Bill Text: NY A00684 | 2017-2018 | General Assembly | Amended

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Bill Title: Directs the department of financial services to study, evaluate and make recommendations concerning licensure, limits on fees and interest and disclosure practices of businesses engaged in pension loan advancements.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Engrossed - Dead) 2017-06-19 - substituted by s6161a [A00684 Detail]

Download: New_York-2017-A00684-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         684--A
                                                                Cal. No. 315
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     January 9, 2017
                                       ___________
        Introduced  by  M.  of  A.  RODRIGUEZ,  M. G. MILLER, MOSLEY, SEAWRIGHT,
          WEPRIN -- read once and referred to the Committee on Banks -- reported
          and referred to the Committee on Ways and Means -- advanced to a third
          reading, passed by Assembly and delivered to the Senate, recalled from
          the  Senate,  vote  reconsidered,  bill  amended,  ordered  reprinted,
          retaining its place on the order of third reading
        AN ACT to direct the department of financial services to study, evaluate
          and  make  recommendations  concerning  licensure,  limits on fees and
          interest and disclosure practices of  businesses  engaged  in  pension
          loan advancements
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The department of financial services is  hereby  authorized
     2  and  directed  to  examine, evaluate and make recommendations concerning
     3  the licensure, limits on fees and interest and disclosure  practices  of
     4  businesses engaged in pension loan advancements.
     5    §  2.  The department of financial services shall hold public hearings
     6  in the course of conducting its examination and evaluation  pursuant  to
     7  this act.
     8    § 3. The department of financial services shall submit a report, on or
     9  before January 1, 2018, to the superintendent of financial services, the
    10  governor,  the  temporary  president  of  the senate, the speaker of the
    11  assembly, the chair of the senate banks committee, and the chair of  the
    12  assembly  banks  committee  of its findings, conclusions and recommenda-
    13  tions, and shall submit with its report such legislative proposals as it
    14  deems necessary to implement its recommendations.
    15    § 4. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03960-02-7