S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    653
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of  A.  BRAUNSTEIN -- Multi-Sponsored by -- M. of A.
   MONTESANO, RODRIGUEZ -- read once and referred  to  the  Committee  on
   Economic Development
 
 AN  ACT  to amend the general business law, in relation to recordkeeping
   requirements for second-hand dealers and pawnbrokers

   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 article
 5-B to read as follows:
                                ARTICLE 5-B
            RECORDKEEPING REQUIREMENTS FOR SECOND-HAND DEALERS
                              AND PAWNBROKERS
 SECTION 57.   REPORTS TO THE SECRETARY OF STATE.
         57-A. RECORD OF PURCHASES AND SALES.
         57-B. ELECTRONIC REPORTING TO THE SECRETARY OF STATE.
         57-C. PENALTIES.
   §  57. REPORTS TO THE SECRETARY OF STATE.  EVERY DEALER IN SECOND-HAND
 ARTICLES WHO DEALS IN THE PURCHASE OR SALE OF ANY  SECOND-HAND  MANUFAC-
 TURED  ARTICLE COMPRISED WHOLLY OR IN PART OF GOLD, SILVER, PLATINUM, OR
 OTHER PRECIOUS METALS, OR DEALS IN THE PURCHASE OR SALE OF ANY OLD GOLD,
 SILVER, PLATINUM OR OTHER PRECIOUS METALS, OR DEALS IN THE  PURCHASE  OF
 ARTICLES OR THINGS COMPRISED OF GOLD, SILVER, PLATINUM OR OTHER PRECIOUS
 METALS  FOR THE PURPOSE OF MELTING OR REFINING, OR DEALS IN THE PURCHASE
 OR SALE OF USED ELECTRICAL APPLIANCES EXCLUDING KITCHEN  APPLIANCES,  OR
 DEALS  IN THE PURCHASE OR SALE OF ANY USED ELECTRONIC EQUIPMENT, COMPUT-
 ERS OR COMPONENT PARTS OF ELECTRONIC EQUIPMENT OR COMPUTERS, SHALL  MAKE
 AVAILABLE  TO  THE  SECRETARY  OF  STATE THE RECORDS REQUIRED TO BE KEPT
 PURSUANT TO SUBDIVISIONS ONE AND TWO OF SECTION  FIFTY-SEVEN-A  OF  THIS
 ARTICLE  WITH  RESPECT TO SUCH TRANSACTIONS IN A MANNER SPECIFIED BY THE
 SECRETARY OF STATE FOR THE NEW YORK STATE DEPARTMENT OF  STATE  BY  RULE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD03475-01-1

 A. 653                              2
 
 AND  REGULATION, WHICH MAY INCLUDE THE REAL-TIME SHARING OR ACCESSING OF
 SUCH RECORDS IN AN ELECTRONIC FORMAT AND/OR THROUGH USE OF  AN  INTERNET
 WEBSITE DESIGNATED BY THE SECRETARY OF STATE.
   § 57-A. RECORD OF PURCHASES AND SALES.  1. EVERY DEALER IN SECOND-HAND
 ARTICLES  WHO  DEALS IN THE PURCHASE OR SALE OF ANY SECOND-HAND MANUFAC-
 TURED ARTICLE COMPOSED WHOLLY OR IN PART OF GOLD, SILVER,  PLATINUM,  OR
 OTHER PRECIOUS METALS, OR DEALS IN THE PURCHASE OR SALE OF ANY OLD GOLD,
 SILVER,  PLATINUM  OR OTHER PRECIOUS METALS, OR DEALS IN THE PURCHASE OF
 ARTICLES OR THINGS COMPRISED OF GOLD, SILVER, PLATINUM OR OTHER PRECIOUS
 METALS FOR THE PURPOSE OF MELTING OR REFINING, OR DEALS IN THE  PURCHASE
 OR  SALE  OF USED ELECTRICAL APPLIANCES EXCLUDING KITCHEN APPLIANCES, OR
 DEALS IN THE PURCHASE OR SALE OF ANY USED ELECTRONIC EQUIPMENT,  COMPUT-
 ERS  OR COMPONENT PARTS OF ELECTRONIC EQUIPMENT OR COMPUTERS, SHALL WITH
 RESPECT TO SUCH TRANSACTIONS CREATE AN ELECTRONIC RECORD IN ENGLISH,  IN
 A  MANNER  TO  BE  SPECIFIED  BY THE SECRETARY OF STATE FOR THE NEW YORK
 STATE DEPARTMENT OF STATE BY RULE OR REGULATION. SUCH ELECTRONIC  RECORD
 MAY  INCLUDE  THE  REAL-TIME  SHARING OR ACCESSING OF SUCH RECORDS IN AN
 ELECTRONIC FORMAT AND/OR THROUGH USE OF AN INTERNET  WEBSITE  DESIGNATED
 BY  THE  SECRETARY  OF STATE FOR THE NEW YORK STATE DEPARTMENT OF STATE.
