NY S03177

Requires any person or entity making or soliciting commercial financing products to businesses in New York to obtain a license from the superintendent, covering loans, lines of credit, purchase transactions, and leasing transactions of $500,000 or less

Exempts from licensing requirements banking organizations, federal credit unions, insurance companies, persons making 5 or fewer commercial financing products within 12 months, and transactions involving purchase of business ownership

Establishes application requirements including a written oath, payment of investigation fees, proof of at least $50,000 in liquid assets per location, and demonstration of financial responsibility, experience, and character

Grants the superintendent authority to examine licensee books and records, suspend or revoke licenses for violations, and requires licensees to file annual reports and preserve records for at least two years after final payment

Prohibits unlicensed commercial financing products, making such transactions void and unenforceable, with violations constituting a misdemeanor; takes effect 180 days after becoming law