Relates to personal loans and short-term lending conditions

Summary

The bill creates a new section in the Banking Law that defines what a personal loan is, who counts as a lender, and which entities are exempt. It caps interest rates on non‑exempt personal loans to New York residents and makes it illegal to hide behind other parties to avoid the rules. The measure targets short‑term, unsecured loans of $3,000 or less and applies only to new loans for personal use.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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