|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|
senate Bill S7043
Archive: Last Bill Status - On Floor Calendar
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7043 (ACTIVE) - Details
S7043 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7043 TITLE OF BILL : An act to amend the banking law, in relation to enacting the "short-term financial services loan act" PURPOSE : The purpose of this bill is to remove the prohibition against licensed check cashers from making loans pursuant to the Banking Law. This bill permits licensed check cashers to make small-dollar loans, known as Financial Services Loans, as an ancillary product offered by licensed check cashers. Such loans can only be between $300 and $2,000 and must have a term of between 90 and 180 days. SUMMARY OF PROVISIONS : Section 1: Creates the Short-term Financial Services Loan Act. Section 2: Amends Banking Law section 17(2) to authorize the Banking Department to assess check cashers that offer small loans under the provisions of this act a fee to finance the operation of the borrower data base established under this act to protect the interests of consumers. Sections 3 and 4: Amends Banking Law section 18-a(4) and (5) regarding
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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