Bill Text: NY S07302 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to directing the department of financial services to submit a report concerning licensure, limits on fees and interest and disclosure practices of businesses engaged in pension loan advancements on or before January 1, 2019.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2018-04-18 - SIGNED CHAP.23 [S07302 Detail]
Download: New_York-2017-S07302-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7302 IN SENATE January 5, 2018 ___________ Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend a chapter of the laws of 2017, relating to directing the department of financial services to study, evaluate and make recommen- dations concerning licensure, limits on fees and interest and disclo- sure practices of businesses engaged in pension loan advancements, as proposed in legislative bills numbers S. 6161-A and A. 684-A, in relation to submitting a report on or before January 1, 2019; and to repeal section 2 of a chapter of the laws of 2017, relating to direct- ing 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 advance- ments, as proposed in legislative bills numbers S. 6161-A and A. 684-A, relating thereto The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 2 of a chapter of the laws of 2017, relating to 2 directing the department of financial services to study, evaluate and 3 make recommendations concerning licensure, limits on fees and interest 4 and disclosure practices of businesses engaged in pension loan advance- 5 ments, as proposed in legislative bills numbers S. 6161-A and A. 684-A, 6 is REPEALED. 7 § 2. Section 3 of a chapter of the laws of 2017, relating to direct- 8 ing the department of financial services to study, evaluate and make 9 recommendations concerning licensure, limits on fees and interest and 10 disclosure practices of businesses engaged in pension loan advancements, 11 as proposed in legislative bills numbers S. 6161-A and A. 684-A, is 12 amended to read as follows: 13 § [3] 2. The department of financial services shall submit a report, 14 on or before January 1, [2018] 2019, to the superintendent of financial 15 services, the governor, the temporary president of the senate, the 16 speaker of the assembly, the chair of the senate banks committee, and 17 the chair of the assembly banks committee of its findings, conclusions EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03962-02-8S. 7302 2 1 and recommendations, and shall submit with its report such legislative 2 proposals as it deems necessary to implement its recommendations. 3 § 3. Section 4 of a chapter of the laws of 2017, relating to directing 4 the department of financial services to study, evaluate and make recom- 5 mendations concerning licensure, limits on fees and interest and disclo- 6 sure practices of businesses engaged in pension loan advancements, as 7 proposed in legislative bills numbers S. 6161-A and A. 684-A, is renum- 8 bered section 3. 9 § 4. This act shall take effect on the same date and same manner as a 10 chapter of the laws of 2017, relating to directing the department of 11 financial services to study, evaluate and make recommendations concern- 12 ing licensure, limits on fees and interest and disclosure practices of 13 businesses engaged in pension loan advancements, as proposed in legisla- 14 tive bills numbers S. 6161-A and A. 684-A, takes effect.
