Senate Bill S1450A

2023-2024 Legislative Session

Regulates commercial finance licensing

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

Bill Amendments

co-Sponsors

2023-S1450 - Details

See Assembly Version of this Bill:
A7482
Current Committee:
Senate Finance
Law Section:
Banking Law
Laws Affected:
Ren Art 9-A to be Art 9-B, add Art 9-A §§363 - 363-n, amd §§22, 635 & 652-b, Bank L; amd §10-136, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2019-2020: S6688
2021-2022: S1061

2023-S1450 - Summary

Regulates commercial finance licensing; sets forth the application process for such licensing; makes conforming technical changes thereto.

2023-S1450 - Sponsor Memo

2023-S1450 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1450
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2023
                                ___________
 
 Introduced  by  Sens. SANDERS, COMRIE -- read twice and ordered printed,
   and when printed to be committed to the Committee on Banks
 
 AN ACT to amend the banking law and the administrative code of the  city
   of  New  York, in relation to regulating commercial finance licensing,
   establishing the minority- and women-owned business protection program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Article  9-A of the banking law is renumbered article 9-B
 and a new article 9-A is added to read as follows:
                                ARTICLE IX-A
                       COMMERCIAL FINANCE LICENSING
 SECTION 363.   DOING BUSINESS WITHOUT LICENSE PROHIBITED.
         363-A. DEFINITIONS.
         363-B. EXEMPTIONS.
         363-C. APPLICATION FOR LICENSE.
         363-D. CONDITIONS FOR ISSUANCE OF A LICENSE.
         363-E. LOCATIONS; CHANGE OF ADDRESS.
         363-F. CHANGES IN CONTROL.
         363-G. GROUNDS FOR SUSPENSION OR REVOCATION.
         363-H. EXAMINATIONS.
         363-I. BOOKS AND RECORDS.
         363-J. ADVERTISING.
         363-K. PROHIBITED PRACTICES OF LICENSEES.
         363-L. PENALTIES.
         363-M. MINORITY- AND WOMEN-OWNED BUSINESS PROTECTION PROGRAM.
         363-N. REGULATIONS.
         363-O. SEVERABILITY.
   § 363. DOING BUSINESS WITHOUT LICENSE  PROHIBITED.  1.  NO  PERSON  OR
 OTHER  ENTITY  SHALL  ENGAGE  IN  THE  BUSINESS  OF MAKING OR SOLICITING
 COMMERCIAL FINANCING PRODUCTS TO BUSINESSES LOCATED IN  NEW  YORK  STATE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02866-01-3
 S. 1450                             2
              

co-Sponsors

2023-S1450A (ACTIVE) - Details

See Assembly Version of this Bill:
A7482
Current Committee:
Senate Finance
Law Section:
Banking Law
Laws Affected:
Ren Art 9-A to be Art 9-B, add Art 9-A §§363 - 363-n, amd §§22, 635 & 652-b, Bank L; amd §10-136, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2019-2020: S6688
2021-2022: S1061

2023-S1450A (ACTIVE) - Summary

Regulates commercial finance licensing; sets forth the application process for such licensing; makes conforming technical changes thereto.

2023-S1450A (ACTIVE) - Sponsor Memo

2023-S1450A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1450--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2023
                                ___________
 
 Introduced  by  Sens. SANDERS, COMRIE -- read twice and ordered printed,
   and when printed to be committed to the Committee on Banks -- reported
   favorably from said  committee  and  committed  to  the  Committee  on
   Finance  --  committee  discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee

 AN ACT to amend the banking law and the administrative code of the  city
   of New York, in relation to regulating commercial finance licensing
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Article 9-A of the banking law is  renumbered  article  9-B
 and a new article 9-A is added to read as follows:
                                ARTICLE IX-A
                       COMMERCIAL FINANCE LICENSING
 SECTION 363.   DOING BUSINESS WITHOUT LICENSE PROHIBITED.
         363-A. DEFINITIONS.
         363-B. EXEMPTIONS.
         363-C. APPLICATION FOR LICENSE.
         363-D. CONDITIONS FOR ISSUANCE OF A LICENSE.
         363-E. LOCATIONS; CHANGE OF ADDRESS.
         363-F. CHANGES IN CONTROL.
         363-G. GROUNDS FOR SUSPENSION OR REVOCATION.
         363-H. EXAMINATIONS.
         363-I. BOOKS AND RECORDS.
         363-J. ADVERTISING.
         363-K. PROHIBITED PRACTICES OF LICENSEES.
         363-L. PENALTIES.
         363-M. REGULATIONS.
         363-N. SEVERABILITY.
   §  363.  DOING  BUSINESS  WITHOUT  LICENSE PROHIBITED. 1. NO PERSON OR
 OTHER ENTITY SHALL ENGAGE  IN  THE  BUSINESS  OF  MAKING  OR  SOLICITING
 COMMERCIAL  FINANCING  PRODUCTS  TO BUSINESSES LOCATED IN NEW YORK STATE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02866-02-3
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.