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NY A04810
Bill
Status
3/10/2025
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
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Amends the financial services law by adding a new section 813 regarding commercial financing disclosure requirements
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Protects commercial financing providers from liability when the actual annual percentage rate (APR) charged differs from the estimated APR disclosed
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Liability protection applies only when the provider acted in good faith and in conformity with the article and applicable department rules and regulations
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Takes effect immediately upon enactment
Legislative Description
Relates to the application of certain provisions relating to commercial financing; provides that liability shall not be imposed on a provider if the actual annual percentage rate charged by the provider differs from the estimated annual percentage rate disclosed by the provider acting in good faith.
Last Action
REFERRED TO BANKS
2/5/2026