Bill Text: NY S09366 | 2023-2024 | General Assembly | Introduced
Bill Title: Relates to the application of certain provisions relating to commercial financing; provides that liability shall not be imposed on a provider if the actual annual percentage rate charged by the provider differs from the estimated annual percentage rate disclosed by the provider acting in good faith.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-06-05 - SUBSTITUTED BY A9463 [S09366 Detail]
Download: New_York-2023-S09366-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9366 IN SENATE May 14, 2024 ___________ 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 financial services law, in relation to the applica- tion of certain provisions relating to commercial financing 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 2 section 813 to read as follows: 3 § 813. Application. The requirements of this article shall not impose 4 any liability on a provider as a result of the actual annual percentage 5 rate charged by the provider differing from the estimated annual 6 percentage rate disclosed by the provider acting in good faith and in 7 conformity with this article and applicable department rules and regu- 8 lations. 9 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14693-01-4
