Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to banks |
Mar 21, 2013 |
print number 3999a |
Mar 21, 2013 |
amend and recommit to banks |
Mar 04, 2013 |
referred to banks |
Senate Bill S3999A
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Banks 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
Bill Amendments
co-Sponsors
(D) Senate District
(R, C) 53rd Senate District
(D) Senate District
(D, IP) Senate District
2013-S3999 - Details
- See Assembly Version of this Bill:
- A1113
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §§18-a, 340 & 373, add §§373-a - 373-h, Bank L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S7043
2011-2012: S3841, A7047
2013-S3999 - Sponsor Memo
BILL NUMBER:S3999 TITLE OF BILL: An act to amend the banking law, in relation to enacting the "short-term financial services loan act" PURPOSE: To provide consumers with additional options and choices by permitting licensed check cashers to make small-dollar loans, subject to several restrictions and requirements on this type of product. Directs the Superintendent of Banks to set a cap upon the maximum rate of interest and fees that may be charged. SUMMARY OF PROVISIONS: Section 1: Creates the Short-Term Financial Services Loan Act. Sections 2 and 3. Amends Banking Law section 18-a(4) and (5) to establish license fees for check cashers, that offer small loans under this act. Section 4. Amends Banking Law section 340 to create an exemption to the Licensed Lender Law to allow Licensed check cashers to make financial services loans. Section 5. Amends Banking Law section 373(1) to create an exception to the provisions which currently prohibit licensed check cashers from making loans: language is added to enable licensed check cashers to
2013-S3999 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3999 2013-2014 Regular Sessions I N S E N A T E March 4, 2013 ___________ Introduced by Sens. FARLEY, DILAN, GRIFFO, KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to enacting the "short-term financial services loan act" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "short-term financial services loan act". S 2. Subdivision 4 of section 18-a of the banking law, as amended by chapter 155 of the laws of 2012, is amended to read as follows: 4. The fee which shall be imposed for any application for an initial license, registration, incorporation or for the formation of any other entity pursuant to this chapter, or for a merger, acquisition, purchase or sale of assets, change of control, or for any other application requiring the approval of the superintendent that may necessitate, as determined by the superintendent, a determination regarding the charac- ter or fitness and/or the safety and soundness of such applicant or a similar investigative undertaking by the department, shall be: (a) twelve thousand five hundred dollars when such application relates to a banking organization, bank holding company or, except as provided in paragraph (b) of this subdivision, a foreign banking corporation; (b) seven thousand five hundred dollars when such application relates to licensing a branch, agency or representative office of a foreign banking corporation; (c) one thousand five hundred dollars when the application relates to a mortgage broker; [or] (d) THREE THOUSAND FIVE HUNDRED DOLLARS WHEN THE APPLICATION RELATES TO LICENSING A CASHER OF CHECKS WHEN THE APPLICANT INTENDS TO ENGAGE IN SHORT-TERM FINANCIAL SERVICES LOAN TRANSACTIONS. FIVE HUNDRED DOLLARS OF SUCH FEE SHALL BE RETAINED BY THE DEPARTMENT TO BE USED SOLELY FOR THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04943-04-3
co-Sponsors
(R, C) 53rd Senate District
(D) Senate District
2013-S3999A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A1113
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §§18-a, 340 & 373, add §§373-a - 373-h, Bank L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S7043
2011-2012: S3841, A7047
2013-S3999A (ACTIVE) - Sponsor Memo
BILL NUMBER:S3999A TITLE OF BILL: An act to amend the banking law, in relation to enacting the "short-term financial services loan act" PURPOSE: To provide consumers with additional options and choices by permitting licensed check cashers to make small-dollar loans, subject to several restrictions and requirements on this type of product. SUMMARY OF PROVISIONS: Section 1: Creates the Short-Term Financial Services Loan Act. Sections 2 and 3: Amends Banking Law section 18-a(4) and (5) to establish license fees for check cashers that offer small loans under this act. Section 4: Amends Banking Law section 340 to create an exemption to the Licensed Lender Law to allow licensed check cashers to make financial services loans. Section 5: Amends Banking Law section 373(1) to create an exception to the provisions which currently prohibit licensed check cashers from making loans: language is added to enable licensed check cashers to make small financial services loans as authorized by the Banking Law and subject to the regulatory supervision of the Banking Department
2013-S3999A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3999--A 2013-2014 Regular Sessions I N S E N A T E March 4, 2013 ___________ Introduced by Sens. FARLEY, DILAN, GRIFFO, KLEIN, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the banking law, in relation to enacting the "short-term financial services loan act" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "short-term financial services loan act". S 2. Subdivision 4 of section 18-a of the banking law, as amended by chapter 155 of the laws of 2012, is amended to read as follows: 4. The fee which shall be imposed for any application for an initial license, registration, incorporation or for the formation of any other entity pursuant to this chapter, or for a merger, acquisition, purchase or sale of assets, change of control, or for any other application requiring the approval of the superintendent that may necessitate, as determined by the superintendent, a determination regarding the charac- ter or fitness and/or the safety and soundness of such applicant or a similar investigative undertaking by the department, shall be: (a) twelve thousand five hundred dollars when such application relates to a banking organization, bank holding company or, except as provided in paragraph (b) of this subdivision, a foreign banking corporation; (b) seven thousand five hundred dollars when such application relates to licensing a branch, agency or representative office of a foreign banking corporation; (c) one thousand five hundred dollars when the application relates to a mortgage broker; [or] (d) THREE THOUSAND FIVE HUNDRED DOLLARS WHEN THE APPLICATION RELATES TO LICENSING A CASHER OF CHECKS WHEN THE APPLICANT INTENDS TO ENGAGE IN SHORT-TERM FINANCIAL SERVICES LOAN TRANSACTIONS. FIVE HUNDRED DOLLARS OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04943-06-3
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