1 00:00:00.000 --> 00:00:01.620 Speaker 1: Act on the Financial Services Law. 2 00:00:03.540 --> 00:00:05.010 Speaker 2: Now, Senator Borello. 3 00:00:06.120 --> 00:00:08.100 Senator George Borrello: Mr. President, I rise to speak on 4 00:00:08.100 --> 00:00:08.520 the bill. 5 00:00:08.820 --> 00:00:10.320 Speaker 2: Senator Borrello on the bill. 6 00:00:12.150 --> 00:00:14.070 Senator George Borrello: Thank you, Mr. President. These are 7 00:00:14.220 --> 00:00:17.430 unprecedented times here in our state. And as a small business 8 00:00:17.430 --> 00:00:21.510 owner, I can tell you that access to credit, fast and 9 00:00:21.510 --> 00:00:24.750 flexible credit is a lifeline right now that many small 10 00:00:24.750 --> 00:00:28.140 businesses are taking advantage of. And with that, I would Mr. 11 00:00:28.140 --> 00:00:31.950 President, ask if the sponsor would yield for some questions. 12 00:00:31.980 --> 00:00:33.870 Speaker 2: Will the sponsor yield for some questions? 13 00:00:34.140 --> 00:00:35.340 Speaker 3: Through you, Mr. President? Yes. 14 00:00:35.370 --> 00:00:36.300 Speaker 2: The sponsor yields. 15 00:00:36.330 --> 00:00:39.120 Senator George Borrello: Yes. Mr. President through you. Thank 16 00:00:39.120 --> 00:00:43.860 you very much. First of all, have you been contacted by any 17 00:00:43.860 --> 00:00:46.710 organizations that oppose this bill? Through its president? 18 00:00:48.240 --> 00:00:49.410 Speaker 2: Sorry, can you repeat the question? 19 00:00:49.410 --> 00:00:50.700 Senator George Borrello: I'm sorry. Have you been contacted 20 00:00:50.700 --> 00:00:53.100 by any sponsors? Or excuse me, have you been contacted by any 21 00:00:53.100 --> 00:00:55.350 organizations that are opposed to this bill? 22 00:00:55.710 --> 00:00:56.640 Speaker 3: Opposed to this bill? 23 00:00:56.670 --> 00:00:56.970 Senator George Borrello: Yeah. 24 00:01:08.400 --> 00:01:22.410 Speaker 2: Organization transact transaction that association and 25 00:01:22.410 --> 00:01:25.950 PayPal. Okay. Mr. President. 26 00:01:26.250 --> 00:01:27.780 Will the sponsor yield for a question. 27 00:01:27.810 --> 00:01:28.170 Senator George Borrello: Yes. 28 00:01:28.200 --> 00:01:29.040 The sponsor yields. 29 00:01:29.070 --> 00:01:31.200 First of all, thank you for the list. I didn't expect I was just 30 00:01:31.200 --> 00:01:36.360 expecting yesterday. No, but thank you. You know, yes. But 31 00:01:36.360 --> 00:01:40.170 you did actually mention several of them that had concerns, what 32 00:01:40.230 --> 00:01:42.420 what concerns that they have? And I'm not asking for a 33 00:01:42.420 --> 00:01:45.180 complete list. But, you know, what could what type of concerns 34 00:01:45.180 --> 00:01:46.500 did they have in the bill? 35 00:01:46.980 --> 00:01:49.290 Speaker 2: For you, Mr. President, their concerns were 36 00:01:49.290 --> 00:01:54.390 mostly about the technicalities of the bill, and what is being 37 00:01:54.420 --> 00:01:55.320 disclosed. 38 00:01:56.230 --> 00:01:58.480 Senator George Borrello: Okay, so technical technicalities. 39 00:01:59.770 --> 00:02:00.700 Here, Mr. President. 40 00:02:00.820 --> 00:02:02.080 Speaker 2: Will the sponsor yield for a question? 41 00:02:02.110 --> 00:02:02.500 Senator George Borrello: Yes. 42 00:02:02.530 --> 00:02:03.400 Speaker 2: The sponsor yields. 43 00:02:04.000 --> 00:02:05.170 Senator George Borrello: Was anything done about those 44 00:02:05.170 --> 00:02:05.830 concerns? 