Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2010 |
referred to consumer protection |
Feb 23, 2009 |
referred to consumer protection |
Senate Bill S2538
2009-2010 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Consumer Protection 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-S2538 (ACTIVE) - Details
- Current Committee:
- Senate Consumer Protection
- Law Section:
- General Business Law
- Laws Affected:
- Amd §600, add §601-a, Gen Bus L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S195
2013-2014: S1101
2009-S2538 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2538 TITLE OF BILL : An act to amend the general business law, in relation to notice of delinquency requirements PURPOSE : To require a principal creditor to send a notice of delinquency to the debtor and co-signer of an account. SUMMARY OF PROVISIONS : Section 1 amends section 600 of the general business law by adding new subdivision 4. Subdivision 4 (i) defines the term co-signer and their role in relation to the debtor. Subdivision 4 (ii) states that in the case of a consumer credit account becomes obligated under the agreement as a co-signer with respect either to all purchases and loans, or a specified maximum dollar amount of purchases and loans that will be obtained from time to time pursuant to the agreement whether or not it is contemplated that the co-signer may receive any of the property, services or money to be obtained. This does not include a seller, holder or lender who becomes obligated to an assignee of such party's rights or a joint applicant for credit who is intended to be primarily liable under the agreement. Section 2 amends the general business law by adding new section 601-a
2009-S2538 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2538 2009-2010 Regular Sessions I N S E N A T E February 23, 2009 ___________ Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection AN ACT to amend the general business law, in relation to notice of delinquency requirements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 600 of the general business law is amended by adding a new subdivision 4 to read as follows: 4. "CO-SIGNER" MEANS A NATURAL PERSON WHO (I) IN THE CASE OF A CONSUM- ER CREDIT TRANSACTION BECOMES OBLIGATED ON THE TRANSACTION AS A CO-SIG- NER, CO-MAKER, GUARANTOR, ENDORSER OR SURETY, BUT WHO DOES NOT RECEIVE THE PROPERTY, SERVICES, OR MONEY THAT IS THE SUBJECT OF THE TRANSACTION. THE TERM DOES NOT INCLUDE A SELLER, HOLDER OR LENDER WHO BECOMES OBLI- GATED TO AN ASSIGNEE OF SUCH PARTY'S RIGHTS; OR (II) IN THE CASE OF A CONSUMER CREDIT ACCOUNT BECOMES OBLIGATED UNDER THE AGREEMENT AS A CO-SIGNER, CO-MAKER, GUARANTOR, ENDORSER OR SURETY WITH RESPECT EITHER TO ALL PURCHASES AND LOANS, OR A SPECIFIED MAXIMUM DOLLAR AMOUNT OF PURCHASES AND LOANS THAT WILL BE OBTAINED FROM TIME TO TIME PURSUANT TO THE AGREEMENT WHETHER OR NOT IT IS CONTEMPLATED THAT THE CO-SIGNER MAY RECEIVE ANY OF THE PROPERTY, SERVICES OR MONEY TO BE OBTAINED. THE TERM DOES NOT INCLUDE A SELLER, HOLDER OR LENDER WHO BECOMES OBLIGATED TO AN ASSIGNEE OF SUCH PARTY'S RIGHTS OR A JOINT APPLICANT FOR CREDIT WHO IS INTENDED TO BE PRIMARILY LIABLE UNDER THE AGREEMENT. S 2. The general business law is amended by adding a new section 601-a to read as follows: S 601-A. NOTICE OF DELINQUENCY. EVERY PRINCIPAL CREDITOR OR HIS OR HER AGENT SHALL SEND A NOTICE TO THE LAST KNOWN ADDRESS OF THE DEBTOR ADVIS- ING THE DEBTOR OF A DELINQUENCY ON HIS OR HER ACCOUNT. A COPY OF SUCH NOTICE SHALL ALSO BE SENT TO THE CO-SIGNER OF SUCH ACCOUNT. S 3. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07118-01-9
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