Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 11, 2018 |
referred to banks delivered to assembly passed senate |
Jun 07, 2018 |
amended on third reading 3217a |
Mar 19, 2018 |
advanced to third reading |
Mar 15, 2018 |
2nd report cal. |
Mar 14, 2018 |
1st report cal.649 |
Jan 03, 2018 |
referred to banks |
Jun 21, 2017 |
committed to rules |
Apr 24, 2017 |
advanced to third reading |
Apr 09, 2017 |
2nd report cal. |
Apr 04, 2017 |
1st report cal.532 |
Jan 20, 2017 |
referred to banks |
Senate Bill S3217A
2017-2018 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
Actions
Votes
Bill Amendments
2017-S3217 - Details
2017-S3217 - Sponsor Memo
BILL NUMBER: S3217 Revised 03/28/17 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 PURPOSE : This bill would require banks to inform customers of any consequences to their credit score when the bank has agreed to an alternative payment schedule. 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. EXISTING LAW : New law JUSTIFICATION :
2017-S3217 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3217 2017-2018 Regular Sessions I N S E N A T E January 20, 2017 ___________ 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: § 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. § 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. LBD01699-01-7
co-Sponsors
(D) 32nd Senate District
2017-S3217A (ACTIVE) - Details
2017-S3217A (ACTIVE) - Sponsor Memo
BILL NUMBER: S3217A SPONSOR: SANDERS 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 PURPOSE: This bill would require banks to inform customers of any consequences to their credit score when the bank has agreed to an alternative payment schedule. 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. Such disclosure shall be provided at the time a loan is granted.
2017-S3217A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3217--A Cal. No. 674 2017-2018 Regular Sessions I N S E N A T E January 20, 2017 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- recommitted to the Committee on Banks in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading 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: § 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 IS GRANTED. § 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. LBD01699-02-8
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