Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to economic development |
Jan 18, 2013 |
referred to economic development |
Assembly Bill A2808
2013-2014 Legislative Session
Sponsored By
WRIGHT
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
2013-A2808 (ACTIVE) - Details
2013-A2808 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2808 2013-2014 Regular Sessions I N A S S E M B L Y January 18, 2013 ___________ Introduced by M. of A. WRIGHT -- read once and referred to the Committee on Economic Development AN ACT to amend the general business law, in relation to authorizing collateral loan brokers to extend the holding period for collateral for an additional three months THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 44 of the general business law is amended by adding a new paragraph (f) to read as follows: (F) THE HOLDER OF THIS TICKET MAY REQUEST THAT THE COLLATERAL LOAN BROKER RETAIN POSSESSION OF THE ARTICLE PLEDGED FOR AN ADDITIONAL THREE MONTHS FOLLOWING THE INITIAL FOUR MONTH HOLDING PERIOD. AT ANY TIME PRIOR TO THE EXPIRATION OF THE EXTENDED HOLDING PERIOD, THE HOLDER MAY REDEEM THE ARTICLE PLEDGED BY PAYING THE COLLATERAL LOAN BROKER THE AMOUNT OF THE LOAN, INTEREST, SERVICE CHARGE AND OTHER LAWFUL CHARGES. IN THE EVENT THAT THE EXTENDED HOLDING PERIOD IS REQUESTED AND THE ARTI- CLE IS NOT REDEEMED, IT SHALL VEST IN THE COLLATERAL LOAN BROKER FOR HIS OR HER USE OR BENEFIT. S 2. Section 48 of the general business law is amended by adding a new subdivision 3 to read as follows: 3. NOTWITHSTANDING ANY PROVISION OF ANY GENERAL OR SPECIAL STATUTES, LOCAL LAWS AND ORDINANCES TO THE CONTRARY, AT THE REQUEST OF A PAWNOR A COLLATERAL LOAN BROKER SHALL RETAIN POSSESSION OF A PLEDGE FOR AN ADDI- TIONAL THREE MONTHS FOLLOWING THE INITIAL FOUR MONTH HOLDING PERIOD. AT ANY TIME PRIOR TO THE EXPIRATION OF THE EXTENDED HOLDING PERIOD, A PERSON ENTITLED TO REDEEM A PLEDGE MAY REDEEM UPON PAYMENT OF PRINCIPAL, INTEREST, SERVICE CHARGES AND ALL OTHER LAWFUL CHARGES. IN THE EVENT THAT THE PLEDGE IS NOT SO REDEEMED, IT SHALL VEST IN THE COLLATERAL LOAN BROKER FOR HIS OR HER OWN USE OR BENEFIT. NOT LESS THAN THIRTY DAYS PRIOR TO THE END OF THE THREE MONTH EXTENDED HOLDING PERIOD, NOR MORE THAN FORTY-FIVE DAYS PRIOR THERETO, THE COLLATERAL LOAN BROKER SHALL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00543-01-3
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