NY A07773

Amends General Obligations Law § 5-522 to extend all consumer protections granted under that title to small businesses defined as independently owned and operated, resident in New York State, not dominant in their field, and employing 100 or fewer persons.

Amends Banking Law § 173 to apply the same rights and privileges to small businesses, using the same small business definition.

Amends Banking Law § 380-e to extend usury protections to small businesses, including the right to forfeit all interest on a loan if a savings and loan association charges an interest rate exceeding the legal limit and the right to recover twice the amount of interest paid if excessive interest has already been paid.

Takes effect immediately upon enactment.