senate Bill S4115B

2013-2014 Legislative Session

Relates to collateral loan brokers; repealer

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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 11, 2014 print number 4115b
amend (t) and recommit to consumer protection
Jan 08, 2014 referred to consumer protection
Jun 14, 2013 print number 4115a
amend (t) and recommit to consumer protection
Mar 08, 2013 referred to consumer protection

Co-Sponsors

S4115 - Details

See Assembly Version of this Bill:
A6093B
Law Section:
General Business Law
Laws Affected:
Rpld §§48 - 50, amd Gen Bus L, generally
Versions Introduced in 2013-2014 Legislative Session:
A6093

S4115 - Summary

Relates to collateral loan brokers.

S4115 - Sponsor Memo

S4115 - Bill Text download pdf

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

                                  4115

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 8, 2013
                               ___________

Introduced  by  Sen.  SAVINO -- 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, the banking law, the penal law
  and the lien law, in relation to enacting the "New  York  state  pawn-
  broking  act"  and  providing for the licensure and operation of pawn-
  brokers and repealing article 5 of the general business  law  relating
  to collateral loans

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

  Section 1. Article 5 of the general business law is REPEALED and a new
article 5 is added to read as follows:
                                ARTICLE 5
                     NEW YORK STATE PAWNBROKING ACT
SECTION 40.   SHORT TITLE.
        41.   DEFINITIONS.
        42.   LICENSE REQUIRED.
        43.   ELIGIBILITY FOR LICENSE.
        44.   APPLICATION FOR LICENSE.
        45.   SUSPENSION, REVOCATION AND SURRENDER OF LICENSE; NET WORTH
                REQUIREMENT.
        46.   ORDERS IMPOSING PENALTIES.
        47.   PAWNBROKER TRANSACTION FORM.
        48.   RECORDKEEPING; REPORTING; HOLD PERIOD.
        49.   PLEDGED GOODS NOT REDEEMED.
        50.   PAWN SERVICE CHARGES.
        51.   PROHIBITED ACTS.
        52.   RIGHT TO REDEEM; LOST PAWNBROKER TRANSACTION FORM.
        53.   PAWNBROKER'S LIEN.
        54.   CLAIMS AGAINST PURCHASED GOODS OR PLEDGED  GOODS  HELD  BY
                PAWNBROKERS.
        55.   HOLD ORDERS; ISSUANCE; REQUIRED INFORMATION; PROCEDURES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09597-01-3

Co-Sponsors

S4115A - Details

See Assembly Version of this Bill:
A6093B
Law Section:
General Business Law
Laws Affected:
Rpld §§48 - 50, amd Gen Bus L, generally
Versions Introduced in 2013-2014 Legislative Session:
A6093

S4115A - Summary

Relates to collateral loan brokers.

S4115A - Sponsor Memo

S4115A - Bill Text download pdf

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

                                 4115--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 8, 2013
                               ___________

Introduced  by  Sens.  SAVINO, ADDABBO, AVELLA -- read twice and ordered
  printed, and when printed to be committed to the Committee on Consumer
  Protection -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

AN ACT to amend the general business  law,  in  relation  to  permitting
  storage fees in connection with collateral loans

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

  Section 1. Section 46 of the general business law, as amended by chap-
ter 651 of the laws of 2005, is amended to read as follows:
  S 46. Rate of interest; STORAGE  FEE.    1.  (A)  Notwithstanding  any
general  or special statutes, local laws and ordinances to the contrary,
no collateral loan broker shall ask, demand or receive any greater  rate
of  interest than four per centum per month, or any fraction of a month,
and a notice containing a list of  such  rates  of  interest  as  herein
provided  and  in accordance with the act of congress entitled "Truth in
Lending Act" and the regulations thereunder, as such act and regulations
may from time to time be amended shall be conspicuously displayed within
the premises of such collateral loan broker. A minimum  interest  charge
of twenty-five cents per month may be made on any loan.
  (B)  No  collateral  loan  broker  shall receive or be entitled to any
interest or charges OR STORAGE FEE as provided by this  article  on  any
loan  for  any  period of time exceeding fifteen months from the date of
the making of such loan, provided however that where a loan is  extended
at  the  direct  request  of the pledgor, the collateral loan broker may
receive and be entitled to any interest  or  charges  provided  by  this
article on such loan for any period of time not to exceed fifteen months
from the date of such extension.
  2.  NOTWITHSTANDING ANY GENERAL OR SPECIAL LAW, LOCAL LAW OR ORDINANCE
TO THE CONTRARY, NO COLLATERAL LOAN BROKER SHALL ASK, DEMAND OR  RECEIVE
A  STORAGE  FEE WHICH EXCEEDS AN AMOUNT EQUAL TO THIRTEEN PERCENT OF THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09597-03-3

Co-Sponsors

S4115B (ACTIVE) - Details

See Assembly Version of this Bill:
A6093B
Law Section:
General Business Law
Laws Affected:
Rpld §§48 - 50, amd Gen Bus L, generally
Versions Introduced in 2013-2014 Legislative Session:
A6093

S4115B (ACTIVE) - Summary

Relates to collateral loan brokers.

S4115B (ACTIVE) - Sponsor Memo

S4115B (ACTIVE) - Bill Text download pdf

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

                                 4115--B

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 8, 2013
                               ___________

Introduced  by  Sens.  SAVINO, ADDABBO, AVELLA -- read twice and ordered
  printed, and when printed to be committed to the Committee on Consumer
  Protection -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted  to  said  committee  --  recommitted  to  the
  Committee  on  Consumer  Protection  in accordance with Senate Rule 6,
  sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

AN ACT to amend the general business law, in relation to collateral loan
  brokers; and to repeal certain provisions of such law relating thereto

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

  Section 1. Section 40 of the general business law, as amended by chap-
ter 321 of the laws of 1983, is amended to read as follows:
  S 40. Licenses. No person,  corporation,  partnership  or  firm  shall
hereafter  carry  on  the  business  of  collateral loan broker, without
having first obtained from the [mayor of the city or licensing authority
of the local governing body where the business  is  to  be  carried  on]
DEPARTMENT  OF  FINANCIAL  SERVICES a license authorizing such person to
carry on the same in the manner and upon the conditions  stated  in  the
succeeding  sections  of  this  article.  [In  the city of New York such
license may be issued by the commissioner of consumer affairs.]  Nothing
herein  shall  be  construed  to  prohibit a collateral loan broker from
employing the title pawnbroker in connection with  the  collateral  loan
business. The title pawnbroker shall be used exclusively by a collateral
loan broker.
  S 2. Section 41 of the general business law, as amended by chapter 321
of the laws of 1983, is amended to read as follows:
  S 41. Licenses, how obtained; penalty for carrying on business without
license.  The  [mayor or such local] DEPARTMENT OF FINANCIAL SERVICES AS
licensing authority may from time to time grant, under  [his]  ITS  hand
and  the  official seal of [his] ITS office, to such citizens, or aliens

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09597-05-4

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