A Local Law to amend the administrative code of the city of New York, in relation to information on loans and grants for small businesses

Summary

This bill would require the Department of Small Business Services to post on its website information on selecting a bank for small businesses, including information on specialized services offered by banks for small businesses, information on typical fees, interest rates, monthly charges, or balance requirements, the advantages and disadvantages of having accounts at multiple banks, and information about Federal Deposit Insurance Corporation insurance coverage or other protections provided for small business deposits.

Official summary of legislation · NYC Council