Bill Text: NY A02445 | 2021-2022 | General Assembly | Introduced
Bill Title: Deems asset-based lending transactions to be loans for all purposes.
Spectrum: Partisan Bill (Democrat 13-0)
Status: (Introduced - Dead) 2022-01-05 - referred to banks [A02445 Detail]
Download: New_York-2021-A02445-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2445 2021-2022 Regular Sessions IN ASSEMBLY January 19, 2021 ___________ Introduced by M. of A. NIOU, PEOPLES-STOKES, BARRON, KIM, ENGLEBRIGHT, FRONTUS, RICHARDSON, FALL, SAYEGH, SOLAGES, PRETLOW, REYES -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to asset-based lending transactions The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The banking law is amended by adding a new section 340-a to 2 read as follows: 3 § 340-a. Asset-based lending transactions. 1. As used in this section 4 the term "asset-based lending transaction" shall mean a transaction in 5 which advances are made which are contingent on the recipient forwarding 6 payments received from one or more third parties for goods such recipi- 7 ent has supplied or services such recipient has rendered to that third 8 party or parties. 9 2. All asset-based lending transactions shall be deemed to be loans 10 for all purposes. 11 § 2. This act shall take effect on the ninetieth day after it shall 12 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04663-01-1