45 00:02:08.230 --> 00:02:12.220 Senator Kevin Thomas: We have been working with everyone, for 46 00:02:12.220 --> 00:02:17.860 this bill. We started drafting this bill maybe over a year ago. 47 00:02:18.220 --> 00:02:22.270 And we worked with all parties to get to the point where we are 48 00:02:22.270 --> 00:02:22.840 right now. 49 00:02:25.330 --> 00:02:25.990 Senator George Borrello: Here Mr. President. 50 00:02:26.020 --> 00:02:26.920 Speaker 2: Will the sponsor yield? 51 00:02:26.980 --> 00:02:27.340 Senator George Borrello: Yes. 52 00:02:27.370 --> 00:02:28.420 Speaker 2: Sponsor yields for a question. 53 00:02:28.450 --> 00:02:29.470 Senator George Borrello: So you've worked on this for a 54 00:02:29.470 --> 00:02:32.770 year. But it I know, in particular Small Business 55 00:02:32.770 --> 00:02:38.770 Finance Association had given you a list of 13 concerns, which 56 00:02:38.770 --> 00:02:41.950 were technical, and some were, you know, pretty, I guess, for 57 00:02:41.950 --> 00:02:44.770 lack of a better term egregious. And it appears that none of 58 00:02:44.770 --> 00:02:49.030 those have been addressed in many ways. So, you know, there's 59 00:02:49.060 --> 00:02:53.890 there was a question, in fact, in Section 808, that this bill 60 00:02:53.890 --> 00:02:56.980 calls to demand the use of a question that in the 61 00:02:56.980 --> 00:02:59.230 disclosures, again, we're talking about disclosures of 62 00:02:59.230 --> 00:03:03.010 fees, which is an important thing, demand that they use the 63 00:03:03.010 --> 00:03:07.270 term double dipping in that question, I've looked, and I 64 00:03:07.270 --> 00:03:10.180 cannot find any financial disclosure document anywhere in 65 00:03:10.180 --> 00:03:12.880 the United States where the term double dipping is used. Now, I 66 00:03:12.880 --> 00:03:14.920 know what it means when you're at a party and someone does it 67 00:03:14.920 --> 00:03:17.650 with a bowl of potato chip, I get that. But when it comes to 68 00:03:17.650 --> 00:03:20.590 financial services, could you please tell me what we would use 69 00:03:20.620 --> 00:03:21.610 double dipping for? 70 00:03:21.820 --> 00:03:26.500 Speaker 2: So through you, Mr. President, this, we got to look 71 00:03:26.500 --> 00:03:31.810 at everything in context, right. So under Section 808, this is 72 00:03:31.810 --> 00:03:35.890 disclosure requirements for a renewal financing. So for 73 00:03:35.890 --> 00:03:42.760 example, if a mom and pop business has another loan that 74 00:03:42.760 --> 00:03:48.190 they need to pay off, and this lender here, wants to give them 75 00:03:48.190 --> 00:03:51.850 another loan, they want them to pay that off first. So in the 76 00:03:51.850 --> 00:03:55.450 original loan, there might have been some finance charges that 77 00:03:55.450 --> 00:03:59.470 were associated with giving out that extension of credit. But 78 00:03:59.500 --> 00:04:03.160 now with the new extension of credit that they are receiving, 79 00:04:03.400 --> 00:04:07.330 we want to make sure that whoever is taking out that 80 00:04:07.330 --> 00:04:11.560 extension knows whether there's another finance charge involved 81 00:04:11.560 --> 00:04:15.100 here. So that's the context here about double dipping, whether 82 00:04:15.100 --> 00:04:19.360 there's two separate finance charges. Again, we're we're 83 00:04:19.360 --> 00:04:23.950 working with unsophisticated business owners and putting 84 00:04:23.980 --> 00:04:28.480 everything out on the table is the best way for them to compare 85 00:04:28.600 --> 00:04:33.820 apples to apples so that they can go on with their with their 86 00:04:33.820 --> 00:04:34.330 business. 