senate Bill S6593A

Signed By Governor
2017-2018 Legislative Session

Establishes the task force on online lending institutions

download bill text pdf

Sponsored By

Current Bill Status - 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 (14)
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 15, 2017 referred to banks
delivered to assembly
passed senate
Jun 14, 2017 ordered to third reading cal.1677
Jun 07, 2017 print number 6593a
Jun 07, 2017 amend and recommit to rules
Jun 06, 2017 referred to rules

S6593 - Details

See Assembly Version of this Bill:
A8260A
Law Section:
Banks

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.

S6593 - Sponsor Memo

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.
  S 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.
                                                           LBD13051-01-7

S6593A (ACTIVE) - Details

See Assembly Version of this Bill:
A8260A
Law Section:
Banks

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.

S6593A (ACTIVE) - Sponsor Memo

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.
  S  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.
                                                           LBD13051-02-7

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.