Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 29, 2017 |
signed chap.77 delivered to governor |
May 03, 2017 |
returned to senate passed assembly ordered to third reading cal.232 substituted for a6284 |
May 01, 2017 |
referred to banks delivered to assembly passed senate |
Apr 24, 2017 |
advanced to third reading |
Apr 09, 2017 |
2nd report cal. |
Apr 04, 2017 |
1st report cal.533 |
Mar 03, 2017 |
referred to banks |
Senate Bill S4998
Signed By Governor2017-2018 Legislative Session
Sponsored By
(D) Senate District
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
Actions
Votes
2017-S4998 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6284
- Law Section:
- Banks
- Laws Affected:
- Amd §3, Chap 223 of 1996
2017-S4998 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4998 TITLE OF BILL : An act to amend chapter 223 of the laws of 1996, amending the banking law relating to permissible fees in connection with open end loans, in relation to extending the effectiveness thereof PURPOSE OR GENERAL IDEA OF BILL : The purpose of this bill is to continue for two years the existing statutory authority for licensed lenders to charge annual fees on open-end personal loans. SUMMARY OF SPECIFIC PROVISIONS : Section 1: Amends the effective date of Chapter 223 of the Laws of 1996 to extend, for two years (to June 3o, 2019), the authority of licensed lenders to charge annual fees on open-end personal loans. JUSTIFICATION : In 1996, legislation was enacted to authorize licensed lenders to charge annual fees on open-end loans. The law further provided that any such fee may not exceed the lesser of 1% of the loan amount or $50. This 1996 law contained a sunset date of June 3o, 2000. Legislation was enacted in 2000 to extend this authority for another
2017-S4998 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4998 2017-2018 Regular Sessions I N S E N A T E March 3, 2017 ___________ Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend chapter 223 of the laws of 1996, amending the banking law relating to permissible fees in connection with open end loans, in relation to extending the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3 of chapter 223 of the laws of 1996, amending the banking law relating to permissible fees in connection with open end loans, as amended by chapter 31 of the laws of 2015, is amended to read as follows: § 3. This act shall take effect immediately, and remain in full force and effect until June 30, [2017] 2019, when, upon such date, the amend- ments made by this act shall expire and be deemed repealed, and the provisions of law amended by this act shall revert to their text and be read as they were immediately prior to the effective date of this act. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10056-01-7
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