assembly Bill A8260A

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 Via S6593 - Signed by Governor


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 29, 2017 approval memo.66
signed chap.505
Dec 19, 2017 delivered to governor
Jun 20, 2017 returned to senate
passed assembly
ordered to third reading rules cal.570
substituted for a8260a
Jun 20, 2017 substituted by s6593a
rules report cal.570
reported
Jun 19, 2017 reported referred to rules
Jun 15, 2017 print number 8260a
Jun 15, 2017 amend and recommit to ways and means
Jun 05, 2017 reported referred to ways and means
Jun 02, 2017 referred to banks

A8260 - Details

See Senate Version of this Bill:
S6593
Law Section:
Banks

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.

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.

A8260A (ACTIVE) - Details

See Senate Version of this Bill:
S6593
Law Section:
Banks

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.

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.