assembly Bill A7047A

2011-2012 Legislative Session

Enacts the "short-term financial services loan act"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to banks
Jun 08, 2011 print number 7047a
Jun 08, 2011 amend and recommit to banks
Apr 11, 2011 referred to banks

Co-Sponsors

Multi-Sponsors

A7047 - Details

See Senate Version of this Bill:
S3841
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§17, 18-a, 340 & 373, add §§373-a - 373-h, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7043
2013-2014: A1113, S3999

A7047 - Summary

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

A7047 - Bill Text download pdf

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

                                  7047

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             April 11, 2011
                               ___________

Introduced by M. of A. HEASTIE, WRIGHT, PERRY, GIBSON -- Multi-Sponsored
  by  --  M.  of A.   BOYLAND, FARRELL, JEFFRIES, P. RIVERA, ROBINSON --
  read once and referred 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08825-04-1

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

view additional multi-sponsors

A7047A (ACTIVE) - Details

See Senate Version of this Bill:
S3841
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§17, 18-a, 340 & 373, add §§373-a - 373-h, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7043
2013-2014: A1113, S3999

A7047A (ACTIVE) - Summary

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

A7047A (ACTIVE) - Bill Text download pdf

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

                                 7047--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             April 11, 2011
                               ___________

Introduced  by  M.  of A. HEASTIE, WRIGHT, GIBSON, CRESPO -- Multi-Spon-
  sored by -- M. of A. BOYLAND, FARRELL,  JEFFRIES,  P. RIVERA  --  read
  once  and  referred to the Committee on Banks -- 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.
                                                           LBD08825-06-1