senate Bill S7425

2013-2014 Legislative Session

Requires banks to disclose negative consequences of establishing alternative payment schedule on a loan

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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 14, 2014 referred to banks

S7425 - Details

See Assembly Version of this Bill:
A1111
Law Section:
Banking Law
Laws Affected:
Add ยง129-a, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: A3240
2009-2010: A11696

S7425 - Summary

Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

S7425 - Sponsor Memo

S7425 - Bill Text download pdf

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

                                  7425

                            I N  S E N A T E

                              May 14, 2014
                               ___________

Introduced  by  Sen. SANDERS -- 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  requiring  banks  to
  disclose  any negative consequences an alternative loan payment sched-
  ule may have on credit scores

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

  Section 1. The banking law is amended by adding a new section 129-a to
read as follows:
  S  129-A. REQUIREMENT OF DISCLOSURE; ALTERNATIVE PAYMENT SCHEDULES. IN
THE EVENT THAT ANY BANK OR TRUST COMPANY  SHALL  PERMIT  A  CUSTOMER  TO
ESTABLISH AN ALTERNATIVE PAYMENT SCHEDULE FOR AN EXISTING LOAN, THE BANK
OR TRUST COMPANY SHALL PROVIDE WRITTEN DISCLOSURE OF ANY NEGATIVE CONSE-
QUENCES  SUCH  ALTERNATIVE  PAYMENT SCHEDULE MAY HAVE ON SUCH CUSTOMER'S
CREDIT SCORE OR RATING. SUCH DISCLOSURE SHALL BE PROVIDED AT THE TIME  A
LOAN  APPLICATION IS MADE, AT THE TIME A LOAN IS GRANTED AND AT THE TIME
A CUSTOMER REQUESTS THAT AN ALTERNATIVE PAYMENT SCHEDULE BE  ESTABLISHED
FOR  A  LOAN,  BUT  PRIOR  TO THE ACTUAL ESTABLISHMENT OF AN ALTERNATIVE
PAYMENT SCHEDULE.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04935-01-3

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.