Bill Text: NY A10440 | 2015-2016 | General Assembly | Introduced
Bill Title: Requires the superintendent of financial services to study and issue a report on online small business lending products and platforms that originate from lenders licensed by New York state or advertised to small businesses within the state.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2016-06-14 - REFERRED TO RULES [A10440 Detail]
Download: New_York-2015-A10440-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10440 IN ASSEMBLY May 27, 2016 ___________ Introduced by M. of A. CANCEL -- read once and referred to the Committee on Banks AN ACT in relation to requiring a study and report on online lending products and platforms available to small businesses in New York state; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. 1. The superintendent of financial services shall study and 2 issue a report on online small business lending products and platforms 3 that originate from lenders licensed by New York state or advertised to 4 small businesses within New York state. Such study shall address, but 5 not be limited to the following issues: 6 (a) whether online lenders are offering credit at reasonable and tran- 7 sparent interest rates and charging reasonable and transparent fees and 8 payment terms; 9 (b) whether lenders offer inclusive and non-discriminatory credit 10 access and observe fair lending practices; 11 (c) what type of underwriting is conducted before issuing credit; 12 (d) whether lenders report loan repayment information to major credit 13 bureaus and consult the borrower's credit data when underwriting a loan; 14 (e) whether lenders are offering small businesses the opportunity for 15 further financial and business planning and the opportunity to establish 16 a more traditional, long-term banking access to credit; and 17 (f) a review of any other products or practices the superintendent 18 deems relevant to small business access to capital. 19 2. Such report shall be made to the governor, the speaker of the 20 assembly and the temporary president of the senate no later than January 21 1, 2018. 22 3. The superintendent of financial services may request, and is 23 authorized to receive, any information from any state agencies that is 24 relevant and material to the completion of this study and report. Such 25 information shall be subject to the same requirements for confidentiali- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15525-01-6A. 10440 2 1 ty and limitations of use, if any, as are applicable to such state agen- 2 cy's use of such information. 3 § 2. This act shall take effect immediately and shall expire and be 4 deemed repealed January 1, 2018.