Senate Bill S3850

2019-2020 Legislative Session

Relates to asset-based lending transactions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S3850 (ACTIVE) - Details

See Assembly Version of this Bill:
A3637
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §340-a, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: S3921, A2445
2023-2024: S3548

2019-S3850 (ACTIVE) - Summary

Deems asset-based lending transactions to be loans for all purposes.

2019-S3850 (ACTIVE) - Sponsor Memo

2019-S3850 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3850
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 20, 2019
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the banking law,  in  relation  to  asset-based  lending
   transactions
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The banking law is amended by adding a new section 340-a to
 read as follows:
   § 340-A. ASSET-BASED LENDING TRANSACTIONS. 1. AS USED IN THIS  SECTION
 THE  TERM  "ASSET-BASED LENDING TRANSACTION" SHALL MEAN A TRANSACTION IN
 WHICH ADVANCES ARE MADE WHICH ARE CONTINGENT ON THE RECIPIENT FORWARDING
 PAYMENTS RECEIVED FROM ONE OR MORE THIRD PARTIES FOR GOODS SUCH  RECIPI-
 ENT  HAS  SUPPLIED OR SERVICES SUCH RECIPIENT HAS RENDERED TO THAT THIRD
 PARTY OR PARTIES.
   2. ALL ASSET-BASED LENDING TRANSACTIONS SHALL BE DEEMED  TO  BE  LOANS
 FOR ALL PURPOSES.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10061-01-9

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