Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 16, 2020 |
referred to consumer affairs and protection |
Assembly Bill A9078
2019-2020 Legislative Session
Sponsored By
TAYLOR
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
co-Sponsors
Nader Sayegh
Robert C. Carroll
Jo Anne Simon
Harvey Epstein
2019-A9078 (ACTIVE) - Details
- See Senate Version of this Bill:
- S5880
- Current Committee:
- Assembly Consumer Affairs And Protection
- Law Section:
- General Business Law
- Laws Affected:
- Add §517-a, Gen Bus L
2019-A9078 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9078 I N A S S E M B L Y January 16, 2020 ___________ Introduced by M. of A. TAYLOR -- read once and referred to the Committee on Consumer Affairs and Protection AN ACT to amend the general business law, in relation to establishing the New York state loan shark 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 "New York state loan shark act". § 2. The general business law is amended by adding a new section 517-a to read as follows: § 517-A. MAXIMUM CREDIT CARD INTEREST RATES. 1. FOR THE PURPOSES OF THIS SECTION "ANNUAL PERCENTAGE RATE OF INTEREST" OR "ANNUAL PERCENTAGE RATE" SHALL MEAN THE ANNUAL PERCENTAGE RATE FOR A LOAN OF CREDIT CALCU- LATED ACCORDING TO THE PROVISIONS OF THE FEDERAL TRUTH IN LENDING ACT (15 U.S.C. § 1601, ET SEQ.) AND THE REGULATIONS PROMULGATED THEREUNDER BY THE FEDERAL RESERVE BOARD, AS SAID ACT AND REGULATIONS ARE AMENDED FROM TIME TO TIME. 2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, BUT EXCEPT AS PROVIDED IN SUBDIVISION FOUR OF THIS SECTION, THE ANNUAL PERCENTAGE RATE APPLICA- BLE TO ANY EXTENSION OF CREDIT SHALL NOT EXCEED FIFTEEN PERCENT ON UNPAID BALANCES, INCLUSIVE OF ALL FINANCE CHARGES. 3. ANY FEES THAT ARE NOT CONSIDERED FINANCE CHARGES UNDER SECTION ONE HUNDRED SIX OF THE FEDERAL TRUTH IN LENDING ACT (15 U.S.C. § 1605) MAY NOT BE USED TO EVADE THE LIMITATIONS OF SUBDIVISION TWO OF THIS SECTION, AND THE TOTAL SUM OF SUCH FEES MAY NOT EXCEED THE TOTAL AMOUNT OF FINANCE CHARGES ASSESSED. 4. (A) THE SUPERINTENDENT OF FINANCIAL SERVICES MAY ESTABLISH A MAXI- MUM ANNUAL PERCENTAGE RATE OF INTEREST EXCEEDING THE FIFTEEN PERCENT ANNUAL RATE UNDER SUBDIVISION TWO OF THIS SECTION FOR PERIODS WHICH SHALL NOT EXCEED EIGHTEEN MONTHS, UPON A DETERMINATION THAT: (I) MONEY MARKET INTEREST RATES HAVE RISEN OVER THE PRECEDING SIX MONTH PERIOD; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11766-01-9
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