Assembly Bill A6475

2019-2020 Legislative Session

Requires lending institutions that send unsolicited mail-loan checks to clearly state the interest rate and the total cost of loan in a dollar amount

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Archive: Last Bill Status - In Assembly Committee


  • 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

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2019-A6475 (ACTIVE) - Details

See Senate Version of this Bill:
S4371
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-t, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2285
2011-2012: S1494
2013-2014: S2910
2015-2016: S1723
2017-2018: S3076
2021-2022: S4426
2023-2024: S5283

2019-A6475 (ACTIVE) - Summary

Requires lending institutions that send unsolicited mail-loan checks to clearly state in solicitation letter the interest rate to be applied to such loan and to demonstrate the total cost of loan in a dollar amount, at the offered interest rate, over periods of six months, one year, and three years.

2019-A6475 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6475
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2019
                                ___________
 
 Introduced by M. of A. WRIGHT -- read once and referred to the Committee
   on Banks
 
 AN  ACT  to  amend  the  banking  law, in relation to full disclosure of
   interest rate on unsolicited mail-loan checks
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subdivision 2 of section 9-t of the banking law, as added
 by chapter 309 of the laws of 2002, is amended to read as follows:
   2. Any lending institution which issues mail-loan checks shall:
   (a) include on the face of each check issued to a non-customer a writ-
 ten statement, in legible type reading "ONE FORM OF  VALID  PHOTOGRAPHIC
 ID  NEEDED TO CASH OR DEPOSIT"; provided, however, that any entity cash-
 ing or accepting a mail-loan check for deposit may require more than one
 form of identification;
   (b) make no reference on the outside  of  the  envelope  containing  a
 mail-loan  check  that  indicates  that  a check is enclosed within such
 envelope;
   (c) provide that all mail-loan checks shall be non-transferable; [and]
   (d) include an expiration date of not more  than  six  months  on  the
 mail-loan check; AND
   (E)  PROVIDE  IN  LEGIBLE  TYPE  ON THE FRONT PAGE OF THE SOLICITATION
 LETTER, THE INTEREST RATE OR RATES TO  BE  APPLIED  TO  SUCH  LOAN,  AND
 PROVIDE A TABLE DEMONSTRATING THE TOTAL COST OF SUCH LOAN AT INCREMENTAL
 DOLLAR  AMOUNTS,  AT THE OFFERED INTEREST RATE, OVER INCREMENTAL PERIODS
 OF TIME OF SIX MONTHS, ONE YEAR, AND THREE YEARS.
   § 2. This act shall take effect on the sixtieth  day  after  it  shall
 have become a law.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09683-01-9


              

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