S03850 Summary:
BILL NO | S03850 |
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SAME AS | SAME AS A03637 |
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SPONSOR | SANDERS |
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COSPNSR | MAYER, PARKER |
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MLTSPNSR | |
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Add §340-a, Bank L | |
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Deems asset-based lending transactions to be loans for all purposes. |
S03850 Actions:
BILL NO | S03850 | |||||||||||||||||||||||||||||||||||||||||||||||||
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02/20/2019 | REFERRED TO BANKS | |||||||||||||||||||||||||||||||||||||||||||||||||
01/08/2020 | REFERRED TO BANKS |
S03850 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 3850 2019-2020 Regular Sessions IN SENATE February 20, 2019 ___________ 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. LBD10061-01-9