New York S 10390: Requires covered lenders to report to the department of financial services certain information on covered loans

Bill Text

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S10390 Summary:

BILL NOS10390A

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SAME ASSAME AS A11293-A

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Add Art 8-A §§820 - 827, Fin Serv L

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Requires covered lenders to report to the department of financial services certain information on covered loans; requires the superintendent of financial services to collect and maintain such data and to annually publish a report containing aggregated information regarding covered loans; requires the superintendent of financial services to promulgate rules and regulations to implement such provisions.

Go to top S10390 Actions:

BILL NOS10390A

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05/15/2026REFERRED TO BANKS

05/28/2026AMEND AND RECOMMIT TO BANKS

05/28/2026PRINT NUMBER 10390A

Go to topS10390 Committee&nbspVotes:

Go to topS10390 Floor&nbspVotes:

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

Go to topS10390 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10390--A

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee

 AN ACT to amend the financial services law, in relation to reporting of
 covered loans

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

 1 Section 1. The financial services law is amended by adding a new arti-
 2 cle 8-A to read as follows:
 3 ARTICLE 8-A
 4 COVERED LOAN REPORTING
 5 Section 820. Definitions.
 6 821. Reporting required.
 7 822. Form and filing.
 8 823. Annual report.
 9 824. Regulations.
 10 825. Penalties.
 11 826. Severability.
 12 827. Preemption.
 13 § 820. Definitions. For the purposes of this article, the following
 14 terms shall have the following meanings:
 15 (a) (1) "Covered loan" shall mean any extension of money or credit
 16 that exceeds twenty-five thousand dollars or series of extensions of
 17 money or credit made within twelve months to the same borrower that
 18 exceeds an aggregate of twenty-five thousand dollars made to a resident
 19 of this state, for personal use or for commercial purposes, including
 20 commercial financing, in exchange for the borrower's agreement to repay
 21 an amount greater than the amount financed, extended, or purchased
 22 through interest, finance charges, fees, or other compensation for the
 23 use of such money or credit.
 24 (2) "Covered loan" shall not include:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15821-03-6

 S. 10390--A 2

 1 (A) open-end credit plans subject to the federal Truth in Lending Act
 2 and Regulation Z that are accessed by the use of a credit card or simi-
 3 lar device intended for repeated transactions;
 4 (B) any extension of credit secured by a mortgage, deed of trust, or
 5 other security interest in real property, including home equity lines of
 6 credit; or
 7 (C) any other extension of credit that is subject to a charter,
 8 license, or regulatory regime under this chapter or other provisions of
 9 New York state law that provides for ongoing supervision, examination,
 10 and enforcement authority by the superintendent, as determined by the
 11 superintendent pursuant to rules and regulations.
 12 (b) (1) "Covered lender" shall mean any person, including any affil-
 13 iate or subsidiary of such person, that:
 14 (A) offers or makes a covered loan;
 15 (B) purchases or acquires a whole or partial interest in a covered
 16 loan or any receivable arising from a covered loan;
 17 (C) arranges, brokers, or facilitates a covered loan for a third
 18 party; or
 19 (D) acts as an agent for a third party in making a covered loan,
 20 regardless of whether approval, acceptance, or ratification by the third
 21 party is necessary to create a legal obligation for the third party.
 22 (2) A person is a covered lender notwithstanding that such person
 23 purports to act as an agent, service provider, or in another capacity
 24 for another person that is exempt from this article or the laws of this
 25 state if any of the following apply:
 26 (A) such person holds, acquires, or maintains, directly or indirectly,
 27 t