Bill Text: NY S06161 | 2017-2018 | General Assembly | Amended
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 1-0)
Status: (Passed) 2017-11-29 - APPROVAL MEMO.29 [S06161 Detail]
Download: New_York-2017-S06161-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6161--A 2017-2018 Regular Sessions IN SENATE May 11, 2017 ___________ Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- reported favora- bly from said committee and committed to the Committee on Rules -- 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 § 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. LBD03960-03-7