87 00:04:36.280 --> 00:04:37.600 Will the sponsor yield for a question? 88 00:04:37.600 --> 00:04:37.810 Senator George Borrello: Yes. 89 00:04:37.930 --> 00:04:39.070 Speaker 2: The sponsor yields. 90 00:04:39.370 --> 00:04:41.170 Senator George Borrello: Well, I understand that, you know, 91 00:04:41.170 --> 00:04:46.270 calculating an annual percentage rate APR on a personal loan is 92 00:04:46.270 --> 00:04:49.090 one thing, but there is an entirely different way of going 93 00:04:49.090 --> 00:04:51.670 about it. When it comes to commercial loans determining 94 00:04:51.670 --> 00:04:54.730 that can you can tell me how things are calculated 95 00:04:54.730 --> 00:04:57.790 differently between a commercial and personal loan when it comes 96 00:04:57.790 --> 00:04:59.530 to the rates that are charged. 97 00:04:59.920 --> 00:05:02.800 Senator Kevin Thomas: So let me through you, Mr. President, let 98 00:05:02.800 --> 00:05:08.050 me start off by saying, If APR alone was the only thing 99 00:05:08.050 --> 00:05:11.800 disclosed, we would have a problem here about, you know, 100 00:05:11.800 --> 00:05:16.780 what's being disclosed. There is no single definition for APR. 101 00:05:17.170 --> 00:05:20.680 Tila, for example, which is meant for consumers dot for 102 00:05:20.680 --> 00:05:24.880 businesses, right. Tila provides different rules for calculating 103 00:05:24.910 --> 00:05:30.220 APR, on closed end and open end transaction. So in my bill, 104 00:05:30.400 --> 00:05:35.350 there are different sections that talk about, you know, sales 105 00:05:35.350 --> 00:05:39.340 based financing, open ended closed, there are a lot of 106 00:05:39.340 --> 00:05:43.900 different ways that APR can be calculated, the actual formulas 107 00:05:44.320 --> 00:05:49.510 are so complex, that is that it is impossible to replicate them 108 00:05:49.510 --> 00:05:53.680 for you in this setting. But that's why in those, those 109 00:05:53.680 --> 00:05:59.290 sections, we've drafted the bill to say, approximate APR, and 110 00:05:59.290 --> 00:06:00.850 estimated APR. 111 00:06:04.300 --> 00:06:06.010 Speaker 2: Will the sponsor yield for a question? The 112 00:06:06.010 --> 00:06:06.640 sponsor yields. 113 00:06:06.640 --> 00:06:09.730 Senator George Borrello: yields? So you've said that some simple 114 00:06:09.760 --> 00:06:11.710 mom and pop business owners are gonna have a hard time 115 00:06:11.710 --> 00:06:16.120 understanding that you've charged the lenders with the 116 00:06:16.180 --> 00:06:20.830 task of actually having to, you know, put this into simple 117 00:06:20.830 --> 00:06:25.180 terms. So how are they going to simply define the fees that are 118 00:06:25.180 --> 00:06:28.150 being charged when you yourself have just said that it's a 119 00:06:28.150 --> 00:06:31.570 complex calculation? That's subject to I guess, a best 120 00:06:31.570 --> 00:06:35.830 guess, how are they going to successfully achieve that? In a 121 00:06:35.830 --> 00:06:36.670 disclosure document? 