Issues: Predatory Lending

State Senate Passes Klein & Savino Bills to Combat Predatory Auto Lending Practices in New York State

Albany, NY— Independent Democratic Conference Leader State Senator Jeff Klein (D-Bronx/Westchester) and State Senator Diane Savino (D-Staten Island/Brooklyn) announced Tuesday that the State Senate passed two critical pieces of legislation they sponsor aimed at  predatory subprime auto lending in New York.

Senator Klein’s bill (S.5485A) increases required surety bonds used car dealerships must hold as a consumer protection from $10,000 to $100,000 if the used car dealership sells more than 50 cars annually. Smaller used car dealers can take out $20,000 bonds if they sell fewer than 50 vehicles a year.

June 16, 2015
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Senators Klein & Savino Reveal Top Predatory Subprime Auto Lending Practices in New York

Investigative report proposes legislative remedies to tricky tactics, fraudulent practices and deceptive scams unscrupulous city car dealers are using to prey on financially vulnerable New Yorkers

File: 
Full Report

April 30, 2015
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Senators Klein & Savino Reveal Top Predatory Subprime Auto Lending Practices in New York

Investigative report proposes legislative remedies to tricky tactics, fraudulent practices and deceptive scams unscrupulous city car dealers are using to prey on financially vulnerable New Yorkers

April 30, 2015
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Senator Klein Discusses the Sub-Prime Auto Loan Issue at Hearing Held By Senate Committee on Banks

State Senator Jeff Klein along with Senator Diane Savino and the Senate Banks Committee examine the sub-prime auto loan and auto title loan industry at a hearing on Wednesday to determine possible legislative and/or regulatory solutions. The Committee spoke with experts to determine how to best protect consumers from harmful business practices without impeding on financing options for low-income individuals. 

April 22, 2015
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Chanukah is the celebration of Miracles!

"Chanukah is the celebration of miracles, a reminder that all things are possible," Senator Parker said.  "As you celebrate the spirit of Chanukah with friends and family, I wish you health, happiness and good fortune." The holiday celebrates a legendary victory of the Maccabees, a band of Jews, over a Greek army that occupied the Holy Land.  After the battle, the victorious Maccabees found only a one day supply of oil in the temple to light the lamps.  But the oil burned miraculously for eight days, the story says.

December 17, 2014
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Senator Ted O'Brien's statement on the Bank of America settlement

ROCHESTER, N.Y. – Senator Ted O’Brien released the following statement on the Bank of America settlement that will bring $300 million to New York State:

“The $300 million New York will receive from the Bank of America settlement should go towards upstate property tax relief by reducing the cost burden on local school districts which have been devastated by the Gap Elimination Adjustment. We cannot afford to continue balancing school district budgets on the backs of local property tax payers, and must take action immediately to give hardworking families and small businesses the property tax relief they need.”

-30- 

August 22, 2014
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Legislative Notebook: State Initiatives of Interest to Veterans

Here is a partial listing of bills I have supported this session to aid New York’s former servicemen and servicewomen. These initiatives will now go to Governor Cuomo for final action.

-- Legislation I co-sponsored was passed by both houses (S.7839, first introduced as S.4714)) to extend the Military Service Credit Law of 2000 to all veterans who have served in the military. Right now, public employees who served in the armed forces may purchase up to three years of pension credit only if their military service occurred during specified conflicts. This measure will expand this opportunity to public employee veterans who also served their country in peacetime.

June 26, 2014
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SENATOR VALESKY HAILS PASSAGE OF FOURTH CONSECUTIVE ON-TIME STATE BUDGET

ALBANY, NY—State Senator David J. Valesky (D-Oneida) today lauded the passage of the state’s fourth and historic consecutive on-time budget. This has not been accomplished with the same Governor and legislative leaders in more than 40 years.

April 1, 2014
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Senator David Valesky Welcomes DFS Mobile Command Center to CNY

Department of Financial Services' Assistance Available for Homeowners during Mobile Command Center Visits to Syracuse on Thursday and Liverpool on Friday

State Senator David J. Valesky (D-Oneida) today announced that the Department of Financial Services’ (DFS) Mobile Command Center (MCC) will be in Central New York this week to help provide foreclosure prevention assistance to struggling homeowners.

Department representatives will be available to meet homeowners in the MCC at two locations:

November 21, 2013
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Department of Financial Services to Speek Resolution of Insurance Claims in Areas Affected by SANDY

The NYS Department of Financial Services (DFS) is setting new rules to speed the processing of insurance claims in areas affected by Storm Sandy. The new regulation reduces the amount of time an insurer can delay its decision on a claim, and requires insurers to report to the Department on how many claims it is delaying and the reasons for the delays.

