Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 30, 2015 |
signed chap.31 |
Jun 29, 2015 |
delivered to governor |
Jun 15, 2015 |
returned to assembly passed senate substituted for s5408 |
Jun 15, 2015 |
substituted by a7466 |
Jun 09, 2015 |
advanced to third reading |
Jun 08, 2015 |
2nd report cal. |
Jun 03, 2015 |
1st report cal.1331 |
May 14, 2015 |
referred to banks |
Senate Bill S5408
Signed By Governor2015-2016 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status Via A7466 - 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
2015-S5408 (ACTIVE) - Details
2015-S5408 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5408 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 OR GENERAL IDEA OF BILL: The purpose of this bill is to continue for two years the existing statutory authority for licensed lenders to charge annual fees on open-end personal loans. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Amends the effective date of Chapter 223 of the Laws of 1996 to extend, for two years (to June 30, 2017), the authority of licensed lenders to charge annual fees on open-end personal 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 $50. This 1996 law contained a sunset date of June 30, 2000.
2015-S5408 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5408 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sen. SAVINO -- 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 32 of the laws of 2013, is amended to read as follows: S 3. This act shall take effect immediately, and remain in full force and effect until June 30, [2015] 2017, 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. LBD10861-01-5
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.