Bill > S04604

This bill amends the financial services law by adding a new section that protects commercial financing providers from liability when the actual annual percentage rate (APR) they charge differs from their initially estimated APR, provided that the provider acted in good faith and followed all applicable department rules and regulations. In practical terms, this means that if a lender provides a good-faith estimate of a loan's interest rate during the initial stages of a commercial financing transaction and the final rate ends up being slightly different due to legitimate factors, the lender will not be legally penalized or held liable for that discrepancy. The bill appears designed to provide some flexibility and protection for commercial lenders when presenting financing terms, recognizing that precise interest rates can be challenging to estimate perfectly at the outset of a potential loan agreement.

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https://www.nysenate.gov/legislation/bills/2025/S4604