senate Bill S7294

Signed By Governor
2017-2018 Legislative Session

Relates to directing the department of financial services to study, evaluate and make recommendations concerning online lending institutions

download bill text pdf

Sponsored By

Current Bill Status Via A8938 - Signed by Governor


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

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 01, 2018 signed chap.61
May 22, 2018 delivered to governor
Feb 13, 2018 returned to assembly
passed senate
3rd reading cal.22
substituted for s7294
Feb 13, 2018 substituted by a8938
Jan 08, 2018 ordered to third reading cal.22
Jan 05, 2018 referred to rules

S7294 - Details

See Assembly Version of this Bill:
A8938
Law Section:
Financial Services
Laws Affected:
Amd ยงยง2 & 3, Chap of 2017 (as proposed in S. 6593-A and A. 8260-A)

S7294 - Summary

Relates to directing the department of financial services to study, evaluate and make recommendations concerning online lending institutions.

S7294 - Sponsor Memo

S7294 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7294

                            I N  S E N A T E

                             January 5, 2018
                               ___________

Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend a chapter of the laws of 2017, relating to  establishing
  the  task  force on online lending institutions, and providing for its
  powers and duties, as proposed in legislative bills numbers S.  6593-A
  and  A.  8260-A,  in relation to directing the department of financial
  services to study, evaluate and make recommendations concerning online
  lending institutions and the effectiveness thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  2  of a chapter of the laws of 2017, relating to
establishing the task force on online lending institutions, and  provid-
ing  for its powers and duties, as proposed in legislative bills numbers
S. 6593-A and A. 8260-A, is amended to read as follows:
  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
  (c) two members appointed by the speaker of the assembly.
  2. The appointed members should include individuals representative  of
the  online  lending community, the small business community, the finan-
cial services industry, and the consumer protection community.  Appoint-
ments  shall take into consideration the expertise of the other appoint-
ees, so that the task force reflects a diversity of experience.
  3. The members of the task force shall  receive  no  compensation  for
their services, but shall be allowed their actual and necessary expenses
incurred in the performance of their duties pursuant to this section.
  4.  Any  vacancies in the membership of the task force shall be filled
in the manner provided for in the initial appointment.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13051-08-7

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