New York Senate Bill 1061 sponsored by Banking Committee Chairman State Senator James Sanders Jr (D-NYC) and its companion bill New York Assembly Bill 1420 sponsored by Committee on Banks member and Subcommittee Chair Assemblywoman Kimberly-Jean-Pierre seek 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, but does not exempt bank affiliates and subsidiaries. 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 has spent considerable time educating the sponsors and staff as to our position and desire for needed amendments. The ELFA State Legislative and Regulatory Subcommittee of the Legal Committee has played an important role in this process. We are in the fight, but we cannot, at this point, guarantee success. Your views of this development can be shared with ELFA Vice President, State Government Relations, Scott Riehl.
State Legislatures in Session
With 46 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.
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.
§ 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, but does not exempt bank affiliates and subsidiaries. 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 has spent considerable time educating the sponsors and staff as to our position and desire for needed amendments. The ELFA State Legislative and Regulatory Subcommittee of the Legal Committee has played an important role in this process. We are in the fight, but we cannot, at this point, guarantee success. Your views of this development can be shared with ELFA Vice President, State Government Relations, Scott Riehl.
State Legislatures in Session
- 46 state legislatures in regular session
- 3 states not in session and pre-filing (FL, LA, WV)
- 1 state session suspended due to COVID-19 (CO)
With 46 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.
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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2021