With eight states currently in session, your team at ELFA is working to review and, where needed, to address all legislation filed that impacts your interests. ELFA’s efforts are focused on identifying any and all measures that would wrongly infringe on the operations of ELFA members in the commercial sector, addressing those bills that require our attention and conversely promoting legislation that addresses industry needs.
Traditionally ELFA has projected that more than 180,000 state legislative bills will be filed across the 50 states on a yearly basis. In 2021 ELFA projects this number will increase significantly due to the interruptions caused by the pandemic, the closing down of state legislative chambers and the backlog of legislative filings not addressed or permitted due to the shortened legislative session. Of that more than 180,000 state legislative filings, ELFA estimates there will be more than 2,000 bills introduced in 2021 that may impact our members’ interests.
• 8 state legislatures are in regular session (CA, IN, ME, MA, MT, NJ, OH, WI)
• 42 states are not in session
• 32 states are pre-filing for 2021
COVID-19 State Reopening Guide - MultiState’s COVID-19 State Reopening Guide provides a numerical rating of each state’s degree of “openness”—in other words, how open for business is each state now that states have begun shifting their focus to economic recovery? Learn more.
State Tax Filing Date Changes/Extensions - Vertex has created a resource showing states that have issued sales and use tax guidance in response to the COVID-19 crisis. Learn more.
§ 363-A 1(C) of definitions includes “any leasing transaction where any funds are provided to the business or commercial enterprise by the leasing business or any affiliate of the leasing business in the amount of five hundred thousand dollars or less.” Exemptions in § 363-B 2 covers “any banking organization” as defined. Licensees shall file annual reports, and any additional or special reports deemed necessary, used in part to assemble an annual consolidated statement of condition showing the combined assets and liabilities of all licensed lenders.
ELFA had actively worked to impact similar legislation filed last year by this sponsor and is fully in the fight to protect our industry from all and certain negative impacts this new legislation would cause. Your views of this development can be shared with ELFA Vice President, State Government Relations, Scott Riehl.
As reported in an earlier story and ELFA State Legislature Report, ELFA obtained an important exemption in the legislation, but as in California, certainly not everything we fought for. Your views of this development can be shared with ELFA Vice President, State Government Relations, Scott Riehl.
Details
§ 801. Definitions. For the purposes of this article, (d) “closed-end financing” means a closed-end extension of credit, secured or unsecured, including equipment financing that does not meet the definition of a lease under section 2-a-103 of the uniform commercial code, the proceeds of which the recipient does not intend to use primarily for personal, family or household purposes. “closed-end financing” includes financing with an established principal amount and duration.
Exemptions
Section 802 of Article 8 contains exemptions for financial institutions, certain technology service providers, lenders regulated under the federal Farm Credit Act, commercial financing secured by real property, leases as defined in the UCC, providers making 5 or less commercial financing transactions in a year, and individual commercial finance transactions over $500,000.
Rules and Regulations: Authorized not Required
§ 811. Rules and regulations. The superintendent is hereby authorized and empowered to promulgate such rules and regulations as may in the judgment of the superintendent be consistent with the purposes of this article, or appropriate for the effective administration of this article, including, but not limited to…
Implementation Date
Effective date: This act shall take effect on the one hundred eightieth day after it shall have become a law (December 24, 2020).
ELFA sends out email updates on state legislative and regulatory activity as it occurs. You can receive this information by sending complete contact information to ELFA Vice President, State Government Relations. Scott Riehl.
Traditionally ELFA has projected that more than 180,000 state legislative bills will be filed across the 50 states on a yearly basis. In 2021 ELFA projects this number will increase significantly due to the interruptions caused by the pandemic, the closing down of state legislative chambers and the backlog of legislative filings not addressed or permitted due to the shortened legislative session. Of that more than 180,000 state legislative filings, ELFA estimates there will be more than 2,000 bills introduced in 2021 that may impact our members’ interests.
State Legislative Sessions
• 8 state legislatures are in regular session (CA, IN, ME, MA, MT, NJ, OH, WI)
• 42 states are not in session
• 32 states are pre-filing for 2021
ELFA Presents State and Local Resources for Critical Coronavirus Information
COVID-19 State Reopening Guide - MultiState’s COVID-19 State Reopening Guide provides a numerical rating of each state’s degree of “openness”—in other words, how open for business is each state now that states have begun shifting their focus to economic recovery? Learn more.
State Tax Filing Date Changes/Extensions - Vertex has created a resource showing states that have issued sales and use tax guidance in response to the COVID-19 crisis. Learn more.
New York Finance Licensing Bill Filed
New York Senate Bill 1061, sponsored by Banking Committee Chairman State Sen. James Sanders Jr (D-NYC), seeks to regulate commercial finance licensing of those making or soliciting commercial financing products as authorized and without first obtaining a license.§ 363-A 1(C) of definitions includes “any leasing transaction where any funds are provided to the business or commercial enterprise by the leasing business or any affiliate of the leasing business in the amount of five hundred thousand dollars or less.” Exemptions in § 363-B 2 covers “any banking organization” as defined. Licensees shall file annual reports, and any additional or special reports deemed necessary, used in part to assemble an annual consolidated statement of condition showing the combined assets and liabilities of all licensed lenders.
ELFA had actively worked to impact similar legislation filed last year by this sponsor and is fully in the fight to protect our industry from all and certain negative impacts this new legislation would cause. Your views of this development can be shared with ELFA Vice President, State Government Relations, Scott Riehl.
New York Finance Disclosure Law with ELFA Amendment Signed by Governor
New York Senate Bill 5470 sponsored by Senate Consumer Protection Committee Chairman Kevin Thomas (D-Garden City) and companion New York Assembly Bill 10118 sponsored by Assembly Governmental Operations Committee Chairman Kenneth Zebrowski (D-Rockland County) were enacted and signed by the Governor as Chapter 369 on Dec. 24.As reported in an earlier story and ELFA State Legislature Report, ELFA obtained an important exemption in the legislation, but as in California, certainly not everything we fought for. Your views of this development can be shared with ELFA Vice President, State Government Relations, Scott Riehl.
Details
§ 801. Definitions. For the purposes of this article, (d) “closed-end financing” means a closed-end extension of credit, secured or unsecured, including equipment financing that does not meet the definition of a lease under section 2-a-103 of the uniform commercial code, the proceeds of which the recipient does not intend to use primarily for personal, family or household purposes. “closed-end financing” includes financing with an established principal amount and duration.
ELFA expects more than 2,000 bills will be introduced in 2021 that may impact members’ interests.
Exemptions
Section 802 of Article 8 contains exemptions for financial institutions, certain technology service providers, lenders regulated under the federal Farm Credit Act, commercial financing secured by real property, leases as defined in the UCC, providers making 5 or less commercial financing transactions in a year, and individual commercial finance transactions over $500,000.
Rules and Regulations: Authorized not Required
§ 811. Rules and regulations. The superintendent is hereby authorized and empowered to promulgate such rules and regulations as may in the judgment of the superintendent be consistent with the purposes of this article, or appropriate for the effective administration of this article, including, but not limited to…
Implementation Date
Effective date: This act shall take effect on the one hundred eightieth day after it shall have become a law (December 24, 2020).
ELFA sends out email updates on state legislative and regulatory activity as it occurs. You can receive this information by sending complete contact information to ELFA Vice President, State Government Relations. Scott Riehl.
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