senate Bill S5716A

2013-2014 Legislative Session

Directs the department of financial services to study, evaluate and make recommendations concerning businesses engaged in pension loan advancements

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Archive: Last Bill Status - In Committee


  • 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
Feb 04, 2014 print number 5716a
amend and recommit to finance
Jan 08, 2014 referred to finance
Jun 07, 2013 referred to finance

Bill Amendments

Original
A (Active)
Original
A (Active)

S5716 - Bill Details

See Assembly Version of this Bill:
A7332A
Current Committee:
Law Section:
Financial Services

S5716 - Bill Texts

view summary

Directs the department of financial services to study, evaluate and make recommendations concerning licensure, limits on fees and interest and disclosure practices of businesses engaged in pension loan advancements.

view sponsor memo
BILL NUMBER:S5716

TITLE OF BILL: An act to direct the department of financial services
to study, evaluate and make recommendations concerning licensure,
limits on fees and interest and disclosure practices of businesses
engaged in pension loan advancements

PURPOSE: To direct the department of financial services to study,
evaluate and make recommendations concerning businesses engaged in
pension loan advancements.

SUMMARY OF PROVISIONS:

Section 1 authorizes and directs the department of financial services
to study, evaluate and make recommendations concerning licensure,
limits on fees and interest and disclosure practices of businesses
engaged in pension loan advancements.

Section 2 authorizes and directs the department of financial services
to hold public hearings while conducting its examination and
evaluation of businesses engaged in pension loan advancements.

Section 3 directs the department of financial services to submit a
report on or before January 1, 2014 to the superintendent of financial
services, the governor and the legislature with its findings,
recommendations and regulatory proposals for businesses engaged in
pension loan advancements.

Section 4 sets the effective date.

JUSTIFICATION: This bill would give greater transparency to the
practices of businesses engaged in pension loan advancements by
authorizing the department of financial services to study and publicly
report their findings. Currently, these businesses target those with
fixed-incomes, including seniors and military veterans, for
advancement loans borrowed against future pension payments. This study
by the department of financial services will allow state agencies to
better understand the long-term effects of these business practices.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None to the state.

EFFECTIVE DATE: Immediate.

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

                                  5716

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 7, 2013
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to direct the department of financial services to study, evaluate
  and make recommendations concerning  licensure,  limits  on  fees  and
  interest  and  disclosure  practices  of businesses engaged in pension
  loan advancements

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

  Section  1.  The department of financial services is hereby authorized
and directed to examine, evaluate and  make  recommendations  concerning
the  licensure,  limits on fees and interest and disclosure practices of
businesses engaged in pension loan advancements.
  S 2. The department of financial services shall hold  public  hearings
in  the  course of conducting its examination and evaluation pursuant to
this act.
  S 3. The department of financial services shall submit a report, on or
before January 1, 2014, to the superintendent of financial services, the
governor and the legislature of its findings, conclusions and  recommen-
dations, and shall submit with its report such legislative and regulato-
ry proposals as it deems necessary to implement its recommendations.
  S 4. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10693-01-3

S5716A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A7332A
Current Committee:
Law Section:
Financial Services

S5716A (ACTIVE) - Bill Texts

view summary

Directs the department of financial services to study, evaluate and make recommendations concerning licensure, limits on fees and interest and disclosure practices of businesses engaged in pension loan advancements.

view sponsor memo
BILL NUMBER:S5716A

TITLE OF BILL: An act to direct the department of financial services
to study, evaluate and make recommendations concerning licensure,
limits on fees and interest and disclosure practices of businesses
engaged in pension loan advancements

PURPOSE:

To direct the department of financial services to study, evaluate and
make recommendations concerning businesses engaged in pension loan
advancements.

SUMMARY OF PROVISIONS:

Section 1 authorizes and directs the department of financial services
to study, evaluate and make recommendations concerning licensure,
limits on fees and interest and disclosure practices of businesses
engaged in pension loan advancements.

Section 2 authorizes and directs the department of financial services
to hold public hearings while conducting its examination and
evaluation of businesses engaged in pension loan advancements.

Section 3 directs the department of financial services to submit a
report on or before January 1, 2015 to the superintendent of financial
services, the governor and the legislature with its findings,
recommendations and regulatory proposals for businesses engaged in
pension loan advancements.

Section 4 sets the effective date.

JUSTIFICATION:

This bill would give greater transparency to the practices of
businesses engaged in pension loan advancements by authorizing the
department of financial services to study and publicly report their
findings. Currently, these businesses target those with
fixed-incomes,including seniors and military veterans, for advancement
loans borrowed against future pension payments. This study by the
department of financial services will allow state agencies to better
understand the long-term effects of these business practices.

LEGISLATIVE HISTORY:

2013 S. 5716 - Finance Committee/A. 7332 - Banks Committee

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

Immediate.

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

                                 5716--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 7, 2013
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance -- recommitted  to
  the  Committee  on Finance in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN ACT to direct the department of financial services to study, evaluate
  and  make  recommendations  concerning  licensure,  limits on fees and
  interest and disclosure practices of  businesses  engaged  in  pension
  loan advancements

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

  Section 1. The department of financial services is  hereby  authorized
and  directed  to  examine, evaluate and make recommendations concerning
the licensure, limits on fees and interest and disclosure  practices  of
businesses engaged in pension loan advancements.
  S  2.  The department of financial services shall hold public hearings
in the course of conducting its examination and evaluation  pursuant  to
this act.
  S 3. The department of financial services shall submit a report, on or
before January 1, 2015, to the superintendent of financial services, the
governor  and the legislature of its findings, conclusions and recommen-
dations, and shall submit with its report such legislative and regulato-
ry proposals as it deems necessary to implement its recommendations.
  S 4. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10693-02-4

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