Senate Bill S8340

2017-2018 Legislative Session

Enacts the "New York limited state charter for internet lending services law"

download bill text pdf

Sponsored By

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

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2017-S8340 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 3-C §§156 - 156-p, amd §44, Bank L

2017-S8340 (ACTIVE) - Summary

Enacts the "New York limited state charter for internet lending service law" to provide for the chartering and regulation of internet lending services providers.

2017-S8340 (ACTIVE) - Sponsor Memo

2017-S8340 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8340
 
                             I N  S E N A T E
 
                                May 2, 2018
                                ___________
 
 Introduced  by Sen. PHILLIPS -- 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  internet  lending
   services
 
   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 article  3-C  to
 read as follows:
 
                                ARTICLE 3-C
                         INTERNET LENDING SERVICES
 SECTION 156.   LIMITED STATE CHARTER FOR INTERNET LENDING SERVICES.
         156-A. ESTABLISHMENT  OF  AN  INTERNET  LENDING  SERVICES CORPO-
                  RATION.
         156-B. APPLICATION FOR A LIMITED STATE CHARTER.
         156-C. GENERAL POWERS AND LIMITATIONS.
         156-D. REGULATION AND EXAMINATION OF THE LIMITED STATE CHARTERED
                  INTERNET  LENDING  SERVICES  CORPORATION;  GROUNDS  FOR
                  REVOCATION  OR SUSPENSION OF THE LIMITED STATE CHARTER;
                  PROCEDURE.
         156-E. BOOKS AND RECORDS; REPORTS.
         156-F. RESTRICTIONS  CONCERNING  ADVERTISING;  LIENS   ON   REAL
                  ESTATE; AND NAMES UNDER WHICH LOANS ARE MADE.
         156-G. RESTRICTIONS  ON  LOANS SUBJECT TO THE PROVISIONS OF THIS
                  ARTICLE; INTEREST; OTHER CHARGES.
         156-H. ACTS  REQUIRED  OF  STATE  CHARTERED   INTERNET   LENDING
                  SERVICES CORPORATIONS; ACTS PROHIBITED.
         156-I. LIMITATION  ON  STATE CHARTERED INTERNET LENDING SERVICES
                  CORPORATIONS' CHARGES ON LOANS.
         156-J. RESTRICTIONS ON ASSIGNMENTS OF COMPENSATION FOR SERVICES.
         156-K. SOLICITATION OF LOANS.
         156-L. INSURANCE.
         156-M. PENALTIES.
         156-N. AUTHORITY OF SUPERINTENDENT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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