Bill Text: NY A02521 | 2021-2022 | General Assembly | Introduced

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Bill Title: Requires the disclosure of fees on internet websites and mobile applications which allow consumers to acquire loans with terms of less than one month.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2022-01-05 - referred to consumer affairs and protection [A02521 Detail]

Download: New_York-2021-A02521-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2521

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 19, 2021
                                       ___________

        Introduced  by  M.  of  A.  SAYEGH, JACOBSON, SIMON, GOTTFRIED, DICKENS,
          GALEF, COLTON, GRIFFIN -- read once and referred to the  Committee  on
          Consumer Affairs and Protection

        AN  ACT  to amend the general business law, in relation to requiring the
          disclosure of fees on certain internet websites  and  mobile  applica-
          tions

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The general business law is amended by adding a new section
     2  399-rr to read as follows:
     3    § 399-rr. Disclosure of certain fees. 1. No internet website or mobile
     4  application which can be used by a consumer to acquire  a  loan  with  a
     5  term  of  less than one month shall impose a fee on a consumer for using
     6  such internet website or mobile application to acquire such loan  unless
     7  the  internet  website  or  mobile  application provides notice of a fee
     8  being charged and the consumer elects to continue with  the  transaction
     9  after receiving such notice. The notice provided by the internet website
    10  or mobile application shall clearly state: (i) that a fee is imposed for
    11  the  use of such internet website or mobile application; (ii) the amount
    12  of such fee; (iii) that the consumer may cancel such transaction without
    13  being assessed a fee; and (iv) if a fee is not required to  be  paid  to
    14  complete  the  transaction  but  the consumer is suggested to pay a fee,
    15  that the consumer may choose not to pay the fee and continue to complete
    16  the transaction.
    17    2. Every violation of this section shall be deemed a deceptive act and
    18  practice subject to enforcement under article twenty-two-A of this chap-
    19  ter.
    20    3. Nothing in this section shall be construed to  restrict  any  right
    21  which any person may have under any other statute or the common law.
    22    §  2.  This  act shall take effect on the thirtieth day after it shall
    23  have become a law.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02596-01-1