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Bill > S01450
NY S01450
NY S01450Regulates commercial finance licensing; sets forth the application process for such licensing; makes conforming technical changes thereto.
summary
Introduced
01/12/2023
01/12/2023
In Committee
05/21/2024
05/21/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the banking law and the administrative code of the city of New York, in relation to regulating commercial finance licensing
AI Summary
This bill regulates commercial finance licensing in New York. It establishes a new licensing requirement for entities engaged in making or soliciting commercial financing products, such as loans or financing transactions, to businesses located in New York. The bill sets forth the application process for obtaining a license, including requirements for financial solvency and liquid assets. It also provides grounds for suspension or revocation of a license, authorizes examinations of licensees, and imposes penalties for unlicensed activity. The bill makes conforming technical changes to existing laws related to check cashing businesses and transmitters of money.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
REPORTED AND COMMITTED TO FINANCE (on 05/21/2024)
Official Document
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