S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
June 7, 2013
Introduced by Sen. GRIFFO -- read twice and ordered printed, and when
printed to be committed to the Committee on Finance -- recommitted to
the Committee on Finance in accordance with Senate Rule 6, sec. 8 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to direct the department of financial services to study, evaluate
and make recommendations concerning licensure, limits on fees and
interest and disclosure practices of businesses engaged in pension
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The department of financial services is hereby authorized
and directed to examine, evaluate and make recommendations concerning
the licensure, limits on fees and interest and disclosure practices of
businesses engaged in pension loan advancements.
S 2. The department of financial services shall hold public hearings
in the course of conducting its examination and evaluation pursuant to
S 3. The department of financial services shall submit a report, on or
before January 1, 2015, to the superintendent of financial services, the
governor and the legislature of its findings, conclusions and recommen-
dations, and shall submit with its report such legislative and regulato-
ry proposals as it deems necessary to implement its recommendations.
S 4. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.