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 -


  • 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.

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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to banks
Mar 21, 2013 print number 3999a
amend and recommit to banks
Mar 04, 2013 referred to banks

Co-Sponsors

S3999 - Details

See Assembly Version of this Bill:
A1113A
Law Section:
Banking Law
Laws Affected:
Amd §§18-a, 340 & 373, add §§373-a - 373-h, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S3841A, A7047A
2009-2010: A10168, A10919, S7043

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:
A1113A
Law Section:
Banking Law
Laws Affected:
Amd §§18-a, 340 & 373, add §§373-a - 373-h, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S3841A, A7047A
2009-2010: A10168, A10919, S7043

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

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.