senate Bill S2106A

2019-2020 Legislative Session

Requires banks to disclose negative consequences of establishing alternative payment schedule on a loan

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 21, 2020 referred to banks
delivered to assembly
passed senate
Jan 22, 2020 advanced to third reading
Jan 21, 2020 2nd report cal.
Jan 15, 2020 1st report cal.176
Jan 08, 2020 referred to banks
returned to senate
died in assembly
Mar 20, 2019 referred to banks
delivered to assembly
passed senate
Mar 04, 2019 advanced to third reading
Feb 28, 2019 2nd report cal.
Feb 27, 2019 1st report cal.182
Feb 20, 2019 print number 2106a
Feb 20, 2019 amend and recommit to banks
Jan 22, 2019 referred to banks

Votes

view votes

Jan 15, 2020 - Banks committee Vote

S2106A
7
3
committee
7
Aye
3
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: Jan 15, 2020

Feb 27, 2019 - Banks committee Vote

S2106A
8
3
committee
8
Aye
3
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: Feb 27, 2019

Co-Sponsors

S2106 - Details

See Assembly Version of this Bill:
A4618
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §129-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7425
2015-2016: S3277
2017-2018: S3217, A7228
2021-2022: S1566, A5915

S2106 - Summary

Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

S2106 - Sponsor Memo

S2106 - Bill Text download pdf


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

                                  2106

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 22, 2019
                               ___________

Introduced  by Sens. SANDERS, SEPULVEDA -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Banks

AN ACT to amend the banking law,  in  relation  to  requiring  banks  to
  disclose  any negative consequences an alternative loan payment sched-
  ule may have on credit scores

  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 section 129-a to
read as follows:
  §  129-A. REQUIREMENT OF DISCLOSURE; ALTERNATIVE PAYMENT SCHEDULES. IN
THE EVENT THAT ANY BANK OR TRUST COMPANY  SHALL  PERMIT  A  CUSTOMER  TO
ESTABLISH AN ALTERNATIVE PAYMENT SCHEDULE FOR AN EXISTING LOAN, THE BANK
OR TRUST COMPANY SHALL PROVIDE WRITTEN DISCLOSURE OF ANY NEGATIVE CONSE-
QUENCES  SUCH  ALTERNATIVE  PAYMENT SCHEDULE MAY HAVE ON SUCH CUSTOMER'S
CREDIT SCORE OR RATING. SUCH DISCLOSURE SHALL BE PROVIDED AT THE TIME  A
LOAN IS GRANTED.
  §  2.  This  act shall take effect on the ninetieth day after it shall
have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00597-02-9

Co-Sponsors

S2106A (ACTIVE) - Details

See Assembly Version of this Bill:
A4618
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §129-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7425
2015-2016: S3277
2017-2018: S3217, A7228
2021-2022: S1566, A5915

S2106A (ACTIVE) - Summary

Requires banks to disclose any negative consequences of establishing an alternative payment schedule on a loan.

S2106A (ACTIVE) - Sponsor Memo

S2106A (ACTIVE) - Bill Text download pdf


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

                                 2106--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 22, 2019
                               ___________

Introduced  by Sens. SANDERS, SEPULVEDA -- read twice and ordered print-
  ed, and when printed to be committed to  the  Committee  on  Banks  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the banking law,  in  relation  to  requiring  banks  to
  disclose  any negative consequences an alternative loan payment sched-
  ule may have on credit scores

  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 section 129-a to
read as follows:
  §  129-A. REQUIREMENT OF DISCLOSURE; ALTERNATIVE PAYMENT SCHEDULES. IN
THE EVENT THAT ANY BANK OR TRUST COMPANY  SHALL  PERMIT  A  CUSTOMER  TO
ESTABLISH AN ALTERNATIVE PAYMENT SCHEDULE FOR AN EXISTING LOAN, THE BANK
OR TRUST COMPANY SHALL PROVIDE WRITTEN DISCLOSURE OF ANY NEGATIVE CONSE-
QUENCES  SUCH  ALTERNATIVE  PAYMENT SCHEDULE MAY HAVE ON SUCH CUSTOMER'S
CREDIT SCORE OR RATING. SUCH DISCLOSURE SHALL BE PROVIDED AT THE TIME  A
LOAN  APPLICATION IS MADE, AT THE TIME A LOAN IS GRANTED AND AT THE TIME
A CUSTOMER REQUESTS THAT AN ALTERNATIVE PAYMENT SCHEDULE BE  ESTABLISHED
FOR  A  LOAN,  BUT  PRIOR  TO THE ACTUAL ESTABLISHMENT OF AN ALTERNATIVE
PAYMENT SCHEDULE.
  § 2. This act shall take effect on the ninetieth day  after  it  shall
have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00597-04-9

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