Bill > A10133

This bill amends New York's banking law to regulate personal loans made to residents or individuals physically in the state, defining a "personal loan" broadly as any extension of money or credit for personal use, with specific exclusions like credit card debt secured by real property, or loans already under strict state supervision. It also defines a "lender" broadly to include those who offer, purchase, arrange, or facilitate loans, even if they claim to be an agent for an exempt entity, and establishes rules for "short-term loans" (loans of $3,000 or less, with specific repayment terms) by capping the total cost of credit at 25% per year and limiting administrative and late fees, while also exempting certain entities like banks, credit unions, and specific housing or non-recourse lenders. The bill aims to prevent lenders from evading these regulations through various schemes and grants the superintendent of financial services the authority to create necessary rules and adjust dollar amounts for inflation, with the law taking effect after specific regulations are finalized.

Business and Industry, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A10133