Bill > A07773

This bill expands consumer protections for usury (excessive interest rates) and interest to small businesses in New York. It amends the General Obligations Law and the Banking Law to extend the same rights and privileges granted to individuals under these laws to small businesses, which are defined as those that are resident in New York, independently owned and operated, not dominant in their field, and employ 100 or fewer persons. This ensures that small businesses, in addition to individual consumers, are protected from predatory lending practices and excessive interest rates.