Bill > A11293

This bill requires "covered lenders," which are entities that offer, purchase, arrange, or facilitate loans exceeding $25,000 (with some exceptions like mortgages or credit cards), to report specific information about these "covered loans" to the Department of Financial Services. This information includes details about the lender, borrower, loan terms, and pricing. The Superintendent of Financial Services will then collect and maintain this data, and annually publish a report summarizing aggregated information on these loans, categorized by purpose (personal or commercial) and loan type. The Superintendent is also empowered to create rules and regulations to implement these reporting requirements and can impose penalties for violations.