senate Bill S3999A

2013-2014 Legislative Session

Enacts the "short-term financial services loan act"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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 21, 2013 print number 3999a
Mar 21, 2013 amend and recommit to banks
Mar 04, 2013 referred to banks

Co-Sponsors

S3999 - Details

See Assembly Version of this Bill:
A1113
Current Committee:
Senate 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: S3841, A7047

S3999 - Summary

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

S3999 - Sponsor Memo

S3999 - Bill Text download pdf

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

                                  3999

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 4, 2013
                               ___________

Introduced  by  Sens.  FARLEY,  DILAN,  GRIFFO,  KLEIN -- 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 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]
  (d)  THREE  THOUSAND FIVE HUNDRED DOLLARS WHEN THE APPLICATION RELATES
TO LICENSING A CASHER OF CHECKS WHEN THE APPLICANT INTENDS TO ENGAGE  IN
SHORT-TERM FINANCIAL SERVICES LOAN TRANSACTIONS. FIVE HUNDRED DOLLARS OF
SUCH  FEE  SHALL BE RETAINED BY THE DEPARTMENT TO BE USED SOLELY FOR THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04943-04-3

Co-Sponsors

S3999A (ACTIVE) - Details

See Assembly Version of this Bill:
A1113
Current Committee:
Senate 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: S3841, A7047

S3999A (ACTIVE) - Summary

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

S3999A (ACTIVE) - Sponsor Memo

S3999A (ACTIVE) - Bill Text download pdf

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

                                 3999--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 4, 2013
                               ___________

Introduced  by Sens. FARLEY, DILAN, GRIFFO, KLEIN, VALESKY -- read twice
  and ordered printed, and when printed to be committed 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]
  (d)  THREE  THOUSAND FIVE HUNDRED DOLLARS WHEN THE APPLICATION RELATES
TO LICENSING A CASHER OF CHECKS WHEN THE APPLICANT INTENDS TO ENGAGE  IN
SHORT-TERM FINANCIAL SERVICES LOAN TRANSACTIONS. FIVE HUNDRED DOLLARS OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04943-06-3

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