NY A01978

Amends General Obligations Law Section 5-522 to extend all consumer rights and protections under that title to small businesses defined as state-resident, independently owned and operated entities with 100 or fewer employees that are not dominant in their field

Amends Banking Law Section 173 to apply all rights and privileges granted to persons under that section to small businesses using the same definition

Amends Banking Law Section 380-e to extend usury protections 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 enactment