NY A06668

Extends all consumer financial protections under General Obligations Law Title 5 (governing usury and interest rates) to small businesses in New York State

Grants small businesses the same rights as individual consumers under Banking Law Section 173, which regulates interest rate disclosures and calculations

Allows small businesses to recover twice the amount of interest paid if a savings and loan association knowingly charges usurious rates, matching existing consumer remedies under Banking Law Section 380-e

Defines qualifying small businesses as those that are New York State residents, independently owned and operated, not dominant in their field, and employ 100 or fewer persons

Takes effect immediately upon enactment