 SUCH ELECTRONIC RECORD SHALL BE RETAINED FOR A  MINIMUM  PERIOD  OF  SIX
 YEARS FROM THE DATE OF PURCHASE OR SALE.  SUCH ELECTRONIC RECORD MAY, IN
 THE  DISCRETION  OF  THE  SECRETARY  OF  STATE AND IN FURTHERANCE OF THE
 PURPOSES OF THIS ARTICLE AND ANY OTHER APPLICABLE LAW OR RULES  REGULAT-
 ING THE ACTIVITIES OF DEALERS IN SECOND-HAND ARTICLES, INCLUDE BUT SHALL
 NOT  BE LIMITED TO THE FOLLOWING INFORMATION, PROVIDED IN A FORMAT OR IN
 ACCORDANCE WITH SPECIFICATIONS AS PROVIDED BY RULE OR REGULATION OF  THE
 SECRETARY OF STATE:
   A. THE DATE, TIME, LOCATION AND TYPE OF TRANSACTION;
   B. THE NAME OF THE INDIVIDUAL CONDUCTING THE TRANSACTION FOR THE DEAL-
 ER;
   C.  IDENTIFYING  INFORMATION  REGARDING  THE  PERSON WHO IS PRESENT TO
 OFFER PROPERTY PURCHASED BY THE DEALER, INCLUDING NAME,  ADDRESS,  PHONE
 NUMBER,  TYPE OF IDENTIFICATION UTILIZED, IDENTIFICATION NUMBER, EXPIRA-
 TION DATE OF IDENTIFICATION, DATE OF BIRTH,  SEX,  HEIGHT,  WEIGHT,  EYE
 COLOR,  HAIR  COLOR,  RACE  OR  ETHNICITY, DISTINGUISHING MARKS, DIGITAL
 PHOTOGRAPH OF OWNER, AND DIGITAL PHOTOGRAPH OR SCANNED COPY OF IDENTIFI-
 CATION UTILIZED;
   D. IDENTIFYING INFORMATION REGARDING THE  PERSON  WHO  IS  PRESENT  TO
 PURCHASE  PROPERTY  SOLD  BY  THE DEALER, INCLUDING NAME, ADDRESS, PHONE
 NUMBER, AND  PHYSICAL  DESCRIPTION  AS  APPARENT,  INCLUDING  SEX,  AGE,
 HEIGHT,  WEIGHT,  EYE  COLOR, HAIR COLOR, RACE OR ETHNICITY, AND DISTIN-
 GUISHING MARKS; AND
   E. AN ACCURATE DESCRIPTION OF EACH ARTICLE PURCHASED OR SOLD,  INCLUD-
 ING  TYPE  OF  ARTICLE, MANUFACTURER, MAKE, MODEL NUMBER, SERIAL NUMBER,
 INTERNATIONAL MOBILE EQUIPMENT  IDENTIFIER,  ELECTRONIC  SERIAL  NUMBER,
 MOBILE  EQUIPMENT  IDENTIFIER, INSCRIPTIONS OR DISTINGUISHING MARKS, AND
 ONE OR MORE DIGITAL PHOTOGRAPHS REASONABLY CAPTURING THE LIKENESS OF THE
 ARTICLE.
