Senate bill · S4607 (2025-26)

Relates to asset-based lending transactions

New York State Senate

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

Deems asset-based lending transactions to be loans for all purposes.

Summary from NY Open Legislation. How we handle summaries

Amends the Banking Law.

Purpose, from the sponsor's memo

To classify asset-based lending transactions as loans for all purposes.

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

Where it stands

Out of committee and scheduled for a vote by the full chamber.

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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The sponsor's argument

Why James Sanders Jr. says this is needed

Currently, under state law, cash advances or asset-based lending trans- actions are not subjected to state usury laws. This allowed predatory lenders to loan large sums of capital to small businesses and individ- uals at uncontrollable interest rates. This, in tandem with "confessions of judgments", allows lenders to abuse the State's lack of usury laws to entice small businesses into an uncontrollable cycle of debt. This bill seeks to apply the regulatory standards to "asset-based cash advances" in order to.protect unsuspecting small businesses and individuals.

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 BanksMay 12, 2026Result: passed
(7) (0) (0) (0)
Vote: Committee vote · Banks
Senate BanksMay 5, 2025Result: passed
(7) (0) (0) (0)

Full history

Jun 5, 2026
In committee
COMMITTED TO RULES
NY Senate
May 14, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
May 13, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate
May 12, 2026
1ST Report CAL.1029
1ST REPORT CAL.1029
NY Senate
Jan 7, 2026
Referred to committee
REFERRED TO BANKS
NY Senate

Show full history (5 earlier events)

Jun 13, 2025
In committee
COMMITTED TO RULES
NY Senate
May 7, 2025
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
May 6, 2025
2ND Report CAL.
2ND REPORT CAL.
NY Senate
May 5, 2025
1ST Report CAL.934
1ST REPORT CAL.934
NY Senate
Feb 10, 2025
Referred to committee
REFERRED TO BANKS
NY Senate

Read the record

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