NY A07482

Creates new Article 9-A of Banking Law establishing a licensing requirement for entities making or soliciting commercial financing products to New York businesses, with loans/advances capped at $500,000.

Requires applicants to maintain at least $50,000 in liquid assets, submit financial solvency affidavits, pay investigation fees, and demonstrate financial responsibility and good character to obtain a license from the superintendent.

Grants the superintendent authority to examine licensees' books and records, suspend or revoke licenses for violations, and approve changes in business location or control of licensed entities, with 90-day approval timelines.

Prohibits unlicensed entities from making commercial financing products; voids any unlicensed transactions and bars collection actions; establishes misdemeanor penalties for violations.

Exempts banking organizations, credit unions, insurance companies, and persons making five or fewer commercial financing products annually; renumbers existing Article 9-A to Article 9-B with conforming amendments throughout the Banking Law.