Assembly Bill A6475

2019-2020 Legislative Session

Requires lending institutions that send unsolicited mail-loan checks to clearly state the interest rate and the total cost of loan in a dollar amount

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2019-A6475 (ACTIVE) - Details

See Senate Version of this Bill:
S4371
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-t, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2285
2011-2012: S1494
2013-2014: S2910
2015-2016: S1723
2017-2018: S3076
2021-2022: S4426
2023-2024: S5283

2019-A6475 (ACTIVE) - Summary

Requires lending institutions that send unsolicited mail-loan checks to clearly state in solicitation letter the interest rate to be applied to such loan and to demonstrate the total cost of loan in a dollar amount, at the offered interest rate, over periods of six months, one year, and three years.

2019-A6475 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6475
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2019
                                ___________
 
 Introduced by M. of A. WRIGHT -- read once and referred to the Committee
   on Banks
 
 AN  ACT  to  amend  the  banking  law, in relation to full disclosure of
   interest rate on unsolicited mail-loan checks
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subdivision 2 of section 9-t of the banking law, as added
 by chapter 309 of the laws of 2002, is amended to read as follows:
   2. Any lending institution which issues mail-loan checks shall:
   (a) include on the face of each check issued to a non-customer a writ-
 ten statement, in legible type reading "ONE FORM OF  VALID  PHOTOGRAPHIC
 ID  NEEDED TO CASH OR DEPOSIT"; provided, however, that any entity cash-
 ing or accepting a mail-loan check for deposit may require more than one
 form of identification;
   (b) make no reference on the outside  of  the  envelope  containing  a
 mail-loan  check  that  indicates  that  a check is enclosed within such
 envelope;
   (c) provide that all mail-loan checks shall be non-transferable; [and]
   (d) include an expiration date of not more  than  six  months  on  the
 mail-loan check; AND
   (E)  PROVIDE  IN  LEGIBLE  TYPE  ON THE FRONT PAGE OF THE SOLICITATION
 LETTER, THE INTEREST RATE OR RATES TO  BE  APPLIED  TO  SUCH  LOAN,  AND
 PROVIDE A TABLE DEMONSTRATING THE TOTAL COST OF SUCH LOAN AT INCREMENTAL
 DOLLAR  AMOUNTS,  AT THE OFFERED INTEREST RATE, OVER INCREMENTAL PERIODS
 OF TIME OF SIX MONTHS, ONE YEAR, AND THREE YEARS.
   § 2. This act shall take effect on the sixtieth  day  after  it  shall
 have become a law.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09683-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.