Relates to the application of certain provisions relating to commercial financing; provides that liability shall not be imposed on a provider if the actual annual percentage rate charged by the provider differs from the estimated annual percentage rate disclosed by the provider acting in good faith.
STATE OF NEW YORK
________________________________________________________________________
4810
2025-2026 Regular Sessions
IN ASSEMBLY
February 6, 2025
___________
Introduced by M. of A. VANEL, BURDICK, SEAWRIGHT -- read once and
referred to the Committee on Banks
AN ACT to amend the financial services law, in relation to the applica-
tion of certain provisions relating to commercial financing
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The financial services law is amended by adding a new
2 section 813 to read as follows:
3 § 813. Application. The requirements of this article shall not impose
4 any liability on a provider as a result of the actual annual percentage
5 rate charged by the provider differing from the estimated annual
6 percentage rate disclosed by the provider acting in good faith and in
7 conformity with this article and applicable department rules and regu-
8 lations.
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08928-01-5
