A04810 Summary:
| BILL NO | A04810 |
| SAME AS | SAME AS S04604 |
| SPONSOR | Vanel |
| COSPNSR | Burdick, Seawright, Taylor |
| MLTSPNSR | |
| Add §813, Fin Serv L | |
| 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. | |
A04810 Text:
Go to topSTATE 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