Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 18, 2010 |
referred to banks |
Assembly Bill A10331
2009-2010 Legislative Session
Sponsored By
TITONE
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-A10331 (ACTIVE) - Details
2009-A10331 (ACTIVE) - Summary
Regulates the provision of refund anticipation loans by person and entities other than banking institutions; requires that at the time a borrower applies for a refund anticipation loan, a facilitator shall disclose to such borrower certain information relating to fees and interest rates; defines terms.
2009-A10331 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10331 TITLE OF BILL: An act to amend the banking law, in relation to refund anticipation loans PURPOSE OR GENERAL IDEA OF BILL: To protect New York consumers by regu- lating the offering of refund anticipation loans, including disclosures and reasonable limits on the amount of interest that can be charged for such loans. SUMMARY OF PROVISIONS: Bill §1 adds a new §46 to the Banking Law enti- tled "Refund anticipation loan." The section includes definitions of the following terms: "borrower", "facilitator (which means a person who makes or otherwise acts deals with the public to arrange a refund antic- ipation loan, but does not include banking institutions, licensed lend- ers or intermediaries), "refund anticipation loan", refund anticipation loan fee", and "annual percentage rate". At the time of an RAL application, §46 requires disclosures of the esti- mated fee for preparing and electronically filing an income tax return; the RAL fee schedule; the annual percentage rate (APR) for the loan; the estimated total cost to the borrower of the PAL; the estimated number of days within which the loan proceeds will be paid to the borrower if the loan is approved; the borrower's responsibility for repayment of the loan and related fees in the event the income tax refund is not paid or not paid in full; and the availability of electronic tax return filing
2009-A10331 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10331 I N A S S E M B L Y March 18, 2010 ___________ Introduced by M. of A. TITONE -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to refund anticipation loans 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 46 to read as follows: S 46. REFUND ANTICIPATION LOANS. 1. AS USED IN THIS SECTION: (A) "BORROWER" MEANS A PERSON WHO RECEIVES THE PROCEEDS OF A REFUND ANTICIPATION LOAN; (B) "FACILITATOR" MEANS A PERSON WHO, INDIVIDUALLY, OR IN CONJUNCTION OR COOPERATION WITH ANOTHER PERSON, MAKES A REFUND ANTICIPATION LOAN, PROCESSES, RECEIVES OR ACCEPTS FOR DELIVERY AN APPLICATION FOR A REFUND ANTICIPATION LOAN, ISSUES A CHECK IN PAYMENT OF REFUND ANTICIPATION LOAN PROCEEDS, OR IN ANY OTHER MANNER ACTS TO ALLOW THE MAKING OF A REFUND ANTICIPATION LOAN. THE TERM DOES NOT INCLUDE A BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, CREDIT UNION OR PERSON OR ENTITY ISSUED A LICENSE UNDER THE PROVISIONS OF ARTICLE NINE OF THIS CHAPTER, OPERATING UNDER THE LAWS OF THE UNITED STATES OR THIS STATE, OR ANY PERSON WHO ACTS SOLELY AS AN INTERMEDIARY AND DOES NOT DEAL WITH THE PUBLIC IN THE MAKING OF A REFUND ANTICIPATION LOAN; (C) "REFUND ANTICIPATION LOAN" MEANS A LOAN ARRANGED TO BE PAID DIRECTLY FROM THE PROCEEDS OF A BORROWER'S INCOME TAX REFUND; (D) "REFUND ANTICIPATION LOAN FEE" MEANS ANY CHARGES, FEES OR OTHER CONSIDERATION CHARGED OR IMPOSED FOR THE MAKING OF A REFUND ANTICIPATION LOAN. THE TERM DOES NOT INCLUDE ANY CHARGES, FEES OR OTHER CONSIDERATION CHARGED OR IMPOSED IN THE ORDINARY COURSE OF BUSINESS BY A FACILITATOR FOR SERVICES THAT DO NOT RESULT IN THE MAKING OF A LOAN INCLUDING, BUT NOT LIMITED TO, FEES FOR TAX RETURN PREPARATION SERVICES OR FOR THE ELECTRONIC FILING OF INCOME TAX RETURNS; AND (E) "ANNUAL PERCENTAGE RATE" SHALL HAVE THE SAME MEANING AS PROVIDED IN PARAGRAPH (B) OF SUBDIVISION ONE OF SECTION SIX-L OF THIS CHAPTER. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03911-01-9
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