   2. EVERY DEALER IN SECOND-HAND ARTICLES WHO DEALS IN THE  PURCHASE  OR
 SALE  OF PAWNBROKER TICKETS OR OTHER EVIDENCE OF PLEDGED ARTICLES OR THE
 REDEMPTION OR SALE OF PLEDGED ARTICLES AND WHO IS  NOT  SUBJECT  TO  THE
 PROVISIONS  OF  SECTION FIFTY-SEVEN-B OF THIS ARTICLE SHALL, IN ADDITION
 TO RECORDING INFORMATION PURSUANT TO SUBDIVISION ONE  OF  THIS  SECTION,
 CREATE  AN ELECTRONIC RECORD OF THE FOLLOWING INFORMATION AT THE TIME OF
 SUCH PURCHASE, SALE OR REDEMPTION IN A MANNER TO  BE  SPECIFIED  BY  THE
 SECRETARY OF STATE FOR THE NEW YORK STATE DEPARTMENT OF STATE BY RULE OR

 A. 653                              3
 
 REGULATION, WHICH MAY INCLUDE THE REAL-TIME SHARING OR ACCESSING OF SUCH
 RECORDS  IN  AN  ELECTRONIC  FORMAT  AND/OR  THROUGH  USE OF AN INTERNET
 WEBSITE DESIGNATED BY THE SECRETARY OF  STATE.  SUCH  ELECTRONIC  RECORD
 SHALL  BE  RETAINED  FOR  A MINIMUM PERIOD OF SIX YEARS FROM THE DATE OF
 PURCHASE OR SALE. SUCH ELECTRONIC RECORD MAY, IN THE DISCRETION  OF  THE
 SECRETARY  AND  IN  FURTHERANCE  OF THE PURPOSES OF THIS ARTICLE AND ANY
 OTHER APPLICABLE LAW OR RULES REGULATING THE ACTIVITIES  OF  DEALERS  IN
 SECOND-HAND  ARTICLES  AND PAWNBROKERS, INCLUDE BUT SHALL NOT BE LIMITED
 TO THE FOLLOWING INFORMATION, PROVIDED IN A FORMAT OR IN ACCORDANCE WITH
 SPECIFICATIONS AS PROVIDED BY RULE OF THE SECRETARY OF STATE:
   A. THE NAME AND ADDRESS OF THE PERSON WHO ISSUED SUCH TICKET OR  OTHER
 EVIDENCE;
   B. THE PLEDGE NUMBER OF SUCH PAWN TICKET OR OTHER EVIDENCE;
   C.  THE  NAME  AND ADDRESS OF THE PLEDGOR AS IT APPEARS UPON SUCH PAWN
 TICKET OR OTHER EVIDENCE;
   D. THE AMOUNT LOANED OR ADVANCED AS IT APPEARS ON SUCH PAWN TICKET  OR
 OTHER EVIDENCE;
   E. THE SUM PAID OR RECEIVED FOR SUCH PAWN TICKET OR OTHER EVIDENCE, OR
 THE SUM PAID OR RECEIVED FOR THE REDEEMED ARTICLE OR PLEDGE; AND
   F. SUCH DESCRIPTION OF A PLEDGED ARTICLE AS APPEARS ON SUCH PAWN TICK-
 ET  OR  OTHER  EVIDENCE  AND  AN  ACCURATE DESCRIPTION OF EVERY REDEEMED
 PLEDGED ARTICLE, INCLUDING TYPE OF ARTICLE,  MANUFACTURER,  MAKE,  MODEL
 NUMBER,  SERIAL NUMBER, INTERNATIONAL MOBILE EQUIPMENT IDENTIFIER, ELEC-
 TRONIC SERIAL  NUMBER,  MOBILE  EQUIPMENT  IDENTIFIER,  INSCRIPTIONS  OR
 DISTINGUISHING  MARKS,  AND  ONE  OR MORE DIGITAL PHOTOGRAPHS REASONABLY
 CAPTURING THE LIKENESS OF THE ARTICLE.
