Bill > S06388

This bill allows collateral loan brokers, who are businesses that lend money against personal property (collateral), to send notices about the sale of unredeemed items to customers via email or text message, in addition to traditional mail. Specifically, it amends existing laws to permit customers to provide an email address or phone number when they pledge an item, which the broker can then use to send a notice of intention to sell at least 30 days before the sale, and a second notice at least 15 days before the sale. If a surplus of money remains after a sale, the broker must also send a notice of this surplus electronically if the initial sale notice was sent electronically, or by mail if the customer elected to receive mail notices. The bill also requires brokers to keep records of these electronic notices for at least six years.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S6388