Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 22, 2013 |
signed chap.32 |
May 10, 2013 |
delivered to governor |
Apr 30, 2013 |
returned to assembly passed senate 3rd reading cal.428 substituted for s3588 |
Apr 30, 2013 |
substituted by a4528 |
Apr 29, 2013 |
advanced to third reading |
Apr 24, 2013 |
2nd report cal. |
Apr 23, 2013 |
1st report cal.428 |
Feb 07, 2013 |
referred to banks |
Senate Bill S3588
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status Via A4528 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2013-S3588 (ACTIVE) - Details
2013-S3588 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3588 TITLE OF BILL: An act to amend chapter 223 of the laws of 1996, amend- ing the banking law relating to permissible fees in connection with open end loans, in relation to extending the effectiveness thereof PURPOSE: Continues for two years, the existing statutory authority for licensed lenders to charge annual fees on open-end personal loans. SUMMARY OF PROVISIONS: Amends the effective date of Chapter 223 of the Laws of 1996 extending for two years (June 30, 2015), the authority of licensed lenders to charge annual fees on open-end personal loans. JUSTIFICATION: In 1996, legislation was enacted to authorize licensed lenders to charge annual fees on open-end loans. The law further provided that any such fee may not exceed the lesser of 1% of the loan amount or S50. This 1996 law contained a sunset date of June 30, 2000. Legislation was enacted in 2000 to extend this authority for another five years, and legislation was enacted in 2005, 2007, 2009 and 2011 extending this authority. The provisions of this law are currently sche- duled to expire on June 30, 2013. The 1996 law recognized that annual fees are a commonly used feature in the pricing of open-end loan products, such as credit cards, home equity loans and personal loans. This type of fee reflects the fact that addi- tional costs are incurred in the administration of revolving loans, such
2013-S3588 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3588 2013-2014 Regular Sessions I N S E N A T E February 7, 2013 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend chapter 223 of the laws of 1996, amending the banking law relating to permissible fees in connection with open end loans, in relation to extending the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3 of chapter 223 of the laws of 1996, amending the banking law relating to permissible fees in connection with open end loans, as amended by chapter 114 of the laws of 2011, is amended to read as follows: S 3. This act shall take effect immediately, and remain in full force and effect until June 30, [2013] 2015, when, upon such date, the amend- ments made by this act shall expire and be deemed repealed, and the provisions of law amended by this act shall revert to their text and be read as they were immediately prior to the effective date of this act. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08372-01-3
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