Bill > A06668

This bill expands consumer financial protections currently available to individuals to also cover small businesses in New York State. Specifically, the bill amends several sections of the general obligations law and banking law to extend existing rights and privileges related to usury (charging excessive interest) to small businesses. The bill defines a "small business" as one that is resident in New York State, independently owned and operated, not dominant in its field, and employs 100 or fewer persons. Under these changes, small businesses would gain the same legal protections against predatory lending practices that individual consumers currently enjoy, such as the ability to recover twice the amount of interest paid if a financial institution charges an illegally high interest rate. The bill aims to provide additional financial safeguards for small businesses by ensuring they have recourse against potential usurious lending practices, essentially treating small businesses more like individual consumers in terms of financial consumer protection.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A6668