New York S 4607: Relates to asset-based lending transactions

Bill Text

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S04607 Summary:

BILL NOS04607 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORSANDERS

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COSPNSR

&nbsp

MLTSPNSR

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Add §340-a, Bank L

&nbsp

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

Go to top S04607 Actions:

BILL NOS04607 

&nbsp

02/10/2025REFERRED TO BANKS

05/05/20251ST REPORT CAL.934

05/06/20252ND REPORT CAL.

05/07/2025ADVANCED TO THIRD READING 

06/13/2025COMMITTED TO RULES

01/07/2026REFERRED TO BANKS

05/12/20261ST REPORT CAL.1029

05/13/20262ND REPORT CAL.

05/14/2026ADVANCED TO THIRD READING 

06/05/2026COMMITTED TO RULES

Go to topS04607 Committee&nbspVotes:

Go to topS04607 Floor&nbspVotes:

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

Go to topS04607 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4607

 2025-2026 Regular Sessions

 IN SENATE

 February 10, 2025
 ___________

 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:

 1 Section 1. The banking law is amended by adding a new section 340-a to
 2 read as follows:
 3 § 340-a. Asset-based lending transactions. 1. As used in this section
 4 the term "asset-based lending transaction" shall mean a transaction in
 5 which advances are made which are contingent on the recipient forwarding
 6 payments received from one or more third parties for goods such recipi-
 7 ent has supplied or services such recipient has rendered to that third
 8 party or parties.
 9 2. All asset-based lending transactions shall be deemed to be loans
 10 for all purposes.
 11 § 2. This act shall take effect on the ninetieth day after it shall
 12 have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09226-01-5

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