122 00:06:37.030 --> 00:06:38.710 Senator Kevin Thomas: For you, Mr. President, they've been 123 00:06:38.710 --> 00:06:41.560 doing this for years, and lenders are way more 124 00:06:41.560 --> 00:06:47.110 sophisticated than the mom and pop store owners. All right. So 125 00:06:47.140 --> 00:06:52.840 when we look at these lenders, they are mostly online. And 126 00:06:52.840 --> 00:06:56.860 there is a vast majority of them that don't give out all the 127 00:06:56.860 --> 00:07:03.700 information needed for someone to actually decide, comparing 128 00:07:03.700 --> 00:07:08.620 products before they sign on the dotted line. So a lender who's 129 00:07:08.620 --> 00:07:13.540 more sophisticated, has the ability has the experts on hand, 130 00:07:13.990 --> 00:07:19.600 to create that formula to go forward and present it on their 131 00:07:19.600 --> 00:07:26.200 disclosure so that the everyday business owner can then decide 132 00:07:26.380 --> 00:07:27.280 what is best. 133 00:07:30.220 --> 00:07:31.570 Speaker 2: Will the sponsor yield for a question? 134 00:07:31.630 --> 00:07:32.080 Senator George Borrello: Yes. 135 00:07:32.140 --> 00:07:33.040 Speaker 2: The sponsor yields. 136 00:07:33.370 --> 00:07:36.040 Senator George Borrello: So what you're saying is, is that this 137 00:07:36.040 --> 00:07:39.490 can be done yet? I'm not sure if you're aware, but the state of 138 00:07:39.490 --> 00:07:42.550 California recently passed a law like this that requires small 139 00:07:42.550 --> 00:07:46.270 business lenders to disclose the lending terms and APR rate 140 00:07:46.270 --> 00:07:48.490 calculations, just like you're asking for. It's my 141 00:07:48.490 --> 00:07:51.070 understanding that the California regulators have not 142 00:07:51.070 --> 00:07:54.040 been able to implement this law for over a year, because of the 143 00:07:54.040 --> 00:07:56.500 small business lenders were unable to properly meet those 144 00:07:56.500 --> 00:07:59.710 mandates. Because the whole best guess idea, are you aware of 145 00:07:59.710 --> 00:08:02.680 this law in California, the fact that in a year, it has not been 146 00:08:02.680 --> 00:08:03.580 able to be implemented? 147 00:08:03.970 --> 00:08:05.560 Senator Kevin Thomas: Begin with the President that I am aware of 148 00:08:05.560 --> 00:08:10.600 it. But that is exactly why we have section 811, which 149 00:08:10.780 --> 00:08:16.630 basically lets the superintendent to formulate the 150 00:08:16.630 --> 00:08:23.950 rules that will make this work. I'm giving DFS the power to look 151 00:08:23.950 --> 00:08:27.670 at the definitions, look at the technicalities, and see what 152 00:08:27.670 --> 00:08:30.760 they can do to make this work here in New York. 153 00:08:34.270 --> 00:08:35.440 Speaker 2: Will the sponsor yield for a question? 154 00:08:35.440 --> 00:08:35.770 Senator George Borrello: Yes. 155 00:08:35.770 --> 00:08:36.850 Speaker 2: The sponsor yields. 156 00:08:37.300 --> 00:08:38.620 Senator George Borrello: So you brought up Department of 157 00:08:38.620 --> 00:08:42.040 Financial Services? You know, there'd be the province the 158 00:08:42.040 --> 00:08:45.160 people that are responsible for executing this. Have they waited 159 00:08:45.160 --> 00:08:45.700 on this bill? 160 00:08:46.600 --> 00:08:47.770 Senator Kevin Thomas: Williams, the President Bill, they have 161 00:08:47.770 --> 00:08:47.980 not. 162 00:08:49.690 --> 00:08:51.370 Senator George Borrello: Mr. through you Mr. President. 163 00:08:51.420 --> 00:08:52.800 Speaker 2: Will the sponsor yield for a question? 164 00:08:52.830 --> 00:08:53.280 Senator George Borrello: Yes. 165 00:08:53.310 --> 00:08:54.090 Speaker 2: The sponsor yields. 