Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to consumer affairs and protection |
Jan 07, 2009 |
referred to consumer affairs and protection |
Assembly Bill A273
2009-2010 Legislative Session
Sponsored By
PHEFFER
Archive: Last 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
Actions
2009-A273 (ACTIVE) - Details
2009-A273 (ACTIVE) - Sponsor Memo
BILL NUMBER:A273 TITLE OF BILL: An act to amend the general business law, in relation to prohibiting certain loan solicitations PURPOSE OR GENERAL IDEA OF BILL: The purpose of the bill is to protect consumers from certain loan solic- itations. SUMMARY OF SPECIFIC PROVISIONS: This bill would prohibit companies from distributing any unsolicited check, money order, draft or other negotiable instrument to any person in this state, which, when redeemed, would enter such person into a loan agreement. Any such loan agreement secured through an unsolicited check shall be void as against public policy. JUSTIFICATION: Many loan companies dupe consumers into taking high-interest loans they do not need by mailing the consumer what appears to be a real check. All the consumer must do is call a phone number or return a form and the money is theirs, although they may not realize this is a loan, not a gift or sweepstakes winnings, and must be repaid with interest, often at a higher rate. This bill protects the consumer from such marketing
2009-A273 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 273 2009-2010 Regular Sessions I N A S S E M B L Y (PREFILED) January 7, 2009 ___________ Introduced by M. of A. PHEFFER, GABRYSZAK -- Multi-Sponsored by -- M. of A. MAGEE -- read once and referred to the Committee on Consumer Affairs and Protection AN ACT to amend the general business law, in relation to prohibiting certain loan solicitations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The general business law is amended by adding a new section 399-i to read as follows: S 399-I. CERTAIN LOAN SOLICITATIONS PROHIBITED. NO PERSON, FIRM OR CORPORATION SHALL GIVE, TRANSFER OR OTHERWISE DISTRIBUTE ANY UNSOLICITED CHECK, MONEY ORDER, DRAFT OR OTHER NEGOTIABLE INSTRUMENT TO ANY PERSON IN THIS STATE, WHICH, WHEN REDEEMED, WOULD ENTER SUCH PERSON INTO A LOAN AGREEMENT. ANY SUCH LOAN AGREEMENT PROCURED BY MEANS OF AN UNSOLICITED CHECK, MONEY ORDER OR OTHER NEGOTIABLE INSTRUMENT SHALL BE VOID AS AGAINST PUBLIC POLICY. S 2. This act shall take effect immediately and shall apply to any loan entered into on and after such date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01958-01-9
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