|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to consumer protection|
|Jan 09, 2013||referred to consumer protection|
senate Bill S1101
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1101 - Details
S1101 - Summary
Requires a principal creditor to send a notice of delinquency to the debtor and co-signer of an account.
S1101 - Sponsor Memo
BILL NUMBER:S1101 TITLE OF BILL: An act to amend the general business law, in relation to notice of delinquency requirements PURPOSE: To require a principal creditor to send a notice of delinquency to the debtor and co-signer of an account. SUMMARY OF PROVISIONS: Section 1 amends section 600 of the general business law by adding new subdivision 4. Subdivision 4 (i) defines the term co-signer and their role in relation to the debtor. Subdivision 4 (ii) states that in the case of a consumer credit account becomes obligated under the agreement as a co-signer with respect either to all purchases and loans, or a specified maximum dollar amount of purchases and loans that will be obtained from time to time pursuant to the agreement whether or not it is contemplated that the co-signer may receive any of the property, services or money to be obtained. This does not include a seller, holder or lender who becomes obligated to an assignee of such party's rights or a joint applicant for credit who is intended to be primarily liable under the agreement.
S1101 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1101 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection AN ACT to amend the general business law, in relation to notice of delinquency requirements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 600 of the general business law is amended by adding a new subdivision 4 to read as follows: 4. "CO-SIGNER" MEANS A NATURAL PERSON WHO (I) IN THE CASE OF A CONSUM- ER CREDIT TRANSACTION BECOMES OBLIGATED ON THE TRANSACTION AS A CO-SIG- NER, CO-MAKER, GUARANTOR, ENDORSER OR SURETY, BUT WHO DOES NOT RECEIVE THE PROPERTY, SERVICES, OR MONEY THAT IS THE SUBJECT OF THE TRANSACTION. THE TERM DOES NOT INCLUDE A SELLER, HOLDER OR LENDER WHO BECOMES OBLI- GATED TO AN ASSIGNEE OF SUCH PARTY'S RIGHTS; OR (II) IN THE CASE OF A CONSUMER CREDIT ACCOUNT BECOMES OBLIGATED UNDER THE AGREEMENT AS A CO-SIGNER, CO-MAKER, GUARANTOR, ENDORSER OR SURETY WITH RESPECT EITHER TO ALL PURCHASES AND LOANS, OR A SPECIFIED MAXIMUM DOLLAR AMOUNT OF PURCHASES AND LOANS THAT WILL BE OBTAINED FROM TIME TO TIME PURSUANT TO THE AGREEMENT WHETHER OR NOT IT IS CONTEMPLATED THAT THE CO-SIGNER MAY RECEIVE ANY OF THE PROPERTY, SERVICES OR MONEY TO BE OBTAINED. THE TERM DOES NOT INCLUDE A SELLER, HOLDER OR LENDER WHO BECOMES OBLIGATED TO AN ASSIGNEE OF SUCH PARTY'S RIGHTS OR A JOINT APPLICANT FOR CREDIT WHO IS INTENDED TO BE PRIMARILY LIABLE UNDER THE AGREEMENT. S 2. The general business law is amended by adding a new section 601-a to read as follows: S 601-A. NOTICE OF DELINQUENCY. EVERY PRINCIPAL CREDITOR OR HIS OR HER AGENT SHALL SEND A NOTICE TO THE LAST KNOWN ADDRESS OF THE DEBTOR ADVIS- ING THE DEBTOR OF A DELINQUENCY ON HIS OR HER ACCOUNT. A COPY OF SUCH NOTICE SHALL ALSO BE SENT TO THE CO-SIGNER OF SUCH ACCOUNT. S 3. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.