166 00:08:55.170 --> 00:08:57.030 Senator George Borrello: Well, I'm obviously glad that you 167 00:08:57.030 --> 00:08:59.640 think that the Department of Financial Services has some kind 168 00:08:59.640 --> 00:09:02.250 of a magic wand here. Because, you know, in California, they 169 00:09:02.250 --> 00:09:04.770 have, you know, do it for over a year, but you are suspecting 170 00:09:04.770 --> 00:09:07.950 them that department Financial Services is going to do this. 171 00:09:08.040 --> 00:09:10.200 And they haven't really had a chance to weigh in on this bill 172 00:09:10.200 --> 00:09:12.000 before we're going to pass it today. Is that correct? 173 00:09:13.230 --> 00:09:16.110 Senator Kevin Thomas: Through you, Mr. President, I have not 174 00:09:16.110 --> 00:09:22.680 had extensive conversations with DFS, where they said that this 175 00:09:22.680 --> 00:09:29.220 is not doable for them. Again, this is exactly why I have a 176 00:09:29.220 --> 00:09:32.820 section in there that allows the superintendent to do what is 177 00:09:32.820 --> 00:09:36.240 necessary to make this work here in New York. 178 00:09:39.090 --> 00:09:39.900 Speaker 3: Through you, Mr. President. 179 00:09:40.050 --> 00:09:41.400 Speaker 2: Will the sponsor yield for a question? 180 00:09:41.430 --> 00:09:41.850 Senator George Borrello: Yes. 181 00:09:41.880 --> 00:09:42.990 Speaker 2: The sponsor yields. 182 00:09:43.590 --> 00:09:45.630 Senator George Borrello: So do you sincerely then think that 183 00:09:45.630 --> 00:09:47.280 the Department of Financial Services will be able to 184 00:09:47.280 --> 00:09:50.010 promulgate rules to implement this new requirement even though 185 00:09:50.160 --> 00:09:52.170 there's been very little discussion with them and we 186 00:09:52.170 --> 00:09:55.650 really have no way to properly and accurately calculate it? 187 00:09:56.160 --> 00:09:59.310 Senator Kevin Thomas: The Mr. I have full confidence in DFS to 188 00:09:59.310 --> 00:10:03.240 make sure this works because these technicalities are minor 189 00:10:03.240 --> 00:10:07.050 in nature. These are about dotting the I's and crossing 190 00:10:07.080 --> 00:10:11.460 T's. These are not something that would go towards the core 191 00:10:11.460 --> 00:10:12.090 of the bill. 192 00:10:14.310 --> 00:10:16.410 Senator George Borrello: Which precedent on the bill? Senator 193 00:10:16.410 --> 00:10:19.440 burello. On the bill? You know, I have to disagree with you. 194 00:10:19.560 --> 00:10:22.440 First of all credit is tight right now as it is, because 195 00:10:22.440 --> 00:10:26.040 what's going on with this COVID crisis. And this is going to 196 00:10:26.040 --> 00:10:28.410 really dry up a lot of credit opportunities, particularly for 197 00:10:28.410 --> 00:10:31.500 our small businesses that again, rely on these type of fast, 198 00:10:31.530 --> 00:10:35.850 flexible, and usually short term loans. In fact, the 199 00:10:35.880 --> 00:10:38.820 organizations that represent small business lenders have 200 00:10:38.820 --> 00:10:41.970 brought several concerns forward. This is certainly at 201 00:10:41.970 --> 00:10:45.330 the very least a cake that's not fully baked. One of the comments 202 00:10:45.330 --> 00:10:48.420 that was made in the letters opposing this set of the outcome 203 00:10:48.420 --> 00:10:51.510 of this well intended, but flawed statute, instead will be 204 00:10:51.510 --> 00:10:54.540 a reduction in lending in New York state, by impacted 205 00:10:54.540 --> 00:10:57.600 financial institutions, at a time when working capital is 206 00:10:57.600 --> 00:11:00.720 critical to restarting our