senate Bill S146

2013-2014 Legislative Session

Regulates the provision of refund anticipation loans by persons and entities other than banking institutions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Your valid home address is used to determine which NY State Senator Represents you.
Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to banks
Jan 09, 2013 referred to banks

S146 - Details

See Assembly Version of this Bill:
A3876
Current Committee:
Law Section:
Banking Law
Laws Affected:
Add ยง46, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S556, A5266
2009-2010: S5584, A10331

S146 - Summary

Regulates the provision of refund anticipation loans by person and entities other than banking institutions; requires that at the time a borrower applies for a refund anticipation loan, a facilitator shall disclose to such borrower certain information relating to fees and interest rates; defines terms.

S146 - Sponsor Memo

S146 - Bill Text download pdf

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

                                   146

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  DIAZ  --  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  refund  anticipation
  loans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The banking law is amended by adding a new  section  46  to
read as follows:
  S 46. REFUND ANTICIPATION LOANS. 1. AS USED IN THIS SECTION:
  (A)  "BORROWER"  MEANS  A PERSON WHO RECEIVES THE PROCEEDS OF A REFUND
ANTICIPATION LOAN;
  (B) "FACILITATOR" MEANS A PERSON WHO, INDIVIDUALLY, OR IN  CONJUNCTION
OR  COOPERATION  WITH  ANOTHER PERSON, MAKES A REFUND ANTICIPATION LOAN,
PROCESSES, RECEIVES OR ACCEPTS FOR DELIVERY AN APPLICATION FOR A  REFUND
ANTICIPATION LOAN, ISSUES A CHECK IN PAYMENT OF REFUND ANTICIPATION LOAN
PROCEEDS,  OR  IN  ANY OTHER MANNER ACTS TO ALLOW THE MAKING OF A REFUND
ANTICIPATION LOAN. THE TERM DOES NOT  INCLUDE  A  BANK,  TRUST  COMPANY,
SAVINGS  BANK,  SAVINGS  AND LOAN ASSOCIATION, CREDIT UNION OR PERSON OR
ENTITY ISSUED A LICENSE UNDER THE PROVISIONS OF  ARTICLE  NINE  OF  THIS
CHAPTER, OPERATING UNDER THE LAWS OF THE UNITED STATES OR THIS STATE, OR
ANY PERSON WHO ACTS SOLELY AS AN INTERMEDIARY AND DOES NOT DEAL WITH THE
PUBLIC IN THE MAKING OF A REFUND ANTICIPATION LOAN;
  (C)  "REFUND  ANTICIPATION  LOAN"  MEANS  A  LOAN  ARRANGED TO BE PAID
DIRECTLY FROM THE PROCEEDS OF A BORROWER'S INCOME TAX REFUND;
  (D) "REFUND ANTICIPATION LOAN FEE" MEANS ANY CHARGES,  FEES  OR  OTHER
CONSIDERATION CHARGED OR IMPOSED FOR THE MAKING OF A REFUND ANTICIPATION
LOAN. THE TERM DOES NOT INCLUDE ANY CHARGES, FEES OR OTHER CONSIDERATION
CHARGED  OR  IMPOSED IN THE ORDINARY COURSE OF BUSINESS BY A FACILITATOR
FOR SERVICES THAT DO NOT RESULT IN THE MAKING OF A LOAN  INCLUDING,  BUT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01018-01-3

Comments

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.