Requires covered lenders to report to the department of financial services certain information on covered loans

Summary

The bill adds a new article to the Financial Services Law that obligates certain lenders to report information about large loans within 30 days of the loan’s creation, purchase, or refinance. It applies to loans of $25,000 or more made to New York residents, unless the lender is an exempt financial entity such as a bank or a federally‑backed housing program. The goal is to give state regulators more visibility into high‑value lending activity.

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