New York A03228 amends the general business law to allow electronic notice of intention to sell and surplus notice for collateral loan brokers.
New York A03228 amends the general business law to allow collateral loan brokers to provide notice of intention to sell and notice of surplus by email or text message. The bill requires brokers to send an initial notice of intention to sell at least 30 days before the sale and a second notice at least 15 days before the sale. Brokers must also send a notice of surplus by the same electronic means if the pledgor has not claimed any surplus within one year.
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