Support S. 5470A

Make Small Business Loans more Fair, Affordable and Transparent

As regions across New York State begin to “reopen,” we’re glad that New York’s lawmakers have already introduced legislation that will help small businesses recover from the COVID-19 crisis. 

The NYS Truth in Lending Act will bring common-sense transparency standards to small business financing in the State of New York at a time when they’re needed most. 

The companion bill in the Assembly (A.10118) is sponsored by Assemblyman Ken Zebrowski (D-Rockland County). This historic bill builds on the small business truth-in-lending legislation passed in California in 2018 with overwhelming bipartisan support. New York small business owners could save millions of dollars annually when empowered by the basic price transparency information needed to navigate financial products in the marketplace.

The NYS CDFI Coalition recently sent a letter to the NYS Senate Banks Committee, asking them to support and advance the legislation before their committee, and we’ve posted a copy here.

If one of these Senators represents your service area, please feel free to share your support for this important legislation!