NY A10259

Amends the Economic Development Law to add "online marketplace lending awareness and assistance" to the Department of Economic Development's small business assistance responsibilities.

Requires the Department of Economic Development, in conjunction with the Department of Financial Services, to develop and implement an education and outreach campaign about online marketplace lending.

Campaign must educate small business owners in plain language about true costs of online loans, including annualized percentage rates, interest rates, fees, charges, and repayment/refinancing terms and penalties.

Department must distribute educational materials through printed materials, internet publication, and coordination with other state entities that serve small businesses.

All educational materials must be translated into the six most common non-English languages spoken in New York State.