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A03637 Summary:

BILL NOA03637
 
SAME ASSAME AS S03850
 
SPONSORNiou
 
COSPNSRPeoples-Stokes, Barron, Kim, Englebright, Frontus, Richardson, D'Urso, Fall, Sayegh, Blake, Solages, Pretlow, Reyes
 
MLTSPNSR
 
Add 340-a, Bank L
 
Deems asset-based lending transactions to be loans for all purposes.
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A03637 Actions:

BILL NOA03637
 
01/30/2019referred to banks
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A03637 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3637
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 30, 2019
                                       ___________
 
        Introduced by M. of A. NIOU, PEOPLES-STOKES -- read once and referred 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.
                                                                   LBD03355-01-9
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