New York State Assembly

Bill No.:  

 
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S03548 Summary:

BILL NO	S03548
SAME AS	No Same As
SPONSOR	SANDERS
COSPNSR
MLTSPNSR
Add §340-a, Bank L
Deems asset-based lending transactions to be loans for all purposes.

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S03548 Actions:

BILL NO	S03548
01/31/2023	REFERRED TO BANKS
01/03/2024	REFERRED TO BANKS

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S03548 Committee Votes:

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S03548 Floor Votes:

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S03548 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3548
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                    January 31, 2023
                                       ___________
 
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed 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.
                                                                   LBD08570-01-3

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