senate Bill S3217A

2017-2018 Legislative Session

Requires banks to disclose negative consequences of establishing alternative payment schedule on a loan

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed 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 (13)
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

Votes

view votes

Mar 14, 2018 - Banks committee Vote

S3217
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Apr 4, 2017 - Banks committee Vote

S3217
17
0
committee
17
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

S3217 - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §129-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7425
2015-2016: S3277
2019-2020: S2106

S3217 - Summary

Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

S3217 - Sponsor Memo

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

S3217A (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §129-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7425
2015-2016: S3277
2019-2020: S2106

S3217A (ACTIVE) - Summary

Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

S3217A (ACTIVE) - Sponsor Memo

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.