Bill Text: NY S05716 | 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 (Republican 1-0)

Status: (Introduced - Dead) 2014-02-04 - PRINT NUMBER 5716A [S05716 Detail]

Download: New_York-2013-S05716-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        5716--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     June 7, 2013
                                      ___________
       Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Finance -- recommitted  to
         the  Committee  on Finance in accordance with Senate Rule 6, sec. 8 --
         committee discharged, bill amended, ordered reprinted as  amended  and
         recommitted to said committee
       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.
                                                                  LBD10693-02-4