NY A03638

Extends consumer protections under General Obligations Law Section 5-522 to small businesses, defining them as independently owned and operated state residents not dominant in their field with 100 or fewer employees.

Applies rights and privileges under Banking Law Section 173 to small businesses using the same definition of small business.

Expands usury protections under Banking Law Section 380-e to small businesses, allowing them to recover twice the amount of interest paid if a savings and loan association charges interest rates higher than authorized by law.

Takes effect immediately upon passage.