Bill Text: NY A07332 | 2013-2014 | 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 11-0)

Status: (Engrossed - Dead) 2014-06-11 - REFERRED TO FINANCE [A07332 Detail]

Download: New_York-2013-A07332-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7332--A
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 10, 2013
                                      ___________
       Introduced  by  M. of A. RODRIGUEZ, COOK, PEOPLES-STOKES, ROBERTS, STECK
         -- Multi-Sponsored by -- M. of A. JACOBS -- read once and referred  to
         the  Committee  on  Banks  -- recommitted to the Committee on Banks in
         accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
         amended,  ordered reprinted as amended and recommitted to said commit-
         tee
       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    S 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    S 3. The department of financial services shall submit a report, on or
    9  before January 1, 2015, to the superintendent of financial services, the
   10  governor and the legislature of its findings, conclusions and  recommen-
   11  dations, and shall submit with its report such legislative and regulato-
   12  ry proposals as it deems necessary to implement its recommendations.
   13    S 4. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10693-03-4