state's economy. This is very 207 00:11:00.720 --> 00:11:05.160 true, particularly now we're talking about one more nail in 208 00:11:05.160 --> 00:11:07.530 the coffin of small business here in New York State. And 209 00:11:07.530 --> 00:11:11.130 that's troubling to me, because this state legislature really 210 00:11:11.130 --> 00:11:14.010 hasn't done much to help small business. And yet, we were going 211 00:11:14.010 --> 00:11:16.680 to do more things that are going to make their access to capital, 212 00:11:17.220 --> 00:11:21.930 that much more difficult. You know, and really, right now, if 213 00:11:21.930 --> 00:11:24.720 we're looking at putting restrictions on everyone, that 214 00:11:24.720 --> 00:11:27.870 lens, that'd be one thing, but this is going to again, affect 215 00:11:27.900 --> 00:11:31.350 just state chartered institutions here in New York 216 00:11:31.350 --> 00:11:34.680 State. And that's really an issue because there they are now 217 00:11:34.680 --> 00:11:37.170 going to say, we're just gonna pull out of New York state when 218 00:11:37.170 --> 00:11:40.920 it comes to the Capitol. They might be a nationwide or 219 00:11:40.920 --> 00:11:44.130 worldwide organization that has allocated funds in New York 220 00:11:44.130 --> 00:11:47.280 State. But why would they stay here and face these rules when 221 00:11:47.280 --> 00:11:51.360 they know that the disclosures are going to distort the actual 222 00:11:51.360 --> 00:11:54.690 numbers, because we really have very little little evidence that 223 00:11:54.690 --> 00:11:57.870 it can be done successfully and accurately. So they'll intent 224 00:11:57.900 --> 00:12:01.140 they'll instead divert their funding to other states, which 225 00:12:01.140 --> 00:12:04.020 will further burden New York State's small businesses, 226 00:12:04.020 --> 00:12:06.780 especially if you're a big business, let's face it, the big 227 00:12:06.780 --> 00:12:09.300 banks, I like to lend to people that don't need to be no don't 228 00:12:09.300 --> 00:12:12.600 need the money, right? It's, that's a big problem here across 229 00:12:12.600 --> 00:12:15.060 the nation, but especially here in New York, it's lenders like 230 00:12:15.060 --> 00:12:19.080 this, that are flexible, that that can save through that 231 00:12:19.080 --> 00:12:21.930 lifeline when needed to a small business. And as someone who 232 00:12:21.930 --> 00:12:25.050 started his own business at the age of 23, I can tell you that 233 00:12:25.050 --> 00:12:28.890 those lifelines were crucial at many points in my business as 234 00:12:28.890 --> 00:12:31.800 well. So I take this little personally that we're going to 235 00:12:31.800 --> 00:12:34.320 go after those those lifelines. But at the same time, I 236 00:12:34.320 --> 00:12:37.920 understand the intent, I would rather see something that has 237 00:12:37.920 --> 00:12:43.260 been collaborated with the industry on and also that DFS 238 00:12:43.350 --> 00:12:46.110 has a chance to look at it because they have a Herculean 239 00:12:46.110 --> 00:12:50.250 task. If you go by what happened in New York State, or excuse me 240 00:12:50.250 --> 00:12:52.740 in California to do in New York state with the state of 241 00:12:52.740 --> 00:12:56.040 California could not do so Mr. President. As a result, I'm 242 00:12:56.040 --> 00:12:59.130 going to strongly suggest that we vote no on this bill. Thank 243 00:12:59.130 --> 00:12:59.280 you. 244 00:13:02.580 --> 00:13:04.740 Speaker 2: Are there any other senators wishing to be heard? 