| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jun 08, 2016 |
reported and committed to rules |
| Jan 06, 2016 |
referred to banks |
| Feb 04, 2015 |
referred to banks |
Senate Bill S3277
2015-2016 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
Actions
Votes
2015-S3277 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Banking Law
- Laws Affected:
- Add ยง129-a, Bank L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S7425
2017-2018: S3217
2019-2020: S2106
2021-2022: S1566
2015-S3277 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3277
TITLE OF BILL: An act to amend the banking law, in relation to
requiring banks to disclose any negative consequences an alternative
loan payment schedule may have on credit scores
SUMMARY OF PROVISIONS: Amends section 129-a of the banking law to
require the disclosure of negative consequences an alternative payment
schedule, agreed to by a bank or trust company, would have on a
customer's credit rating.
JUSTIFICATION: This legislation addresses the practice some banks use
by which they arrange an alternative payment schedule with a customer
and leave the customer with the impression that this arrangement will
prevent the financial institution from hurting the customer's credit
rating. When an alternative payment schedule is arranged, a bank may
still report a customer as being late on their payments even though
they have worked out a compromised alternative. Most customers are
unaware of this and don't that the alternative payment schedule is
really not helping them preserve their credit rating.
PRIOR LEGISLATIVE HISTORY: A.3240 of the 2012 legislative session.
FISCAL IMPLICATIONS: None to the state.
EFFECTIVE DATE: This act shall take effect in 90 days after it shall
2015-S3277 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3277
2015-2016 Regular Sessions
I N S E N A T E
February 4, 2015
___________
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.
LBD08148-01-5
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