senate Bill S5215C

2011-2012 Legislative Session

Defines certain terms related to budget planners and regulates the activities of budget planners

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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 (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 13, 2012 referred to codes
delivered to assembly
passed senate
ordered to third reading cal.1235
committee discharged and committed to rules
Jun 01, 2012 print number 5215c
amend and recommit to finance
Jan 18, 2012 reported and committed to finance
Jan 04, 2012 referred to consumer protection
Jun 24, 2011 committed to rules
Jun 14, 2011 amended on third reading 5215b
Jun 14, 2011 advanced to third reading
Jun 13, 2011 2nd report cal.
Jun 07, 2011 1st report cal.1060
Jun 02, 2011 print number 5215a
amend and recommit to banks
May 17, 2011 reported and committed to banks
May 03, 2011 referred to consumer protection

Votes

view votes

Jun 13, 2012 - Rules committee Vote

S5215C
21
1
committee
21
Aye
1
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

Jan 18, 2012 - Consumer Protection committee Vote

S5215B
8
0
committee
8
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jan 18, 2012

aye wr (2)

Jun 7, 2011 - Banks committee Vote

S5215A
17
1
committee
17
Aye
1
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

May 17, 2011 - Consumer Protection committee Vote

S5215
10
0
committee
10
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Bill Amendments

Original
A
B
C (Active)
Original
A
B
C (Active)

Co-Sponsors

S5215 - Details

See Assembly Version of this Bill:
A8212B
Current Committee:
Law Section:
General Business Law
Laws Affected:
Amd §§455 & 457, Gen Bus L; amd §§579, 584-a, 584-b & 585, Bank L

S5215 - Summary

Defines certain terms related to budget planners and regulates the activities of budget planners.

S5215 - Sponsor Memo

S5215 - Bill Text download pdf

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

                                  5215

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Consumer Protection

AN ACT to amend the  general  business  law  and  the  banking  law,  in
  relation  to  defining terms related to budget planning and regulating
  the activities of budget planners

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

  Section  1.  Section  455  of  the general business law, as amended by
chapter 629 of the laws of 2002, subdivisions 1  and  4  as  amended  by
chapter 456 of the laws of 2006, is amended to read as follows:
  S 455. Definitions. 1. Budget planning, as used in this article, means
the  making  of  a  contract between a person [or entity] engaged in the
business of budget planning with a particular debtor whereby THE  DEBTOR
AGREES  TO  PAY  TO  SUCH  PERSON ANY VALUABLE CONSIDERATION AND (i) the
debtor agrees to pay a sum or sums of money in any manner  or  form  and
the  person  [or  entity]  engaged  in  the  business of budget planning
distributes, or supervises, coordinates or controls the distribution of,
or has a contractual relationship with another person [or  entity]  that
distributes,  or  supervises,  coordinates or controls such distribution
of, the same among certain specified creditors in accordance with a plan
agreed upon [and]; OR (ii) the [debtor agrees to pay to such  person  or
entity,  or such other person or entity that distributes, or supervises,
coordinates or controls such distribution of, a sum or  sums  of  money,
any  valuable  consideration for such services or for any other services
rendered in connection therewith.] PERSON ENGAGED  IN  THE  BUSINESS  OF
BUDGET  PLANNING PROVIDES ADVICE OR SERVICES, OR ACTS AS AN INTERMEDIARY
BETWEEN OR ON BEHALF OF A DEBTOR AND ONE OR MORE OF THE DEBTOR'S  CREDI-
TORS,  WHERE THE PRIMARY PURPOSE OF THE ADVICE, SERVICE, OR ACTION IS TO
OBTAIN A SETTLEMENT, ADJUSTMENT, OR SATISFACTION OF THE  DEBTOR'S  UNSE-
CURED DEBT TO A CREDITOR IN AN AMOUNT LESS THAN THE PRINCIPAL AMOUNT  OF
THE  DEBT  OR  IN AN AMOUNT LESS THAN THE CURRENT OUTSTANDING BALANCE OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11381-01-1

Co-Sponsors

S5215A - Details

See Assembly Version of this Bill:
A8212B
Current Committee:
Law Section:
General Business Law
Laws Affected:
Amd §§455 & 457, Gen Bus L; amd §§579, 584-a, 584-b & 585, Bank L

S5215A - Summary

Defines certain terms related to budget planners and regulates the activities of budget planners.

S5215A - Sponsor Memo

S5215A - Bill Text download pdf

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

                                 5215--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

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

AN  ACT  to  amend  the  general  business  law  and the banking law, in
  relation to defining terms related to budget planning  and  regulating
  the activities of budget planners