245 00:13:06.690 --> 00:13:10.830 Seeing and hearing none debate is closed. The secretary will 246 00:13:10.830 --> 00:13:14.670 ring the bell. Read the last section. 247 00:13:15.060 --> 00:13:17.730 Unknown: Section two of this act to the effect on the 180 day and 248 00:13:17.730 --> 00:13:18.630 the sub common law. 249 00:13:21.390 --> 00:13:22.140 Speaker 2: Call the roll. 250 00:13:22.650 --> 00:13:24.720 Speaker 4: The double ginormous Cougar Fort Stewart Cousins 251 00:13:24.720 --> 00:13:25.290 Thomas. 252 00:13:26.490 --> 00:13:28.950 Speaker 2: Senator Thomas to explain his vote. 253 00:13:29.850 --> 00:13:36.300 Thank you, Mr. President. The intention of this bill is 254 00:13:36.300 --> 00:13:42.480 because of where we are in this society, in terms of online 255 00:13:42.480 --> 00:13:48.870 lending. non bank online lenders are the mainstream alternative 256 00:13:49.260 --> 00:13:54.930 providers to financing small businesses. These online lenders 257 00:13:54.960 --> 00:13:59.280 vary significantly in the type of information presented to the 258 00:13:59.280 --> 00:14:05.940 customer. This bill asked them to make terminology standard. So 259 00:14:05.940 --> 00:14:09.840 customers who are not really sophisticated, get all the 260 00:14:09.840 --> 00:14:14.220 information they need to make an informed decision. So what the 261 00:14:14.220 --> 00:14:19.950 Bill asks them to do is disclose things like the total cost of 262 00:14:19.950 --> 00:14:25.560 capital, the term limits, payment frequency, APR, average 263 00:14:25.560 --> 00:14:30.000 payment amount, and basic information about pre payment. 264 00:14:30.600 --> 00:14:35.580 This information presented as a standard format would be very 265 00:14:35.580 --> 00:14:42.750 useful for product comparisons. And in this COVID pandemic that 266 00:14:42.750 --> 00:14:45.630 we're living in. There are a lot of small businesses that are 267 00:14:45.630 --> 00:14:51.810 suffering. And when you give them a number of websites, where 268 00:14:51.810 --> 00:14:55.890 information is not really available, they're not able to 269 00:14:55.890 --> 00:14:59.550 make the best decision. And that's why this bill is 270 00:14:59.550 --> 00:15:04.680 important. That's why New York leads. And that's why financial 271 00:15:04.680 --> 00:15:09.030 institutions and non bank entities like these online 272 00:15:09.030 --> 00:15:13.590 lenders will never leave New York, because we are number one 273 00:15:13.590 --> 00:15:18.330 here in the US. And we are leading by putting the 274 00:15:18.330 --> 00:15:24.420 safeguards in place by making terminology standard, so that 275 00:15:24.420 --> 00:15:27.840 mom and pop stores, unsophisticated individuals, 276 00:15:27.840 --> 00:15:32.040 some are sophisticated, like my colleague here, but not all of 277 00:15:32.040 --> 00:15:36.960 them are as sophisticated. They get to compare apples to apples 278 00:15:37.230 --> 00:15:40.500 and make an informed decision so that they can get back on their 279 00:15:40.500 --> 00:15:44.610 feet and get the economy moving. I vote aye on this bill. Thank 280 00:15:44.610 --> 00:15:45.120 you very much. 281 00:15:46.020 --> 00:15:49.650 Senator Thomas to be recorded in the affirmative. Announce the 282 00:15:49.650 --> 00:15:50.190 results. 283 00:15:50.670 --> 00:15:53.340 Unknown: In relation to coma 886. Those senators vote in the 284 00:15:53.340 --> 00:15:54.540 negative part, senators