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 |
Senate Bill S5209
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(R, C) 53rd Senate District
2011-S5209 (ACTIVE) - Details
2011-S5209 (ACTIVE) - 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.
2011-S5209 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5209 TITLE OF BILL: An act to amend the banking law, in relation to retail instalment contracts and transmitters of money PURPOSE: To ensure that all sales finance companies and money transmitters which do business with residents of New York State are subject to regulation and oversight by the State Banking Department. SUMMARY OF PROVISIONS: Section one of the bill amends the definitions of retail instalment obligation and retail instalment credit agreement in Section 491 of the Banking Law to specify that such terms include agreements 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. The definition of sales finance company is amended to update the exemption threshold for retail sellers of motor vehicles and also to clarify that the definition does not include a secondary holder of retail instalment contracts. Section two of the bill amends Section 641 of the Banking Law which relates to the regulation and licensing of money transmitters. These amendments specify that a person is considered to engage in the money transmitter business in this state if such person induces another
2011-S5209 (ACTIVE) - 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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