senate Bill S1613

2011-2012 Legislative Session

Relates to refund anticipation loans

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to banks
Jan 10, 2011 referred to banks

S1613 - Details

See Assembly Version of this Bill:
A4710
Current Committee:
Law Section:
Banking Law
Laws Affected:
Add §46, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S4222, A5967

S1613 - Summary

Relates to refund anticipation loans; requires that at the time a borrower applies for a refund anticipation loan, a facilitator shall disclose to such borrower certain information; defines terms.

S1613 - Sponsor Memo

S1613 - Bill Text download pdf

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

                                  1613

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 10, 2011
                               ___________

Introduced  by  Sen.  SAVINO -- 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  refund  anticipation
  loans

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

  Section 1. The banking law is amended by adding a new  section  46  to
read as follows:
  S 46. REFUND ANTICIPATION LOANS. 1. AS USED IN THIS SECTION:
  (A)  "BORROWER"  MEANS  A PERSON WHO RECEIVES THE PROCEEDS OF A REFUND
ANTICIPATION LOAN;
  (B) "FACILITATOR" MEANS A PERSON WHO, INDIVIDUALLY, OR IN  CONJUNCTION
OR  COOPERATION  WITH  ANOTHER PERSON, MAKES A REFUND ANTICIPATION LOAN,
PROCESSES, RECEIVES OR ACCEPTS FOR DELIVERY AN APPLICATION FOR A  REFUND
ANTICIPATION LOAN, ISSUES A CHECK IN PAYMENT OF REFUND ANTICIPATION LOAN
PROCEEDS,  OR  IN  ANY OTHER MANNER ACTS TO ALLOW THE MAKING OF A REFUND
ANTICIPATION LOAN. THE TERM DOES NOT  INCLUDE  A  BANK,  TRUST  COMPANY,
SAVINGS  BANK,  SAVINGS  AND LOAN ASSOCIATION, CREDIT UNION OR PERSON OR
ENTITY ISSUED A LICENSE UNDER THE PROVISIONS OF  ARTICLE  NINE  OF  THIS
CHAPTER, OPERATING UNDER THE LAWS OF THE UNITED STATES OR THIS STATE, OR
ANY PERSON WHO ACTS SOLELY AS AN INTERMEDIARY AND DOES NOT DEAL WITH THE
PUBLIC IN THE MAKING OF A REFUND ANTICIPATION LOAN;
  (C)  "REFUND  ANTICIPATION  LOAN"  MEANS  A  LOAN  ARRANGED TO BE PAID
DIRECTLY FROM THE PROCEEDS OF A BORROWER'S INCOME TAX REFUND;
  (D) "REFUND ANTICIPATION LOAN FEE" MEANS ANY CHARGES,  FEES  OR  OTHER
CONSIDERATION CHARGED OR IMPOSED FOR THE MAKING OF A REFUND ANTICIPATION
LOAN. THE TERM DOES NOT INCLUDE ANY CHARGES, FEES OR OTHER CONSIDERATION
CHARGED  OR  IMPOSED IN THE ORDINARY COURSE OF BUSINESS BY A FACILITATOR
FOR SERVICES THAT DO NOT RESULT IN THE MAKING OF A LOAN  INCLUDING,  BUT
NOT  LIMITED  TO,  FEES  FOR  TAX RETURN PREPARATION SERVICES OR FOR THE
ELECTRONIC FILING OF INCOME TAX RETURNS; AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05683-01-1

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