Senate BillIntroduced
S 4607: Deems asset-based lending transactions to be loans for all purposes.
What S 4607 does, verified June 5, 2026
The proposed law aims to regulate asset-based lending transactions in the state. An asset-based lending transaction is defined as a situation where advances are made contingent on the recipient forwarding payments from third parties for goods or services provided to those parties. These transactions will be considered loans for all purposes. The law will take effect after 90 days of its passage.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: COMMITTED TO RULES (2026-06-05)Alert me
Quick answers about S 4607
- What is the current status of S 4607?
- As of June 5, 2026, S 4607 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on June 5, 2026, was "COMMITTED TO RULES".
- Did S 4607 pass?
- Not yet. S 4607 has been introduced and has not passed either house.
- Who wrote S 4607, and where is it now?
- S 4607 was authored by Sen. James Sanders.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions10 total · showing 5
| Jun. 05, 2026 | COMMITTED TO RULES |
| May. 14, 2026 | ADVANCED TO THIRD READING |
| May. 13, 2026 | 2ND REPORT CAL. |
| May. 12, 2026 | 1ST REPORT CAL.1029 |
| Jan. 07, 2026 | REFERRED TO BANKS |
Latest bill textIntroduced version, February 10, 2025 · 212 words
STATE OF NEW YORK ________________________________________________________________________ 4607 2025-2026 Regular Sessions IN SENATE February 10, 2025 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks 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 Assem- bly, do enact as follows: 1 Section 1. The banking law is amended by adding a new section 340-a to 2 read as follows: 3 § 340-a. Asset-based lending transactions. 1. As used in this section 4 the term "asset-based lending transaction" shall mean a transaction in 5 which advances are made which are contingent on the recipient forwarding 6 payments received from one or more third parties for goods such recipi- 7 ent has supplied or services such recipient has rendered to that third 8 party or parties. 9 2. All asset-based lending transactions shall be deemed to be loans 10 for all purposes. 11 § 2. This act shall take effect on the ninetieth day after it shall 12 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09226-01-5
Text of S 4607 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions