senate Bill S7043

2009-2010 Legislative Session

Enacts the "short-term financial services loan act"

download bill text pdf

Sponsored By

Archive: Last Bill Status - On Floor Calendar


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 25, 2010 ordered to third reading cal.1229
committee discharged and committed to rules
Mar 09, 2010 referred to banks

Votes

view votes

Jun 25, 2010 - Rules committee Vote

S7043
18
0
committee
18
Aye
0
Nay
3
Aye with Reservations
1
Absent
1
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

S7043 (ACTIVE) - Details

See Assembly Version of this Bill:
A10919
Law Section:
Banking Law
Laws Affected:
Amd §§17, 18-a, 340 & 373, add §§373-a - 373-g, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S3841, A5297
2013-2014: S3999

S7043 (ACTIVE) - Summary

Enacts the "short-term financial services loan act"; authorize licensed cashers of checks to provide short-term loans under certain circumstances.

S7043 (ACTIVE) - Sponsor Memo

S7043 (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7043

                            I N  S E N A T E

                              March 9, 2010
                               ___________

Introduced  by  Sens.  KLEIN,  FOLEY,  FARLEY  -- read twice and ordered
  printed, and when printed to be committed to the Committee on Banks

AN ACT to amend the banking law, in relation to enacting the "short-term
  financial services loan act"

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Short  title. This act shall be known and may be cited as
the "short-term financial services loan act".
  S 2. Subdivision 2 of section 17 of the banking  law,  as  amended  by
section  2  of  part  O of chapter 59 of the laws of 2006, is amended to
read as follows:
  2. All general expenses, including in addition to the direct costs  of
personal  service,  the  cost  of maintenance and operation, the cost of
retirement contributions made and workers' compensation premiums paid by
the state for or on account of personnel, rentals for space occupied  in
state  owned  or state leased buildings and all other direct or indirect
costs, incurred in connection with the  supervision  of  any  person  or
entity  licensed, registered, or incorporated or otherwise formed pursu-
ant to this chapter shall be  charged  to  and  paid  by  them  in  such
proportions  as  the  superintendent shall deem just and reasonable. The
provisions of this subdivision shall not be applicable to a bank holding
company, as that term is defined in article three-A of this chapter.
  ALL EXPENSES OF THE DEPARTMENT FOR THE OPERATION OF THE BORROWER DATA-
BASE ESTABLISHED PURSUANT TO SECTION THREE  HUNDRED  SEVENTY-THREE-D  OF
THIS  CHAPTER  SHALL BE CHARGED AND ALLOCATED AMONG ALL LICENSED CASHERS
OF CHECKS WHICH ENGAGE IN  SHORT-TERM  FINANCIAL  SERVICES  LOAN  TRANS-
ACTIONS.
  The  superintendent shall require that partial payments of the charges
for expenses of each fiscal year commencing on  or  after  April  first,
nineteen  hundred  eighty-three  shall  be  paid  on  March tenth of the
preceding fiscal year and on June tenth, September  tenth  and  December
tenth  of  the fiscal year, or on such other dates as the superintendent
may prescribe. Each such payment  shall  be  equal  to  twenty-five  per
centum  of  the  charges, or such other per centum or per centums as the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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