Regulates commercial finance licensing

This bill creates a licensing system for businesses providing loans or financing to other businesses in New York State. It requires applicants to prove financial stability (maintaining $50,000 in liquid assets per location), submit detailed applications, and meet character and experience standards. Exemptions include small lenders making five or fewer loans annually, banks, credit unions, insurance companies, and transactions involving business ownership purchases. The law applies specifically to financing under $500,000 per transaction, prohibiting unlicensed activity without authorization.