New York A 6668: Relates to providing financial consumer protections for small businesses

Bill Text

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A06668 Summary:

BILL NOA06668 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORSimon

&nbsp

COSPNSRSantabarbara, Kim, Davila

&nbsp

MLTSPNSR

&nbsp

Add §5-522, Gen Ob L; amd §§173 & 380-e, Bank L

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Expands consumer protections for usury and interest to small businesses.

Go to top A06668 Actions:

BILL NOA06668 

&nbsp

03/07/2025referred to banks

01/07/2026referred to banks

Go to topA06668 Committee&nbspVotes:

Go to topA06668 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA06668 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6668

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 7, 2025
 ___________

 Introduced by M. of A. SIMON, SANTABARBARA, KIM, DAVILA -- read once and
 referred to the Committee on Banks

 AN ACT to amend the general obligations law and the banking law, in
 relation to providing financial consumer protections for small busi-
 nesses

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The general obligations law is amended by adding a new
 2 section 5-522 to read as follows:
 3 § 5-522. Application to small businesses. All rights and privileges
 4 granted under this title to persons shall also apply to small busi-
 5 nesses. For purposes of this section, a small business shall be deemed
 6 to be one which is resident in this state, independently owned and oper-
 7 ated, not dominant in its field and employs one hundred or less persons.
 8 § 2. Section 173 of the banking law is amended by adding a new subdi-
 9 vision 4 to read as follows:
 10 4. All rights and privileges granted under this section to persons
 11 shall also apply to small businesses. For purposes of this subdivision,
 12 a small business shall be deemed to be one which is resident in this
 13 state, independently owned and operated, not dominant in its field and
 14 employs one hundred or less persons.
 15 § 3. Section 380-e of the banking law, as separately amended by chap-
 16 ters 349 and 1072 of the laws of 1968, is amended to read as follows:
 17 § 380-e. Effect of usury. The knowingly taking, receiving, reserving,
 18 or charging by a savings and loan association of interest, as computed
 19 pursuant to this article, at a rate greater than such rate of interest
 20 as may be authorized by law shall be held and adjudged a forfeiture of
 21 the entire interest which the note or other evidence of debt carries
 22 with it, or which has been agreed to be paid thereon. If such greater
 23 rate of interest has been paid, the person paying the same or [his] such
 24 person's legal representatives may recover from the savings and loan

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04822-01-5

 A. 6668 2

 1 association twice the entire amount of the interest thus paid. Nothing
 2 in this section shall be deemed to affect the powers of any savings and
 3 loan association with respect to loans or investments it is authorized
 4 to make. The rights and privileges granted under this section shall
 5 also apply to small businesses. For purposes of this section, a small
 6 business shall be deemed to be one which is resident in this state,
 7 independently owned and operated, not dominant in its field and employs
 8 one hundred or less persons.
 9 § 4. This act shall take effect immediately.

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