Senate Bill S7921

2009-2010 Legislative Session

Prohibits the use of unsolicited mail-loan checks by lending institutions; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2009-S7921 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Rpld & add ยง9-t, Bank L

2009-S7921 (ACTIVE) - Summary

Prohibits the use of unsolicited mail-loan checks by lending institutions.

2009-S7921 (ACTIVE) - Sponsor Memo

2009-S7921 (ACTIVE) - Bill Text download pdf 

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

                                  7921

                            I N  S E N A T E

                              May 24, 2010
                               ___________

Introduced  by  Sen.  ALESI  -- 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 prohibiting the  use  of
  unsolicited  mail-loan  checks;  and to repeal section 9-t of such law
  relating thereto

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

  Section  1.  Section  9-t  of  the  banking  law is REPEALED and a new
section 9-t is added to read as follows:
  S 9-T. UNSOLICITED MAIL-LOAN CHECKS. 1. FOR PURPOSES OF THIS  SECTION,
THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
  (A)  "LENDING  INSTITUTION" SHALL MEAN A LICENSED LENDER OR A STATE OR
FEDERALLY CHARTERED BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND  LOAN
ASSOCIATION OR CREDIT UNION.
  (B)  "MAIL-LOAN CHECK" SHALL MEAN A CHECK, MADE OUT TO AND MAILED TO A
PERSON BY A LENDING INSTITUTION, WHICH, WHEN CASHED OR DEPOSITED BY SUCH
PERSON, OBLIGATES SUCH PERSON TO REPAY TO SUCH LENDING  INSTITUTION  THE
AMOUNT  OF  THE PROCEEDS OF SUCH CHECK ACCORDING TO TERMS MAILED TO SUCH
RECIPIENT WITH SUCH CHECK.
  2. NO LENDING INSTITUTION SHALL ISSUE AN UNSOLICITED MAIL-LOAN CHECK.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16945-01-0

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.