assembly Bill A1113A

2013-2014 Legislative Session

Enacts the "short-term financial services loan act"

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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 08, 2014 referred to banks
Mar 06, 2013 print number 1113a
Mar 06, 2013 amend and recommit to banks
Jan 09, 2013 referred to banks

Co-Sponsors

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Multi-Sponsors

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A1113 - Details

See Senate Version of this Bill:
S3999
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§18-a, 340 & 373, add §§373-a - 373-h, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7043
2011-2012: A7047, S3841

A1113 - Summary

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

A1113 - Bill Text download pdf

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

                                  1113

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M. of A. HEASTIE, GIBSON, CRESPO, BENEDETTO, WEISENBERG,
  PEOPLES-STOKES, STEVENSON, RODRIGUEZ, ESPINAL, CAMARA, LAVINE,  ARROYO
  --  Multi-Sponsored by -- M. of A. CROUCH, FARRELL, MAGEE, RAIA, SCAR-
  BOROUGH -- 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 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.
                                                           LBD04943-01-3

Co-Sponsors

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Multi-Sponsors

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A1113A (ACTIVE) - Details

See Senate Version of this Bill:
S3999
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§18-a, 340 & 373, add §§373-a - 373-h, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7043
2011-2012: A7047, S3841

A1113A (ACTIVE) - Summary

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

A1113A (ACTIVE) - Bill Text download pdf

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

                                 1113--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced   by   M.   of   A.   HEASTIE,   GIBSON,  CRESPO,  BENEDETTO,
  PEOPLES-STOKES, STEVENSON, RODRIGUEZ, ESPINAL, CAMARA, LAVINE, ARROYO,
  WEPRIN -- Multi-Sponsored by -- M. of  A.  BORELLI,  CROUCH,  FARRELL,
  PRETLOW,  RAIA, SCARBOROUGH -- 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 4 of section 18-a of the banking law, as amended by
chapter 155 of the laws of 2012, is amended to read as follows:
  4. The fee which shall be imposed for any application for  an  initial
license,  registration,  incorporation or for the formation of any other
entity pursuant to this chapter, or for a merger, acquisition,  purchase
or  sale  of  assets,  change  of  control, or for any other application
requiring the approval of the superintendent that  may  necessitate,  as
determined  by the superintendent, a determination regarding the charac-
ter or fitness and/or the safety and soundness of such  applicant  or  a
similar investigative undertaking by the department, shall be:
  (a) twelve thousand five hundred dollars when such application relates
to  a  banking organization, bank holding company or, except as provided
in paragraph (b) of this subdivision, a foreign banking corporation;
  (b) seven thousand five hundred dollars when such application  relates
to  licensing  a  branch,  agency  or representative office of a foreign
banking corporation;
  (c) one thousand five hundred dollars when the application relates  to
a mortgage broker; [or]

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