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NY A10440
Bill
Status
6/14/2016
Primary Sponsor
Alice Cancel
Click for details
AI Summary
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Superintendent of Financial Services must study and report on online small business lending products and platforms from New York state-licensed lenders or those advertised to New York small businesses
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Study must address interest rates and fees transparency, fair lending practices, underwriting standards, credit bureau reporting, and opportunities for traditional banking access
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Report must be submitted to the governor, assembly speaker, and senate president no later than January 1, 2018
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Superintendent may request relevant information from state agencies, subject to the same confidentiality requirements as the originating agency
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Act takes effect immediately and expires January 1, 2018
Legislative Description
Requires the superintendent of financial services to study and issue a report on online small business lending products and platforms that originate from lenders licensed by New York state or advertised to small businesses within the state.
Last Action
REFERRED TO RULES
6/14/2016