   3. A DEALER IN SECOND-HAND ARTICLES SUBJECT TO THE PROVISIONS OF  THIS
 SUBDIVISION  AND SUBDIVISION ONE OF THIS SECTION SHALL ACQUIRE AND MAIN-
 TAIN IN GOOD WORKING ORDER THE ELECTRONIC EQUIPMENT NECESSARY TO  CREATE
 AND  MAINTAIN THE ELECTRONIC RECORDS REQUIRED BY THIS SECTION, INCLUDING
 BUT NOT LIMITED TO A COMPUTER WITH INTERNET  CONNECTION,  AN  ELECTRONIC
 SIGNATURE PAD AND A DIGITAL CAMERA UTILIZING A FILE FORMAT DESIGNATED BY
 THE SECRETARY OF STATE.
   4. THE BOOKS AND RECORDS REQUIRED BY THIS SECTION, INCLUDING ANY ELEC-
 TRONIC  RECORDS REQUIRED BY THIS SUBDIVISION AND SUBDIVISION ONE OF THIS
 SECTION, SHALL BE OPEN TO THE INSPECTION  OF  ANY  POLICE  OFFICER,  THE
 SECRETARY  OF  STATE  FOR  THE NEW YORK STATE DEPARTMENT OF STATE OR ANY
 DEPARTMENTAL INSPECTOR, ANY JUDGE OF THE CRIMINAL COURT, OR  ANY  PERSON
 DULY  AUTHORIZED  IN WRITING FOR SUCH PURPOSES BY THE SECRETARY OF STATE
 OR BY ANY JUDGE OF THE CRIMINAL COURT, WHO SHALL  EXHIBIT  SUCH  WRITTEN
 AUTHORITY  TO  THE  DEALER.  SUCH  RECORDS  SHALL  ALSO  BE  OPEN TO THE
 INSPECTION OF ANY OFFICIAL  OR  OTHER  PERSON  IDENTIFIED  IN,  OR  DULY
 AUTHORIZED  IN  WRITING PURSUANT TO, ANY OTHER APPLICABLE STATE OR LOCAL
 LAW.
   5. NOTHING IN THIS SECTION SHALL BE CONSTRUED TO AFFECT  OR  SUPERSEDE
 ANY RECORDKEEPING REQUIREMENT IMPOSED BY OR PURSUANT TO ANY OTHER APPLI-
 CABLE STATE OR LOCAL LAW.
   § 57-B. ELECTRONIC REPORTING TO THE SECRETARY OF STATE. 1. EVERY PAWN-
 BROKER,  SHALL MAKE AVAILABLE TO THE SECRETARY OF STATE FOR THE NEW YORK
 STATE DEPARTMENT OF STATE THE RECORDS REQUIRED TO BE  KEPT  PURSUANT  TO
 SUBDIVISION  TWO  OF  THIS  SECTION,  IN A MANNER TO BE SPECIFIED BY THE
 SECRETARY OF STATE BY RULE OR REGULATION, WHICH MAY  INCLUDE  THE  REAL-
 TIME SHARING OR ACCESSING OF SUCH RECORDS IN AN ELECTRONIC FORMAT AND/OR
 THROUGH  USE OF AN INTERNET WEBSITE DESIGNATED BY THE SECRETARY OF STATE
 FOR THE NEW YORK STATE DEPARTMENT OF STATE.

