Senate Bill S3759

2017-2018 Legislative Session

Relates to retail instalment contracts and transmitters of money

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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

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2017-S3759 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §§491 & 641, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S5209
2013-2014: S2932
2015-2016: S3996

2017-S3759 (ACTIVE) - Summary

Relates to retail installment contracts and transmitters of money; makes clear that the term "retail instalment obligation" includes an agreement no matter where entered into if it is executed by the buyer in this state and if solicited in person by a salesperson or other person acting on his or her own behalf or that of the seller; clarifies when banking institutions are exempt from coverage of the article and when New York persons are subject to the protections of this article.

2017-S3759 (ACTIVE) - Sponsor Memo

2017-S3759 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3759
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2017
                                ___________
 
 Introduced  by Sens. HAMILTON, SAVINO -- 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  retail  instalment
   contracts and transmitters of money
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions 6-a and   6-b of section 491  of  the  banking
 law,  subdivision  6-a as amended by chapter 289 of the laws of 1962 and
 subdivision 6-b as added by chapter 358 of the laws of 1958, are amended
 to read as follows:
   6-a. "Retail instalment obligation" or "obligation"  means  an  agree-
 ment,  entered  into in this state, pursuant to which the buyer promises
 to pay, in instalments, the time sale price or prices  of  goods  and/or
 services,  or any part thereof. The term does not include [(a)] a retail
 instalment contract[, (b)] OR a retail instalment credit  agreement  [or
 (c)  an  obligation which is intended to be and is ultimately insured or
 guaranteed under title three of the act of Congress  entitled  "Service-
 men's  Readjustment  Act of 1944"].  THE TERM INCLUDES SUCH AN AGREEMENT
 WHEREVER ENTERED INTO IF EXECUTED BY THE BUYER  IN  THIS  STATE  AND  IF
 SOLICITED  IN  PERSON  BY A SALESPERSON OR OTHER PERSON ACTING ON HIS OR
 HER OWN BEHALF OR THAT OF THE SELLER.
   6-b. "Retail instalment credit agreement" or "credit agreement"  means
 an  agreement  entered  into  in this state, pursuant to which the buyer
 promises to pay, in instalments, his  OR  HER  outstanding  indebtedness
 from  time to time to a retail seller, not evidenced by a retail instal-
 ment contract or obligation, for one or more items of goods or services,
 whenever purchased or obtained, which provides for a service charge  and
 under  which instalment payments apply to his OR HER outstanding indebt-
 edness from time to time.  THE TERM INCLUDES SUCH AN AGREEMENT  WHEREVER
 ENTERED  INTO IF EXECUTED BY THE BUYER IN THIS STATE AND IF SOLICITED IN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08421-01-7
              

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