New York legislation · 2025-2026 General Assembly
New York S4607: Relates to asset-based lending transactions
Status: In committee, June 5, 2026
Deems asset-based lending transactions to be loans for all purposes.
What the bill says
An act to amend the banking law, in relation to asset-based lending transactions.
From the introduced text, February 10, 2025:
AN ACT to amend the banking law, in relation to asset-based lending transactions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. The banking law is amended by adding a new section 340-a to read as follows: § 340-A. ASSET-BASED LENDING TRANSACTIONS. 1. AS USED IN THIS SECTION THE TERM "ASSET-BASED LENDING TRANSACTION" SHALL MEAN A TRANSACTION IN WHICH ADVANCES ARE MADE WHICH ARE CONTINGENT ON THE RECIPIENT FORWARDING PAYMENTS RECEIVED FROM ONE OR MORE THIRD PARTIES FOR GOODS SUCH RECIPIENT HAS SUPPLIED OR SERVICES SUCH RECIPIENT HAS RENDERED TO THAT THIRD PARTY OR PARTIES. 2. ALL ASSET-BASED LENDING TRANSACTIONS SHALL BE DEEMED TO BE LOANS FOR ALL PURPOSES. § 2. This act shall take effect on the ninetieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09226-01-5
Sponsors
- James Sanders (D, 10) · primary sponsor
Latest actions
- : COMMITTED TO RULES
- : ADVANCED TO THIRD READING
- : 2ND REPORT CAL.
- : 1ST REPORT CAL.1029
- : REFERRED TO BANKS
- : COMMITTED TO RULES
- : ADVANCED TO THIRD READING
- : 2ND REPORT CAL.
- : 1ST REPORT CAL.934
- : REFERRED TO BANKS
Votes
- Senate Banks Committee: COMMITTEE Vote (May 12, 2026): 7 yea, 0 nay, passed
- Banks Committee Vote (May 12, 2026): 7 yea, 0 nay, passed
- Senate Banks Committee: COMMITTEE Vote (May 5, 2025): 7 yea, 0 nay, passed
- Banks Committee Vote (May 5, 2025): 7 yea, 0 nay, passed
Subjects: Banking Law
Common questions
- What is S4607?
- S4607 is a bill in the New York Legislature (2025-2026 General Assembly): Relates to asset-based lending transactions.
- What does S4607 do?
- In its own words: An act to amend the banking law, in relation to asset-based lending transactions.
- What is the status of S4607?
- In committee as of June 5, 2026. Latest action: COMMITTED TO RULES (June 5, 2026).
- Who sponsored S4607?
- James Sanders (D, 10).
- Where is the official record for S4607?
- On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/S4607
Source: official New York record. Tracked by Delilah, AI for legislation across all 50 states and Congress.