Regulates personal loans made by lenders to New York residents, exempting certain lenders.

The bill amends the banking law to regulate personal loans made by lenders to New York residents or those physically located in the state. It defines "personal loan" and sets limits on fees, interest, and charges. Borrowers can prepay without penalty, and lenders cannot accelerate maturity or impose certain fees. Short-term loans are defined and restricted, with specific rules on fees and interest rates. The superintendent of financial services will implement these provisions through regulations.

Regulates personal loans made by lenders to New York residents, exempting certain lenders.

The bill amends the banking law to regulate personal loans made by lenders to New York residents or those physically located in the state. It defines "personal loan" and sets limits on fees, interest, and charges. Borrowers can prepay without penalty, and lenders cannot accelerate maturity or impose certain fees. Short-term loans are defined and restricted, with specific rules on fees and interest rates. The superintendent of financial services will implement these provisions through regulations.