NYS Truth in Lending Act Advances

The headlines may be all about Coronavirus, but some New York State lawmakers are already introducing legislation that will help small businesses recover once the crisis is over.

The Responsible Business Lending Coalition (RBLC) recently endorsed A10118 and thanked Assemblyman Ken Zebrowski (D-Rockland County) for his support of New York small businesses. This legislation will bring common-sense transparency standards to small business financing in the State of New York at a time when it’s needed most. The companion bill in the New York State Senate S0547A is sponsored by Senator Kevin Thomas (D-Nassau County.)

Linda MacFarlane, Chairwoman of the NYS CDFI Coalition said, “This is a great day for New York small businesses. We applaud Assemblyman Zebrowski for drafting legislation that will make it possible for the business owners in our state to make informed choices about the kinds of loans they take to grow and sustain their businesses. As community development lenders, the New York Community Development Financial Institutions (CDFIs) too often see the damage that has been done when business owners did not recognize the high interest rates and fees or severe prepayment penalties on loans that they have taken out. CDFIs are committed to offering loans in a fair, affordable and transparent manner. We are thrilled to see a bill that will cause other lenders to perform in the same way.”

Read the RBLC’s full release here.