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NY A10133
Bill
Status
Introduced
2/3/2026
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
- Prohibits lenders from originating loans through third-party entities to evade New York's interest rate limits and consumer protection laws
- Establishes "true lender" criteria based on who holds the predominant economic interest, controls loan terms, or has rights to purchase/receive assignment of loans after origination
- Defines "control" as direct or indirect power over management and policies, presumed when a person owns 10% or more of voting stock
- Exempts national banks, out-of-state banks, bank holding companies, federally chartered credit unions, tribal entities, and their subsidiaries or affiliates
- Imposes civil penalties of three times the total interest and fees collected on each loan made in violation, with each unlawful loan constituting a separate violation
- Takes effect 180 days after becoming law
Legislative Description
Regulates personal loans made by a lender to a resident of or person physically located in the state of New York; exempts certain lenders.
Last Action
reported referred to codes
2/25/2026
Committee Referrals
Codes2/25/2026
Banks2/3/2026
Full Bill Text
No bill text available