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NY A02445

Bill

Official Source

Status

Introduced

1/19/2021

Primary Sponsor

Yuh-line Niou

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Adds a new section 340-a to the Banking Law defining "asset-based lending transaction" as advances made contingent on the recipient forwarding payments received from third parties for goods supplied or services rendered.

  • Classifies all asset-based lending transactions as loans for all purposes under New York banking law.

  • Takes effect 90 days after becoming law.

Legislative Description

Deems asset-based lending transactions to be loans for all purposes.

Last Action

referred to banks

1/5/2022

Committee Referrals

Banks1/19/2021

Full Bill Text

No bill text available