 A. 653                              4

   2. EVERY PAWNBROKER SHALL CREATE AT THE TIME OF TRANSACTION  AN  ELEC-
 TRONIC  RECORD  IN ENGLISH, IN A MANNER TO BE SPECIFIED BY THE SECRETARY
 OF STATE BY RULE OR REGULATION, WHICH MAY INCLUDE THE USE OF AN INTERNET
 WEBSITE DESIGNATED BY THE SECRETARY OF STATE, OF  EVERY  TRANSACTION  IN
 WHICH  GOODS,  ARTICLES  OR  THINGS,  OR  ANY  PART THEREOF, ARE PAWNED,
 PLEDGED OR REDEEMED IN THE COURSE OF BUSINESS OF SUCH  PAWNBROKER.  SUCH
 ELECTRONIC  RECORD  SHALL  BE RETAINED FOR A MINIMUM PERIOD OF SIX YEARS
 FROM THE DATE OF THE TRANSACTION. SUCH ELECTRONIC  RECORD  MAY,  IN  THE
 DISCRETION  OF THE SECRETARY OF STATE AND IN FURTHERANCE OF THE PURPOSES
 OF THIS ARTICLE AND ANY OTHER APPLICABLE LAW  OR  RULES  REGULATING  THE
 ACTIVITIES  OF  PAWNBROKERS,  INCLUDE  BUT  SHALL  NOT BE LIMITED TO THE
 FOLLOWING INFORMATION, PROVIDED IN A FORMAT OR IN ACCORDANCE WITH  SPEC-
 IFICATIONS AS PROVIDED BY RULE OR REGULATION OF THE SECRETARY OF STATE:
   A. THE DATE, TIME, LOCATION AND TYPE OF TRANSACTION;
   B. THE NAME OF THE INDIVIDUAL CONDUCTING THE TRANSACTION FOR THE PAWN-
 BROKER;
   C.  IDENTIFYING  INFORMATION  REGARDING  THE  PLEDGOR, INCLUDING NAME,
 ADDRESS, PHONE NUMBER, TYPE OF IDENTIFICATION  UTILIZED,  IDENTIFICATION
 NUMBER,  EXPIRATION  DATE OF IDENTIFICATION, DATE OF BIRTH, SEX, HEIGHT,
 WEIGHT, EYE COLOR, HAIR COLOR, RACE OR ETHNICITY, DISTINGUISHING  MARKS,
 DIGITAL PHOTOGRAPH OF OWNER, DIGITAL PHOTOGRAPH OR SCANNED COPY OF IDEN-
 TIFICATION  UTILIZED, AND WHETHER THE PLEDGOR IS THE OWNER, CONSIGNEE OR
 AGENT OF THE OWNER;
   D. AN ACCURATE DESCRIPTION OF EACH ARTICLE PAWNED OR PLEDGED,  INCLUD-
 ING  TYPE  OF  ARTICLE, MANUFACTURER, MAKE, MODEL NUMBER, SERIAL NUMBER,
 INTERNATIONAL MOBILE EQUIPMENT  IDENTIFIER,  ELECTRONIC  SERIAL  NUMBER,
 MOBILE  EQUIPMENT  IDENTIFIER, INSCRIPTIONS OR DISTINGUISHING MARKS, AND
 ONE OR MORE DIGITAL PHOTOGRAPHS REASONABLY CAPTURING THE LIKENESS OF THE
 ARTICLE;
   E. THE PLEDGE NUMBER OF THE PAWN TICKET;
   F. THE AMOUNT LOANED OR ADVANCED THEREON AND THE RATE OF  INTEREST  TO
 BE PAID ON SUCH LOAN OR ADVANCE;
   G.  IDENTIFYING INFORMATION REGARDING THE PERSON REDEEMING THE ARTICLE
 PAWNED OR PLEDGED, INCLUDING NAME, ADDRESS, PHONE NUMBER, TYPE OF  IDEN-
 TIFICATION UTILIZED, IDENTIFICATION NUMBER, EXPIRATION DATE OF IDENTIFI-
 CATION,  DATE OF BIRTH, SEX, HEIGHT, WEIGHT, EYE COLOR, HAIR COLOR, RACE
 OR ETHNICITY, DISTINGUISHING MARKS, DIGITAL  PHOTOGRAPH  OF  OWNER,  AND
 DIGITAL PHOTOGRAPH OR SCANNED COPY OF IDENTIFICATION UTILIZED; AND
   H.  AN ACCURATE DESCRIPTION OF EACH ARTICLE PURCHASED OR SOLD, INCLUD-
 ING TYPE OF ARTICLE, MANUFACTURER, MAKE, MODEL  NUMBER,  SERIAL  NUMBER,
 INTERNATIONAL  MOBILE  EQUIPMENT  IDENTIFIER,  ELECTRONIC SERIAL NUMBER,
 MOBILE EQUIPMENT IDENTIFIER, INSCRIPTIONS OR DISTINGUISHING  MARKS,  AND
 ONE OR MORE DIGITAL PHOTOGRAPHS REASONABLY CAPTURING THE LIKENESS OF THE
 ARTICLE.
   NOTWITHSTANDING  ANY  INCONSISTENT PROVISION OF THIS SUBDIVISION, SUCH
 ELECTRONIC RECORD SHALL IN ANY EVENT CONTAIN THE  INFORMATION  SPECIFIED
 IN SECTION FORTY-THREE OF THIS CHAPTER.
