senate Bill S8340

2017-2018 Legislative Session

Enacts the "New York limited state charter for internet lending services law"

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 02, 2018 referred to banks

S8340 - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 3-C §§156 - 156-p, amd §44, Bank L

S8340 - Summary

Enacts the "New York limited state charter for internet lending service law" to provide for the chartering and regulation of internet lending services providers.

S8340 - Sponsor Memo

S8340 - Bill Text download pdf

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

                                  8340

                            I N  S E N A T E

                               May 2, 2018
                               ___________

Introduced  by Sen. PHILLIPS -- 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  internet  lending
  services

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

  Section 1. The banking law is amended by adding a new article  3-C  to
read as follows:

                               ARTICLE 3-C
                        INTERNET LENDING SERVICES
SECTION 156.   LIMITED STATE CHARTER FOR INTERNET LENDING SERVICES.
        156-A. ESTABLISHMENT  OF  AN  INTERNET  LENDING  SERVICES CORPO-
                 RATION.
        156-B. APPLICATION FOR A LIMITED STATE CHARTER.
        156-C. GENERAL POWERS AND LIMITATIONS.
        156-D. REGULATION AND EXAMINATION OF THE LIMITED STATE CHARTERED
                 INTERNET  LENDING  SERVICES  CORPORATION;  GROUNDS  FOR
                 REVOCATION  OR SUSPENSION OF THE LIMITED STATE CHARTER;
                 PROCEDURE.
        156-E. BOOKS AND RECORDS; REPORTS.
        156-F. RESTRICTIONS  CONCERNING  ADVERTISING;  LIENS   ON   REAL
                 ESTATE; AND NAMES UNDER WHICH LOANS ARE MADE.
        156-G. RESTRICTIONS  ON  LOANS SUBJECT TO THE PROVISIONS OF THIS
                 ARTICLE; INTEREST; OTHER CHARGES.
        156-H. ACTS  REQUIRED  OF  STATE  CHARTERED   INTERNET   LENDING
                 SERVICES CORPORATIONS; ACTS PROHIBITED.
        156-I. LIMITATION  ON  STATE CHARTERED INTERNET LENDING SERVICES
                 CORPORATIONS' CHARGES ON LOANS.
        156-J. RESTRICTIONS ON ASSIGNMENTS OF COMPENSATION FOR SERVICES.
        156-K. SOLICITATION OF LOANS.
        156-L. INSURANCE.
        156-M. PENALTIES.
        156-N. AUTHORITY OF SUPERINTENDENT.

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

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