Assembly Bill A8426

2011-2012 Legislative Session

Prohibits certain loan solicitations by means of certain unsolicited instruments and makes loans thereby contracted void

download bill text pdf

Sponsored By

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

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2011-A8426 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add ยง399-j, Gen Bus L
Versions Introduced in 2009-2010 Legislative Session:
A273

2011-A8426 (ACTIVE) - Summary

Prohibits the solicitation of loans by means of distributing checks to persons who have not requested a loan where the endorsement of such check constitutes acceptance of the terms of the loan agreement; makes such loan agreements void.

2011-A8426 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8426

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 15, 2011
                               ___________

Introduced  by  M. of A. DINOWITZ, 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-j to read as follows:
  S  399-J.  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.
                                                           LBD00937-01-1

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