New York S06388 amends the general business law to require electronic notice of intention to sell and surplus for collateral loan brokers.

New York S06388 amends the general business law to mandate that collateral loan brokers provide electronic notice of intention to sell and notice of surplus by email or text message. Pledgors can opt for electronic notice at the time of pledging, with a requirement for a second notice at least fifteen days before the sale. If a pledgor fails to claim surplus within a year, it is paid to the state comptroller. The changes take effect immediately upon becoming law.

New York S06388 amends the general business law to require electronic notice of intention to sell and surplus for collateral loan brokers.

New York S06388 amends the general business law to mandate that collateral loan brokers provide electronic notice of intention to sell and notice of surplus by email or text message. Pledgors can opt for electronic notice at the time of pledging, with a requirement for a second notice at least fifteen days before the sale. If a pledgor fails to claim surplus within a year, it is paid to the state comptroller. The changes take effect immediately upon becoming law.