New York A 4889: Requires notification of tenants in their native language of impending conversions and bona fide offers to purchase

Bill Text

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A04889 Summary:

BILL NOA04889 

&nbsp

SAME ASSAME AS S03177

&nbsp

SPONSORO'Pharrow

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

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

&nbsp

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

Go to top A04889 Actions:

BILL NOA04889 

&nbsp

02/10/2025referred to banks

01/07/2026referred to banks

Go to topA04889 Committee&nbspVotes:

Go to topA04889 Floor&nbspVotes:

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

Go to topA04889 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4889

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 10, 2025
 ___________

 Introduced by M. of A. O'PHARROW -- read once and referred 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

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

 1 Section 1. Article 9-A of the banking law is renumbered article 9-B
 2 and a new article 9-A is added to read as follows:
 3 ARTICLE IX-A
 4 COMMERCIAL FINANCE LICENSING
 5 Section 363. Doing business without license prohibited.
 6 363-a. Definitions.
 7 363-b. Exemptions.
 8 363-c. Application for license.
 9 363-d. Conditions for issuance of a license.
 10 363-e. Locations; change of address.
 11 363-f. Changes in control.
 12 363-g. Grounds for suspension or revocation.
 13 363-h. Examinations.
 14 363-i. Books and records.
 15 363-j. Advertising.
 16 363-k. Prohibited practices of licensees.
 17 363-l. Penalties.
 18 363-m. Regulations.
 19 363-n. Severability.
 20 § 363. Doing business without license prohibited. 1. No person or
 21 other entity shall engage in the business of making or soliciting
 22 commercial financing products to businesses located in New York state
 23 except as authorized by this article and without first obtaining a
 24 license from the superintendent.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05950-01-5

 A. 4889 2

 1 2. For the purposes of this article, a person or entity shall be
 2 considered as engaging in the business of making commercial financing
 3 products to businesses located in New York state if it solicits or
 4 consummates commercial financing products to any business or commercial
 5 enterprise located in New York state.
 6 § 363-a. Definitions. For purposes of this article:
 7 1. "commercial financing product" means any advance of funds to a
 8 commercial or business enterprise made for the purpose of assisting the
 9 business with its capital needs, including but not limited to:
 10 (a) loans or lines of credit made to a business or commercial enter-
 11 prise in a principal amount of five hundred thousand dollars or less,
 12 whether secured or unsecured;
 13 (b) purchase transactions where an entity purchases accounts, receiv-
 14 ables, intangibles, revenue or other actual or perceived assets of the
 15 business if any single payment or advance of the purchase price for the
 16 purchased accounts, receivables, intangibles, revenue or other actual or
 17 perceived assets of the business is in the amount of five hundred thou-
 18 sand dollars or less; or
 19 (c) any leasing transaction where any funds are provided to the busi-
 20 ness or commercial enterprise by the leasing business or any affiliate
 21 of the leasing business in the amount of five hundred thousand dollars
 22 or less; and
 23 2. "making or soliciting" means (a) providing commercial financing
 24 products to small businesses; (b) marketing commercial financing
 25 products for providers of commercial financing products; (c) receiving
 26 any compensation from a provider of commercial financing products based
 27 on the value of the commercial financing product provided in exchange
 28 for a referral of small business or its owner; and (d) any entity that
 29 partners with federal or state banking organization in which the federal
 30 or state banking organization originates the commercial financing prod-
 31 uct and t