Assembly Bill A8260

Signed By Governor
2017-2018 Legislative Session

Establishes the task force on online lending institutions

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Archive: Last Bill Status Via S6593 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2017-A8260 - Details

Law Section:
Banks

2017-A8260 - Summary

Establishes the task force on online lending institutions to identify the main participants in the online lending industry, how they serve consumers and small businesses, the impact thereof, and to report its findings and recommendations.

2017-A8260 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8260
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2017
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Banks
 
 AN ACT to establish the task force on online lending  institutions,  and
   providing  for  its powers and duties; and providing for the repeal of
   such provisions upon expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Legislative findings and intent. The legislature finds and
 declares that nationwide financial and  technological  firms  have  used
 electronic  platforms  to  develop  a completely new sector of business,
 known as online lending. The New York state economy, which is driven  by
 a  virtual  presence  on  the  internet, just like other businesses, has
 needs for capital to grow and prosper.  The  legislature  further  finds
 that  in  recent  years, financial services have begun to use electronic
 platforms to reduce costs and expand availability and  have  specialized
 in  providing small personal and commercial loans to residents and busi-
 nesses in this state.
   The legislature further finds that although online loans  can  provide
 another  avenue for individuals and entrepreneurs to acquire capital and
 grow their small business, there is potential  for  unscrupulous  online
 lenders  to  exploit  consumers  through  predatory practices. While the
 state has an interest in fostering its economy and  its  businesses,  it
 likewise  has an interest in protecting its consumers and the well-being
 of its residents.
   § 2. Task force on online lending institutions.  1.  There  is  hereby
 established  a  task  force  on online lending institutions (hereinafter
 referred to in this section as the "task force") which shall consist  of
 seven members as follows:
   (a) three members appointed by the governor;
   (b)  two  members  appointed by the temporary president of the senate;
 and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2017-A8260A (ACTIVE) - Details

Law Section:
Banks

2017-A8260A (ACTIVE) - Summary

Establishes the task force on online lending institutions to identify the main participants in the online lending industry, how they serve consumers and small businesses, the impact thereof, and to report its findings and recommendations.

2017-A8260A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8260--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2017
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Banks -- reported and referred to the Committee  on  Ways
   and  Means -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to establish the task force on online lending  institutions,  and
   providing  for  its powers and duties; and providing for the repeal of
   such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Legislative findings and intent. The legislature finds and
 declares that nationwide financial and  technological  firms  have  used
 electronic  platforms  to  develop  a completely new sector of business,
 known as online lending. The New York state economy, which is driven  by
 a  virtual  presence  on  the  internet, just like other businesses, has
 needs for capital to grow and prosper.  The  legislature  further  finds
 that  in  recent  years, financial services have begun to use electronic
 platforms to reduce costs and expand availability and  have  specialized
 in  providing small personal and commercial loans to residents and busi-
 nesses in this state.
   The legislature further finds that although online loans  can  provide
 another  avenue for individuals and entrepreneurs to acquire capital and
 grow their small business, there is potential  for  unscrupulous  online
 lenders  to  exploit  consumers  through  predatory practices. While the
 state has an interest in fostering its economy and  its  businesses,  it
 likewise  has an interest in protecting its consumers and the well-being
 of its residents.
   § 2. Task force on online lending institutions.  1.  There  is  hereby
 established  a  task  force  on online lending institutions (hereinafter
 referred to in this section as the "task force") which shall consist  of
 seven members as follows:
   (a) three members appointed by the governor;

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

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