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Senate Bill S1723

2015-2016 Legislative Session

Requires lending institutions that send unsolicited mail-loan checks to clearly state the interest rate and the total cost of loan in a dollar amount

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2015-S1723 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง9-t, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2285
2011-2012: S1494
2013-2014: S2910
2017-2018: S3076
2019-2020: S4371
2021-2022: S4426
2023-2024: S5283
2025-2026: S4129

2015-S1723 (ACTIVE) - Summary

Requires lending institutions that send unsolicited mail-loan checks to clearly state in solicitation letter the interest rate to be applied to such loan and to demonstrate the total cost of loan in a dollar amount, at interest rate, over periods of six months, one year, and three years.

2015-S1723 (ACTIVE) - Sponsor Memo

2015-S1723 (ACTIVE) - Bill Text download pdf 

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

                                  1723

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 14, 2015
                               ___________

Introduced  by  Sen.  PARKER -- 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  full  disclosure  of
  interest rate on unsolicited mail-loan checks

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

  Section 1. Subdivision 2 of section 9-t of the banking law,  as  added
by chapter 309 of the laws of 2002, is amended to read as follows:
  2. Any lending institution which issues mail-loan checks shall:
  (a) include on the face of each check issued to a non-customer a writ-
ten  statement,  in legible type reading "ONE FORM OF VALID PHOTOGRAPHIC
ID NEEDED TO CASH OR DEPOSIT"; provided, however, that any entity  cash-
ing or accepting a mail-loan check for deposit may require more than one
form of identification;
  (b)  make  no  reference  on  the outside of the envelope containing a
mail-loan check that indicates that a  check  is  enclosed  within  such
envelope;
  (c) provide that all mail-loan checks shall be non-transferable; [and]
  (d)  include  an  expiration  date  of not more than six months on the
mail-loan check; AND
  (E) PROVIDE IN LEGIBLE TYPE ON THE  FRONT  PAGE  OF  THE  SOLICITATION
LETTER,  THE  INTEREST  RATE  OR  RATES  TO BE APPLIED TO SUCH LOAN, AND
PROVIDE A TABLE DEMONSTRATING THE TOTAL COST OF SUCH LOAN AT INCREMENTAL
DOLLAR AMOUNTS, AT THE OFFERED INTEREST RATE, OVER  INCREMENTAL  PERIODS
OF TIME OF SIX MONTHS, ONE YEAR, AND THREE YEARS.
  S  2.  This  act  shall take effect on the sixtieth day after it shall
have become a law.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06483-01-5

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