Assembly Bill A4088A

2023-2024 Legislative Session

Relates to licensing consumer debt collectors

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Sponsored By

Current Bill Status - In Assembly Committee


  • 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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Bill Amendments

2023-A4088 - Details

See Senate Version of this Bill:
S666
Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Add Art 7 §§295 - 306, amd §§36 & 44, Bank L; amd §3218, add §5022, CPLR
Versions Introduced in Other Legislative Sessions:
2009-2010: A3926, S7071
2011-2012: A1028, A8429, S1439
2013-2014: A455, S219
2015-2016: A408, S190
2017-2018: A5244, A8112, A9766, S1999, S7099
2019-2020: A7191, S2343
2021-2022: A3041, S3121

2023-A4088 - Summary

Relates to licensing consumer debt collectors; sets minimum standards and regulations; establishes penalties for violations.

2023-A4088 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4088
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 9, 2023
                                ___________
 
 Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
   tee on Banks
 
 AN ACT to amend the banking law and the civil practice law and rules, in
   relation to licensed consumer debt collectors
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Legislative  intent.    The  legislature hereby finds the
 presence  of consumer-related problems with respect to the practices  of
 debt  collection  agencies.  Federal  and  state  laws regulate how debt
 collectors may communicate with debtors and prohibit the use of  certain
 threatening,   deceptive   and   unfair collection   practices.  Despite
 these   legal  protections,  there  continue  to  be  frequent  consumer
 complaints regarding debt collection practices.  Due  to  the  sensitive
 nature  of  the  information used in the course of debt collection agen-
 cies' work, and the vulnerable position consumers may find themselves in
 when dealing with these agencies, it is incumbent upon this  legislature
 to ensure that agencies that engage in unscrupulous or abusive practices
 shall  not  continue to operate in this state. To protect the interests,
 reputations, and financial wellbeing of residents  of  this  state  from
 unwarranted  harm, the legislature hereby declares that the state should
 not permit debt collection agencies to operate without  a  license  from
 the state.
   §  2.  The banking law is amended by adding a new article 7 to read as
 follows:
                                 ARTICLE 7
                     LICENSED CONSUMER DEBT COLLECTORS
 SECTION 295. DEFINITIONS.
         296. DEBT COLLECTION AGENCIES.
         297. SURETY BONDING REQUIREMENT.
         298. PENALTIES.
         299. EXAMINATIONS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03040-02-3
              

co-Sponsors

2023-A4088A (ACTIVE) - Details

See Senate Version of this Bill:
S666
Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Add Art 7 §§295 - 306, amd §§36 & 44, Bank L; amd §3218, add §5022, CPLR
Versions Introduced in Other Legislative Sessions:
2009-2010: A3926, S7071
2011-2012: A1028, A8429, S1439
2013-2014: A455, S219
2015-2016: A408, S190
2017-2018: A5244, A8112, A9766, S1999, S7099
2019-2020: A7191, S2343
2021-2022: A3041, S3121

2023-A4088A (ACTIVE) - Summary

Relates to licensing consumer debt collectors; sets minimum standards and regulations; establishes penalties for violations.

2023-A4088A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4088--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 9, 2023
                                ___________
 
 Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
   tee on Banks -- committee discharged, bill amended, ordered  reprinted
   as amended and recommitted to said committee
 
 AN ACT to amend the banking law and the civil practice law and rules, in
   relation to licensing consumer debt collectors

   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  7  to
 read as follows:
                                ARTICLE VII
                     LICENSED CONSUMER DEBT COLLECTORS
 SECTION 295. DEFINITIONS.
         296. LICENSE REQUIRED; ENTITIES EXEMPT.
         297. APPLICATION FOR LICENSE; FEES.
         298. SURETY BOND REQUIRED.
         299. EXAMINATION; BOOKS AND RECORDS; REPORTS.
         300. PROHIBITED ACTS.
         301. REGULATIONS; MINIMUM STANDARDS.
         302. APPLICATION  FOR  ACQUISITION OF CONTROL OF A CONSUMER DEBT
                COLLECTOR.
         303. SUSPENSION AND REVOCATION.
         304. BAD ACTORS.
         305. PENALTIES.
         306. PREEMPTION.
   § 295. DEFINITIONS. AS USED IN THIS ARTICLE:
   1. "AFFILIATED COMPANY" MEANS  A  CONSUMER  DEBT  COLLECTOR  OPERATING
 UNDER  THE  CONTROL  OF A LICENSEE, PROVIDED THAT THE AFFILIATED COMPANY
 SHARES COMMON FACILITIES, MANAGEMENT, AND OPERATIONS WITH  THE  LICENSEE
 AND  THE AFFILIATED COMPANY DOES NOT ENGAGE IN ANY COLLECTION ACTIVITIES
 OTHER THAN DEBT BUYING OR DEBT COLLECTION FOR THE LICENSEE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03040-06-3
 A. 4088--A                          2
              

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