   3. THE PAWNBROKER SHALL ACQUIRE AND MAINTAIN IN GOOD WORKING ORDER THE
 ELECTRONIC  EQUIPMENT  NECESSARY  TO  CREATE AND MAINTAIN THE ELECTRONIC
 RECORDS REQUIRED BY THIS SECTION, INCLUDING BUT NOT LIMITED TO A COMPUT-
 ER WITH INTERNET CONNECTION, AN ELECTRONIC SIGNATURE PAD AND  A  DIGITAL
 CAMERA UTILIZING A FILE FORMAT DESIGNATED BY THE SECRETARY OF STATE.
   4.  THE  ELECTRONIC  RECORDS REQUIRED BY THIS SECTION SHALL BE OPEN TO
 THE INSPECTION OF THE STATE ATTORNEY GENERAL, THE STATE COMPTROLLER, ANY
 POLICE OFFICER, THE SECRETARY OF STATE, ANY DEPARTMENTAL INSPECTOR,  ANY
 JUDGE  OF  THE CRIMINAL COURT, ANY PERSON DULY AUTHORIZED IN WRITING FOR

 A. 653                              5
 
 SUCH PURPOSES BY THE SECRETARY OF STATE OR BY ANY JUDGE OF THE  CRIMINAL
 COURT, WHO SHALL EXHIBIT SUCH WRITTEN AUTHORITY TO THE PAWNBROKER OR ANY
 OTHER GOVERNMENTAL OFFICER OR EMPLOYEE AUTHORIZED BY STATE OR LOCAL LAW.
 SUCH  RECORDS  SHALL  ALSO  BE OPEN TO THE INSPECTION OF ANY OFFICIAL OR
 OTHER PERSON IDENTIFIED IN, OR DULY AUTHORIZED IN  WRITING  PURSUANT  TO
 SECTION  FORTY-FIVE  OF  THIS  CHAPTER  OR ANY OTHER APPLICABLE STATE OR
 LOCAL LAW.
   5. NOTHING IN THIS SECTION SHALL BE CONSTRUED TO AFFECT  OR  SUPERSEDE
 ANY RECORDKEEPING REQUIREMENT IMPOSED BY OR PURSUANT TO ANY OTHER APPLI-
 CABLE STATE OR LOCAL LAW.
   6. IN ADDITION TO ANY OTHER APPLICABLE PENALTY OR SANCTION, ANY PERSON
 WHO  VIOLATES ANY OF THE PROVISIONS OF THIS SECTION OR RULES PROMULGATED
 THEREUNDER SHALL BE SUBJECT  TO  THE  PENALTIES  SET  FORTH  IN  SECTION
 FIFTY-SEVEN-C OF THIS ARTICLE.
   §  57-C.  PENALTIES.  1. EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED ANY
 PERSON WHO VIOLATES ANY PROVISION OF THIS ARTICLE OR ANY  REGULATION  OR
 RULE  PROMULGATED  UNDER  IT SHALL, UPON CONVICTION THEREOF, BE PUNISHED
 FOR EACH VIOLATION BY A FINE OF NOT LESS THAN  TWENTY-FIVE  DOLLARS  NOR
 MORE THAN FIVE HUNDRED DOLLARS, OR BY IMPRISONMENT NOT EXCEEDING FIFTEEN
 DAYS,  OR  BOTH;  AND  ANY  SUCH PERSON SHALL BE SUBJECT ALSO TO A CIVIL
 PENALTY IN THE SUM OF ONE HUNDRED DOLLARS  FOR  EACH  VIOLATION,  TO  BE
 RECOVERED IN A CIVIL ACTION.
   2.  THE ATTORNEY GENERAL IS AUTHORIZED TO BRING AN INJUNCTION PROCEED-
 ING TO RESTRAIN OR ENJOIN ANY VIOLATION OF THIS ARTICLE.
   § 2. This act shall take effect on the ninetieth day  after  it  shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal  of  any  rule  or regulation necessary for the implementation of
 this act on its effective date are authorized to be made  and  completed
 on or before such effective date.