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

  Section 1. Section 455 of the general  business  law,  as  amended  by
chapter  629  of  the  laws  of 2002, subdivisions 1 and 4 as amended by
chapter 456 of the laws of 2006, is amended to read as follows:
  S 455. Definitions. 1. Budget planning, as used in this article, means
the making of a contract between a person [or  entity]  engaged  in  the
business  of budget planning with a particular debtor whereby THE DEBTOR
AGREES TO PAY TO SUCH PERSON ANY  VALUABLE  CONSIDERATION  AND  (i)  the
debtor  agrees  to  pay a sum or sums of money in any manner or form and
the person [or entity]  engaged  in  the  business  of  budget  planning
distributes, or supervises, coordinates or controls the distribution of,
or  has  a contractual relationship with another person [or entity] that
distributes, or supervises, coordinates or  controls  such  distribution
of, the same among certain specified creditors in accordance with a plan
agreed  upon  [and]; OR (ii) the [debtor agrees to pay to such person or
entity, or such other person or entity that distributes, or  supervises,
coordinates  or  controls  such distribution of, a sum or sums of money,
any valuable consideration for such services or for any  other  services
rendered  in  connection  therewith.]  PERSON ENGAGED IN THE BUSINESS OF
BUDGET PLANNING PROVIDES ADVICE OR SERVICES, OR ACTS AS AN  INTERMEDIARY
BETWEEN  OR ON BEHALF OF A DEBTOR AND ONE OR MORE OF THE DEBTOR'S CREDI-
TORS, WHERE THE PRIMARY PURPOSE OF THE ADVICE, SERVICE, OR ACTION IS  TO

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11381-02-1

Co-Sponsors

S5215B - Details

See Assembly Version of this Bill:
A8212B
Current Committee:
Law Section:
General Business Law
Laws Affected:
Amd §§455 & 457, Gen Bus L; amd §§579, 584-a, 584-b & 585, Bank L

S5215B - Summary

Defines certain terms related to budget planners and regulates the activities of budget planners.

S5215B - Sponsor Memo

S5215B - Bill Text download pdf

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

                                 5215--B
    Cal. No. 1060

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sens.  GRIFFO, ZELDIN -- read twice and ordered printed,
  and when  printed  to  be  committed  to  the  Committee  on  Consumer
  Protection  -- reported favorably from said committee and committed to
  the Committee on Banks -- committee discharged, bill amended,  ordered
  reprinted  as  amended  and  recommitted to said committee -- reported
  favorably from said committee, ordered to  first  and  second  report,
  ordered  to  a third reading, amended and ordered reprinted, retaining
  its place in the order of third reading

AN ACT to amend the  general  business  law  and  the  banking  law,  in
  relation  to  defining terms related to budget planning and regulating
  the activities of budget planners

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

  Section  1.  Section  455  of  the general business law, as amended by
chapter 629 of the laws of 2002, subdivisions 1  and  4  as  amended  by
chapter 456 of the laws of 2006, is amended to read as follows:
  S 455. Definitions. 1. Budget planning, as used in this article, means
the  making  of  a  contract between a person [or entity] engaged in the
business of budget planning with a particular debtor whereby THE  DEBTOR
AGREES  TO  PAY  TO  SUCH  PERSON ANY VALUABLE CONSIDERATION AND (i) the
debtor agrees to pay a sum or sums of money in any manner  or  form  and
the  person  [or  entity]  engaged  in  the  business of budget planning
distributes, or supervises, coordinates or controls the distribution of,
or has a contractual relationship with another person [or  entity]  that
distributes,  or  supervises,  coordinates or controls such distribution
of, the same among certain specified creditors in accordance with a plan
agreed upon [and]; OR (ii) the [debtor agrees to pay to such  person  or
entity,  or such other person or entity that distributes, or supervises,
coordinates or controls such distribution of, a sum or  sums  of  money,
any  valuable  consideration for such services or for any other services
rendered in connection therewith.] PERSON ENGAGED  IN  THE  BUSINESS  OF

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

Co-Sponsors

S5215C (ACTIVE) - Details

See Assembly Version of this Bill:
A8212B
Current Committee:
Law Section:
General Business Law
Laws Affected:
Amd §§455 & 457, Gen Bus L; amd §§579, 584-a, 584-b & 585, Bank L

S5215C (ACTIVE) - Summary

Defines certain terms related to budget planners and regulates the activities of budget planners.

S5215C (ACTIVE) - Sponsor Memo

S5215C (ACTIVE) - Bill Text download pdf

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

                                 5215--C

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sens.  GRIFFO, ZELDIN -- read twice and ordered printed,
  and when  printed  to  be  committed  to  the  Committee  on  Consumer
  Protection  -- reported favorably from said committee and committed to
  the Committee on Banks -- committee discharged, bill amended,  ordered
  reprinted  as  amended  and  recommitted to said committee -- reported
  favorably from said committee, ordered to  first  and  second  report,
  ordered  to  a third reading, amended and ordered reprinted, retaining
  its place in the order of third reading -- recommitted to the  Commit-
  tee on Consumer Protection in accordance with Senate Rule 6, sec. 8 --
  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  general  business  law  and  the  banking  law,  in
  relation  to  defining terms related to budget planning and regulating
  the activities of budget planners

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

  Section  1.  Section  455  of  the general business law, as amended by
chapter 629 of the laws of 2002, subdivisions 1  and  4  as  amended  by
chapter 456 of the laws of 2006, is amended to read as follows:
  S 455. Definitions. 1. Budget planning, as used in this article, means
the making of a contract between a person or entity engaged in the busi-
ness of budget planning with a particular debtor whereby:
  (i)  the  debtor agrees to pay a sum or sums of money in any manner or
form and the person or entity engaged in the business of budget planning
distributes, or supervises, coordinates or controls the distribution of,
or has a contractual relationship with another  person  or  entity  that
distributes,  or  supervises,  coordinates or controls such distribution
of, the same among certain specified  creditors  in  accordance  with  a
PERIODIC  PAYMENT  plan agreed upon BY THE DEBTOR'S CREDITORS AT OR NEAR
THE TIME THE CONTRACT IS ENTERED; and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11381-06-2

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