Bill > A03228

This bill allows collateral loan brokers, who are businesses that lend money against personal property (pledges), to send notices about selling unredeemed items and any resulting surplus money via email or text message, in addition to traditional mail. A pledgor, the person pawning an item, can provide their email address or phone number at the time of the pledge for these electronic notifications. The bill specifies that at least two electronic notices of intent to sell must be sent, one 30 days before the sale and another 15 days before, or the pledgor can opt for traditional mail. If an electronic notice of sale is sent, any surplus money notice must also be sent electronically to the same address(es) provided by the pledgor. This change aims to modernize communication for collateral loan brokers and pledgors.

Business and Industry, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A3228