New York Legislators Introduce Small Business Usury Bill

Two members of the New York State legislature have introduced a bill to apply consumer usury protections to small businesses. Bill A03638, introduced by New York Assemblymembers Yuh-Line Niou and Crystal Peoples-Stokes define a small business as “one which is resident in this state, independently owned and operated, not dominant in its field and employs one hundred or less persons.”

The bill is separate from the one introduced to outlaw Confessions of Judgment in financial contracts.

You can read the full text of the bill here.