senate Bill S2932A

2013-2014 Legislative Session

Relates to retail instalment contracts and transmitters of money

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Archive: Last Bill Status - Passed Senate


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 10, 2014 referred to banks
delivered to assembly
passed senate
May 19, 2014 amended on third reading 2932a
May 13, 2014 advanced to third reading
May 12, 2014 2nd report cal.
May 07, 2014 1st report cal.595
Jan 08, 2014 referred to banks
Jan 25, 2013 referred to banks

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

S2932 - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd §§491 & 641, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S5209

S2932 - 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.

S2932 - Sponsor Memo

S2932 - Bill Text download pdf

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

                                  2932

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 25, 2013
                               ___________

Introduced  by  Sen.  FARLEY -- 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.
                                                           LBD08148-01-3

S2932A (ACTIVE) - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd §§491 & 641, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S5209

S2932A (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.

S2932A (ACTIVE) - Sponsor Memo

S2932A (ACTIVE) - Bill Text download pdf

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

                                 2932--A
    Cal. No. 595

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 25, 2013
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks  --  recommitted  to
  the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
  reported favorably from said committee, ordered to  first  and  second
  report,  ordered  to  a  third reading, amended and ordered reprinted,
  retaining its place in the order of third reading

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 and   6-b of section 491  of  the  banking
law,  subdivision  6-a as amended by chapter 289 of the laws of 1962 and
subdivision 6-b as added by chapter 358 of the laws of 1958, 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

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

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