Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 03, 2021 |
signed chap.568 |
Oct 22, 2021 |
delivered to governor |
Jun 08, 2021 |
returned to senate passed assembly |
Jun 01, 2021 |
ordered to third reading rules cal.194 substituted for a5915a referred to banks returned to assembly repassed senate |
May 25, 2021 |
amended on third reading (t) 1566a |
May 25, 2021 |
vote reconsidered - restored to third reading returned to senate recalled from assembly |
Mar 03, 2021 |
referred to banks delivered to assembly passed senate |
Feb 02, 2021 |
advanced to third reading |
Feb 01, 2021 |
2nd report cal. |
Jan 26, 2021 |
1st report cal.189 |
Jan 13, 2021 |
referred to banks |
Senate Bill S1566A
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) 10th Senate District
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
Actions
Votes
Bill Amendments
co-Sponsors
(D) 16th Senate District
(D) 32nd Senate District
2021-S1566 - Details
2021-S1566 - Sponsor Memo
BILL NUMBER: S1566 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, in relation to requiring banks to disclose any negative consequences an alternative loan payment schedule may have on credit scores PURPOSE: This bill would require banks to inform customers of any consequences to their credit score when the bank has agreed to an alternative payment schedule. SUMMARY OF PROVISIONS: Amends section 129-a of the banking law to require the disclosure of negative consequences an alternative payment schedule, agreed to by a bank or trust company, would have on a customer's credit rating. Such disclosure shall be provided at the time a loan is granted.
2021-S1566 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1566 2021-2022 Regular Sessions I N S E N A T E January 13, 2021 ___________ Introduced by Sens. SANDERS, LIU, SEPULVEDA -- 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 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. LBD04288-01-1
co-Sponsors
(D) 16th Senate District
(D) 32nd Senate District
2021-S1566A (ACTIVE) - Details
2021-S1566A (ACTIVE) - Sponsor Memo
BILL NUMBER: S1566A SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, in relation to requiring banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores PURPOSE: This bill would require banks to inform customers of any consequences to their credit score when the bank has agreed to an alternative payment schedule. SUMMARY OF PROVISIONS: Amends section 129-a of the banking law to require the disclosure of negative consequences an alternative payment schedule, agreed to by a bank or trust company, would have on a customer's credit rating. Such disclosure shall be provided at the time a loan is granted.
2021-S1566A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1566--A Cal. No. 189 2021-2022 Regular Sessions I N S E N A T E January 13, 2021 ___________ Introduced by Sens. SANDERS, LIU, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, passed by Senate and delivered to the Assembly, recalled, vote reconsidered, restored to third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the banking law, in relation to requiring banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact 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 WRITTEN NOTIFICATION; 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 NOTIFICATION THAT ACCEPTING SUCH ALTERNATIVE PAYMENT SCHEDULE MAY HAVE A NEGATIVE IMPACT ON SUCH CUSTOMER'S CREDIT SCORE OR RATING. SUCH NOTIFICATION 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 ESTABLISH- MENT 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. LBD04288-05-1
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