senate Bill S5209

2011-2012 Legislative Session

Relates to retail instalment contracts and transmitters of money

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 19, 2012 referred to banks
delivered to assembly
passed senate
Jan 18, 2012 advanced to third reading
Jan 10, 2012 2nd report cal.
Jan 09, 2012 1st report cal.2
Jan 04, 2012 referred to banks
returned to senate
died in assembly
Jun 17, 2011 referred to banks
delivered to assembly
passed senate
May 24, 2011 advanced to third reading
May 23, 2011 2nd report cal.
May 18, 2011 1st report cal.785
May 03, 2011 referred to banks

Co-Sponsors

S5209 - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd ยงยง491 & 641, Bank L

S5209 - Summary

Relates to retail instalment contracts and transmitters of money; makes clear that the term "retail instalment obligation" includes an agreement no matter where entered into if it is executed by the buyer in this State and if solicited in person by a salesperson or other person acting on his or her own behalf or that of the seller; clarifies when banking institutions are exempt from coverage of the article and when New York persons are subject to the protections of this article.

S5209 - Sponsor Memo

S5209 - Bill Text download pdf

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

                                  5209

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sens.  FARLEY, GRIFFO -- 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  retail  instalment
  contracts and transmitters of money

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

  Section 1.  Subdivisions 6-a, 6-b and 7 of section 491 of the  banking
law,  subdivision  6-a  as  amended  by chapter 289 of the laws of 1962,
subdivision 6-b as added by chapter 358 of the laws of 1958 and subdivi-
sion 7 as amended by chapter 837 of the laws of  1966,  are  amended  to
read as follows:
  6-a.  "Retail  instalment  obligation" or "obligation" means an agree-
ment, entered into in this state, pursuant to which the  buyer  promises
to  pay,  in  instalments, the time sale price or prices of goods and/or
services, or any part thereof. The term does not include [(a)] a  retail
instalment  contract[,  (b)] OR a retail instalment credit agreement [or
(c) an obligation which is intended to be and is ultimately  insured  or
guaranteed  under  title three of the act of Congress entitled "Service-
men's Readjustment Act of 1944"].  THE TERM INCLUDES SUCH  AN  AGREEMENT
WHEREVER  ENTERED  INTO  IF  EXECUTED  BY THE BUYER IN THIS STATE AND IF
SOLICITED IN PERSON BY A SALESPERSON OR OTHER PERSON ACTING  ON  HIS  OR
HER OWN BEHALF OR THAT OF THE SELLER.
  6-b.  "Retail instalment credit agreement" or "credit agreement" means
an agreement entered into in this state, pursuant  to  which  the  buyer
promises  to  pay,  in  instalments, his OR HER outstanding indebtedness
from time to time to a retail seller, not evidenced by a retail  instal-
ment contract or obligation, for one or more items of goods or services,
whenever  purchased or obtained, which provides for a service charge and
under which instalment payments apply to his OR HER outstanding  indebt-
edness  from time to time.  THE TERM INCLUDES SUCH AN AGREEMENT WHEREVER
ENTERED INTO IF EXECUTED BY THE BUYER IN THIS STATE AND IF SOLICITED  IN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11182-01-1

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