurious lending practices as individual consumers.
Committee Categories
Business and Industry
Sponsors (12)
Brian Manktelow (R)*,
Yuh-Line Niou (D)*,
Charles Barron (D),
Steven Englebright (D),
Charles Fall (D),
Mathylde Frontus (D),
Ron Kim (D),
Crystal Peoples-Stokes (D),
Gary Pretlow (D),
Diana Richardson (D),
Nader Sayegh (D),
Michaelle Solages (D),
Last Action
referred to banks (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A1978 | 01/15/2021 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A01978&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A01978 | 01/16/2021 |
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