Senate bill · S4604 (2025-26)

Relates to the application of certain provisions relating to commercial financing

New York State Senate

Same as A4810, the matching bill in the Assembly.

Latest action Jun 5, 2026

Sponsor: James Sanders Jr. (State Senator, District 10, Democratic)

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From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 18, 2026. About our data

Summary

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.

Summary from NY Open Legislation. How we handle summaries

Amends the Financial Services Law.

Purpose, from the sponsor's memo

This bill would create a safe harbor from liability for lenders who comply with financial disclosure requirements in the financial services law.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Where it stands

Passed one of the two chambers; it still needs the other.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate.

Your position on this bill

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Cosponsors

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

Read on NY Senate

Democratic4

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The sponsor's argument

Why James Sanders Jr. says this is needed

In 2020, legislation passed and signed by the governor created a new financial disclosure law requiring commercial lenders to disclose certain information to borrowers. This law went into effect in August 2023. As a result of this law, some lenders have stopped lending to certain businesses due to the rate disclosure provision of the law, making it difficult for those businesses to secure funding. California, which passed similar legislation, also experienced similar impacts, and subsequently passed legislation like this bill, which has resulted in a resumption of lending.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Recorded votes

Vote: Committee vote · Banks
Senate BanksApr 28, 2026Result: passed
(6) (1) (0) (0)

Full history

Jun 5, 2026
In committee
COMMITTED TO RULES
NY Senate
May 4, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
Apr 29, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate
Apr 28, 2026
1ST Report CAL.855
1ST REPORT CAL.855
NY Senate
Feb 5, 2026
Sent to the executive
DELIVERED TO SENATE
NY Assembly

Show full history (13 earlier events)

Feb 5, 2026
Passed a chamber
PASSED ASSEMBLY
NY Assembly
Feb 5, 2026
Referred to committee
REFERRED TO BANKS
NY Senate
Jan 7, 2026
Died in Senate
DIED IN SENATE
NY Senate
Jan 7, 2026
Ordered to Third Reading CAL.130
ORDERED TO THIRD READING CAL.130
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO BANKS
NY Senate
Mar 10, 2025
Sent to the executive
DELIVERED TO SENATE
NY Assembly
Mar 10, 2025
Passed a chamber
PASSED ASSEMBLY
NY Assembly
Mar 10, 2025
Referred to committee
REFERRED TO BANKS
NY Senate
Mar 6, 2025
Advanced to Third Reading CAL.52
ADVANCED TO THIRD READING CAL.52
NY Assembly
Mar 4, 2025
Reported out of committee
REPORTED
NY Assembly
Feb 25, 2025
Reported out of committee
REPORTED REFERRED TO CODES
NY Assembly
Feb 10, 2025
Referred to committee
REFERRED TO BANKS
NY Senate
Feb 6, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.