Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 12, 2011 |
signed chap.114 |
Jun 30, 2011 |
delivered to governor |
Jun 15, 2011 |
returned to assembly passed senate 3rd reading cal.1061 substituted for s5531 |
Jun 15, 2011 |
substituted by a8102 |
Jun 14, 2011 |
advanced to third reading |
Jun 13, 2011 |
2nd report cal. |
Jun 07, 2011 |
1st report cal.1061 |
May 31, 2011 |
referred to banks |
Senate Bill S5531
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status Via A8102 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2011-S5531 (ACTIVE) - Details
2011-S5531 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5531 TITLE OF BILL: An act to amend chapter 223 of the laws of 1996, amending the banking law relating to permissible fees in connection with open end loans, in relation to extending the effectiveness thereof PURPOSE: To continue, for another two years, the existing statutory authority of licensed lenders to charge annual fees on open-end personal loans. SUMMARY OF PROVISIONS: This bill amends the effective date of Chapter 223 of the Laws of 1996 to extend, for an additional two years (to June 30, 2013), the authority of licensed lenders to charge annual fees on open-end personal loans. EXISTING LAW: Since 1996, Section 351 of the Banking Law has authorized licensed lenders to charge annual fees on open-end loans. JUSTIFICATION: In 1996, legislation was enacted to authorize licensed lenders to charge annual fees on open-end loans. The law further provided that any such fee may not exceed the lesser of 1% of the loan amount or
2011-S5531 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5531 2011-2012 Regular Sessions I N S E N A T E May 31, 2011 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend chapter 223 of the laws of 1996, amending the banking law relating to permissible fees in connection with open end loans, in relation to extending the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3 of chapter 223 of the laws of 1996, amending the banking law relating to permissible fees in connection with open end loans, as amended by chapter 166 of the laws of 2009, is amended to read as follows: S 3. This act shall take effect immediately, and remain in full force and effect until June 30, [2011] 2013, when, upon such date, the amend- ments made by this act shall expire and be deemed repealed, and the provisions of law amended by this act shall revert to their text and be read as they were immediately prior to the effective date of this act. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10121-01-1
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