NY State Senate Bill 2017-S7302

Senate Bill S7302

Signed By Governor

2017-2018 Legislative Session

Relates to directing the department of financial services to submit a report concerning licensure and other practices of businesses engaged in pension loan advancements by January 1, 2019; repealer

download bill text pdf

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

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 18, 2018	signed chap.23
Apr 06, 2018	delivered to governor
Mar 28, 2018	returned to senate passed assembly
Feb 12, 2018	ordered to third reading cal.659 substituted for a8950
Jan 09, 2018	referred to banks delivered to assembly passed senate
Jan 08, 2018	ordered to third reading cal.30
Jan 05, 2018	referred to rules

Votes

- Jan 9, 2018 - Floor Vote
  S7302
  
  61
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jan 9, 2018
      
      aye (61)
      
      Addabbo Jr.
      
      Akshar
      
      Alcantara
      
      Amedore
      
      Avella
      
      Bailey
      
      Benjamin
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Brooks
      
      Carlucci
      
      Comrie
      
      Croci
      
      DeFrancisco
      
      Dilan
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Helming
      
      Hoylman-Sigal
      
      Jacobs
      
      Kaminsky
      
      Kavanagh
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Marchione
      
      Montgomery
      
      Murphy
      
      O'Mara
      
      Ortt
      
      Parker
      
      Peralta
      
      Persaud
      
      Phillips
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sanders Jr.
      
      Savino
      
      Serino
      
      Serrano
      
      Seward
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Valesky
      
      Young
  Jan 8, 2018 - Rules Committee Vote
  S7302
  
  24
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jan 8, 2018
      
      aye (24)
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Dilan
      
      Flanagan
      
      Gianaris
      
      Griffo
      
      Hannon
      
      Kennedy
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Montgomery
      
      Parker
      
      Ranzenhofer
      
      Rivera
      
      Robach
      
      Savino
      
      Seward
      
      Stewart-Cousins
      
      Valesky
      
      aye wr (1)
      
      Krueger

2017-S7302 (ACTIVE) - Details

See Assembly Version of this Bill:: A8950
Law Section:: Financial Services
Laws Affected:: Rpld §2, amd §3, ren §4 to be §3, Chap of 2017 (as proposed in S. 6161-A and A. 684-A)

2017-S7302 (ACTIVE) - Summary

Relates to directing the department of financial services to submit a report concerning licensure, limits on fees and interest and disclosure practices of businesses engaged in pension loan advancements on or before January 1, 2019.

2017-S7302 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7302

SPONSOR: HAMILTON
 
TITLE OF BILL:  An act to amend a chapter of the laws of 2017, relat-
ing to directing the department of financial services to study, evaluate
and make recommendations concerning licensure, limits on fees and inter-
est and disclosure practices of businesses engaged in pension loan
advancements, as proposed in legislative bills numbers S. 6161-A and A.
684-A, in relation to submitting a report on or before January 1, 2019;
and to repeal section 2 of a chapter of the laws of 2017, relating to
directing the department of financial services to study, evaluate and
make recommendations concerning licensure, limits on fees and interest
and disclosure practices of businesses engaged in pension loan advance-
ments, as proposed in legislative bills numbers S. 6161-A and A. 684-A,
relating thereto

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would provide for a three-way negotiated and agreed chapter
amendment for 5.6161-A

SUMMARY OF SPECIFIC PROVISIONS:

The original bill, 5.6161-A, authorized and directed the Department of
Financial Services (DFS) to study, evaluate and make recommendations
concerning licensure, limits on fees and interest and disclosure prac-
tices of businesses engaged in pension loan advancements. It further
also authorized and directed DFS to hold public hearings while conduct-
ing its examination and evaluation of businesses engaged in pension loan
advancements. The original bill, lastly directed DFS to submit a report
on or before January 1, 2018, to the Superintendent of Financial
Services, the Governor and the Legislature with its findings, recommen-
dations for businesses engaged in pension loan advancements.

This chapter amendment would remove the requirement of the original bill
that DFS hold public hearings while conducting its examination and eval-
uation of businesses engaged in pension loan advancements. It would
further extend the date for DFS to report its findings, conclusions and
recommendations from January 1, 2018 until January 1, 2019.

 
JUSTIFICATION:

This bill would provide for a three-way negotiated and agreed chapter
amendment for S.6161A as set forth above.

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None Noted.

 
EFFECTIVE DATE:
This act would take effect immediately.

2017-S7302 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7302
 
                             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 directing the
   department of financial services to study, evaluate and make recommen-
   dations concerning licensure, limits on fees and interest and  disclo-
   sure  practices of businesses engaged in pension loan advancements, as
   proposed in legislative bills numbers  S.  6161-A  and  A.  684-A,  in
   relation  to  submitting a report on or before January 1, 2019; and to
   repeal section 2 of a chapter of the laws of 2017, relating to direct-
   ing the department of financial services to study, evaluate  and  make
   recommendations  concerning licensure, limits on fees and interest and
   disclosure practices of businesses engaged in  pension  loan  advance-
   ments,  as  proposed  in  legislative  bills  numbers S. 6161-A and A.
   684-A, relating thereto
 
   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
 directing the department of financial services to  study,  evaluate  and
 make  recommendations  concerning licensure, limits on fees and interest
 and disclosure practices of businesses engaged in pension loan  advance-
 ments, as proposed in legislative bills numbers S. 6161-A and A.  684-A,
 is REPEALED.
   §  2.  Section 3 of a chapter of the laws of 2017, relating to direct-
 ing the department of financial services to  study,  evaluate  and  make
 recommendations  concerning  licensure,  limits on fees and interest and
 disclosure practices of businesses engaged in pension loan advancements,
 as proposed in legislative bills numbers S.  6161-A  and  A.  684-A,  is
 amended to read as follows:
   §  [3] 2. The department  of financial services shall submit a report,
 on or before January 1, [2018] 2019, to the superintendent of  financial
 services,  the  governor,  the  temporary  president  of the senate, the
 speaker of the assembly, the chair of the senate  banks  committee,  and
 the  chair  of the assembly banks committee of its findings, conclusions
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD03962-02-8

 S. 7302                             2
 
 and recommendations, and shall submit with its report  such  legislative
 proposals as it deems necessary to implement  its recommendations.
   § 3. Section 4 of a chapter of the laws of 2017, relating to directing
 the  department of financial services to study, evaluate and make recom-
 mendations concerning licensure, limits on fees and interest and disclo-
 sure practices of businesses engaged in pension  loan  advancements,  as
 proposed  in legislative bills numbers S. 6161-A and A. 684-A, is renum-
 bered section 3.
   § 4. This act shall take effect on the same date and same manner as  a
 chapter  of  the  laws  of 2017, relating to directing the department of
 financial services to study, evaluate and make recommendations  concern-
 ing  licensure,  limits on fees and interest and disclosure practices of
 businesses engaged in pension loan advancements, as proposed in legisla-
 tive bills numbers S. 6161-A and A. 684-A, takes effect.

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