February 27, 2013
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Governor Cuomo Outlines 2013-2014 Executive Budget to Maintain Fiscal Responsibility and Continue to Invest in Economic Growth

Governor Andrew M. Cuomo unveiled the proposed 2013-14Executive Budget and Management Plan that builds on two years of balanced, fiscally responsible budgeting and invests in economic development, education reform, rebuilding after Superstorm Sandy, provides support to local governments and school districts, and includes no new taxes or fees.

Highlights of the Executive Budget:

· Eliminates $1.3 billion budget gap with no new taxes or fees. The expected gap for 2013-14 was projected to be $17.4 billion prior to the last two responsible budgets.

· Holds spending increases below 2 percent for third consecutive year.

January 23, 2013
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Governor Cuomo in Syracuse to Discuss Budget

I was pleased to join Governor Cuomo in discussing budget accomplishments for Central New York. Click the link for more details.

File: 
Gov Cuomo CNY Budget Presentation.pdf

April 5, 2012
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Senator Gallivan Addresses 2012 State Budget In Video Message

Senator Patrick M. Gallivan (R,C,I - 59th District) speaks to the taxpayers and families of Western New York concerning the just enacted 2012 State Budget.

April 4, 2012
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State Passes Fiscally Responsible Budget That Respects Taxpayers

Budget Comes Early, Controls Spending and Holds The Line On Taxes

Senator Patrick M. Gallivan hailed the 2012 state budget today as lawmakers approved the spending plan ahead of the April 1st deadline, marking the second consecutive year New York State will enact an on-time budget.

“Passing a second on-time budget in as many years is indicative of the larger progress we’ve seen lately in Albany. Just as late budgets were once a symbol of dysfunction, on-time budgets are symbolic of continued progress,” the Senator said. “Even more important than passing an on-time budget, is that we passed a fiscally responsible budget that respects New York’s taxpayers and keeps the State moving forward.”

April 3, 2012
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Prohibit Brokers and Lenders From Deceiving Borrowers

News From New York StateSenator Shirley L.

March 30, 2012
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Governor Cuomo and Legislative Leaders Announce Agreement on 2012-13 State Budget

Governor Cuomo released the following announcement on March 27, 2012:

The Budget continues the Governor’s commitment to fiscal responsibility while creating jobs and strengthening communities across the state. It closes a multi-billion dollar deficit with no new taxes, fees or gimmicks, limits spending growth to two percent or below for the second year in a row, and launches the New York Works Task Force to invest billions of dollars to rebuild the state's roads, bridges, parks, and other infrastructure and create tens of thousands of jobs.

March 29, 2012
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Senator Zeldin Attends Smith-Wever American Legion Post's 6th Annual Women's History Month Celebration

Sayville, N.Y. - State Senator Lee M. Zeldin (R, C, I- Shirley) attended the Smith Wever American Legion Post's 6th Annual Women's History Month Celebration this past Saturday, March 24, 2012, at the Florence Evans Memorial Park in downtown Sayville. 

March 28, 2012
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Krueger Announces Senate Passage of Ban on “Yield Spread Premiums”, Predatory Lending Practice

Albany, NY – State Senator Liz Krueger (D-Manhattan) today announced the passage of her legislation permanently banning “yield spread premiums” in New York State (S. 886). This practice created perverse incentives in the mortgage market, fleecing families and creating instability in the nation’s financial system, ultimately contributing to the national mortgage foreclosure crisis.

March 22, 2012
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SENATE PASSES 2012-13 BUDGET RESOLUTION

Gallivan: “Senate Plan Cuts Taxes, Reforms Medicaid, Protects Seniors and Schools.”

The New York State Senate voted to approve its 2012-13 Senate Budget resolution, continuing its focus on state spending, job creation, and structural reform to government.

The Senate budget, at just under $132.5 billion, keeps the total state spending increase below two percent, and spends less than the Executive Budget. The budget closes a $2 billion budget deficit and builds on last year’s successes in putting the state’s fiscal house in order.

March 13, 2012
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MEDIA ADVISORY: CONSUMER ALERT - BEWARE OF MORTGAGE SCAM ARTISTS

***MEDIA ADVISORY***

FOR IMMEDIATE RELEASE

CONSUMER ALERT: BEWARE OF MORTGAGE SCAM ARTISTS

Senator Carlucci Exposes Loan Modification Company Targeting Struggling Spring Valley Homeowners

February 7, 2012
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