Expands consumer protections for usury and interest to small businesses in New York.

New York Assembly Bill A06668 amends the general obligations law and banking law to extend consumer protections against usury and excessive interest rates to small businesses. It defines a small business as one that is resident in the state, independently owned and operated, not dominant in its field, and employs one hundred or less persons. The bill also allows those who have paid higher interest rates to recover double the amount from savings and loan associations.

Expands consumer protections for usury and interest to small businesses in New York.

New York Assembly Bill A06668 amends the general obligations law and banking law to extend consumer protections against usury and excessive interest rates to small businesses. It defines a small business as one that is resident in the state, independently owned and operated, not dominant in its field, and employs one hundred or less persons. The bill also allows those who have paid higher interest rates to recover double the amount from savings and loan associations.