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Assembly Bill A3533

2011-2012 Legislative Session

Authorizes licensed lenders to issue credit cards and act as financing agencies

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2011-A3533 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add §351-a, Bank L; amd §§301 & 401, Pers Prop L
Versions Introduced in 2009-2010 Legislative Session:
A8484

2011-A3533 (ACTIVE) - Summary

Authorizes licensed lenders to issue credit cards and act as financing agencies.

2011-A3533 (ACTIVE) - Bill Text download pdf 

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

                                  3533

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 25, 2011
                               ___________

Introduced by M. of A. P. RIVERA -- Multi-Sponsored by -- M. of A. COOK,
  JACOBS,  ORTIZ  -- read once and referred to the Committee on Ways and
  Means

AN ACT to amend the banking  law  and  the  personal  property  law,  in
  relation to authorizing licensed lenders to issue credit cards and act
  as financing agencies

  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 351-a to
read as follows:
  S 351-A. CREDIT CARDS AUTHORIZED. IN PURSUANCE OF THE AUTHORITY GRANT-
ED PURSUANT TO THIS ARTICLE, LICENSED  LENDERS  SHALL  BE  EMPOWERED  TO
ISSUE  CREDIT  CARDS,  EXTEND  CREDIT IN CONNECTION THEREWITH, OTHERWISE
ENGAGE IN OR PARTICIPATE IN CREDIT CARD OPERATIONS, PURSUANT TO  AND  AS
PROVIDED  IN  ARTICLE  TEN  OF  THE PERSONAL PROPERTY LAW, AND TO ACT AS
FINANCING AGENCIES AS DEFINED  IN  SUBDIVISION  NINE  OF  SECTION  THREE
HUNDRED  ONE AND SUBDIVISION EIGHTEEN OF SECTION FOUR HUNDRED ONE OF THE
PERSONAL PROPERTY LAW.
  S 2. Subdivision 9 of section 301 of the  personal  property  law,  as
amended  by  chapter  883  of  the  laws  of 1980, is amended to read as
follows:
  9. "Financing agency" means a person engaged, in whole or in part,  in
the  business of purchasing retail instalment contracts from one or more
retail sellers. The term includes but is not limited to  a  bank,  trust
company,  savings  bank,  savings  and loan association, private banker,
LICENSED LENDER AS DEFINED UNDER ARTICLE NINE OF  THE  BANKING  LAW,  or
investment company, if so engaged. The term also includes a retail sell-
er  engaged,  in  whole  or  in  part, in the business of holding retail
instalment contracts acquired from retail buyers.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01125-01-1

A. 3533                             2

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