Senate Bill S6593A

Signed By Governor
2017-2018 Legislative Session

Establishes the task force on online lending institutions

download bill text pdf

Sponsored By

Archive: Last Bill Status - 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-S6593 - Details

See Assembly Version of this Bill:
A8260
Law Section:
Banks

2017-S6593 - 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-S6593 - Sponsor Memo

2017-S6593 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6593
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 6, 2017
                                ___________
 
 Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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-S6593A (ACTIVE) - Details

See Assembly Version of this Bill:
A8260
Law Section:
Banks

2017-S6593A (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-S6593A (ACTIVE) - Sponsor Memo

2017-S6593A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6593--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 6, 2017
                                ___________
 
 Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Rules  --  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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