senate Bill S3841A

2011-2012 Legislative Session

Enacts the "short-term financial services loan act"

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 (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to banks
Jun 08, 2011 print number 3841a
amend and recommit to finance
May 18, 2011 reported and committed to finance
Mar 07, 2011 referred to banks

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S3841 - Details

See Assembly Version of this Bill:
A7047A
Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd §§17, 18-a, 340 & 373, add §§373-a - 373-h, Bank L
Versions Introduced in 2009-2010 Legislative Session:
A10168, A10919, S7043

S3841 - Summary

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

S3841 - Sponsor Memo

S3841 - Bill Text download pdf

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

                                  3841

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 7, 2011
                               ___________

Introduced  by  Sens.  FARLEY,  GRIFFO,  KLEIN -- 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08825-03-1

Co-Sponsors

S3841A (ACTIVE) - Details

See Assembly Version of this Bill:
A7047A
Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd §§17, 18-a, 340 & 373, add §§373-a - 373-h, Bank L
Versions Introduced in 2009-2010 Legislative Session:
A10168, A10919, S7043

S3841A (ACTIVE) - Summary

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

S3841A (ACTIVE) - Sponsor Memo

S3841A (ACTIVE) - Bill Text download pdf

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

                                 3841--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 7, 2011
                               ___________

Introduced  by  Sens.  FARLEY,  DILAN,  GRIFFO,  KLEIN -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Banks  --  reported favorably from said committee and committed to the
  Committee on Finance -- committee discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

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 ESTABLISHMENT AND OPERATION OF
THE BORROWER DATABASE 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 TRANSACTIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08825-05-1

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