Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 26, 2015 |
signed chap.380 |
Oct 14, 2015 |
delivered to governor |
Jun 10, 2015 |
returned to assembly passed senate substituted for s5148a |
Jun 10, 2015 |
substituted by a6105a |
May 27, 2015 |
amended on third reading 5148a |
May 19, 2015 |
advanced to third reading |
May 18, 2015 |
2nd report cal. |
May 13, 2015 |
1st report cal.670 |
May 05, 2015 |
referred to banks |
Senate Bill S5148A
Signed By Governor2015-2016 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status Via A6105 - 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
Bill Amendments
2015-S5148 - Details
- See Assembly Version of this Bill:
- A6105
- Law Section:
- Banking Law
- Laws Affected:
- Amd §108, Bank L
2015-S5148 - Summary
Relates to loan products that may be offered by banks; authorizes a bank or trust company, with the approval of the superintendent, to offer a loan product that encourages personal savings by requiring a borrower to place a portion of the loan into an interest-bearing savings account.
2015-S5148 - Sponsor Memo
BILL NUMBER:S5148 TITLE OF BILL: An act to amend the banking law, in relation to loan products that may be offered by banks PURPOSE OR GENERAL IDEA OF BILL: The purpose of the bill is to allow banks to offer asset-building consumer loan products, where consumers borrow small amounts of the loan in an interest-bearing savings account in the borrower's name. SUMMARY OF SPECIFIC PROVISIONS: Section 108.4 (c) of the banking law prohibits banks and trust companies from requiring, as a condition precedent to making a loan, the placing of a portion of the principal of the loan in an interest-bearing savings account with the bank or trust company. This legislation will amend banking law section 108.4 (c) to provide a limited exception so that banks may, with the approval of the superintendent of financial services, offer responsible and low-interest consumer loans, even if the loan programs require borrowers to place a sum on deposit. EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER: Amends section 1 paragraph (c) of subdivision 4 of section 108 of the
2015-S5148 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5148 2015-2016 Regular Sessions I N S E N A T E May 5, 2015 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to loan products that may be offered by banks THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (c) of subdivision 4 of section 108 of the bank- ing law, as amended by chapter 19 of the laws of 1991, subparagraph (iv) as amended by chapter 119 of the laws of 1992 and as further amended by section 104 of part A of chapter 62 of the laws of 2011, is amended to read as follows: (c) The rate of interest authorized by this subdivision shall be inclusive of all charges incident to investigating and making any loan. No fee, commission, expense, or other charge whatsoever in addition thereto shall be taken, received, reserved, or contracted for, except (i) the fees payable to the appropriate public officer to perfect any lien or other security interest taken to secure the loan or the premium, not in excess of such filing fee, payable for any insurance in lieu of such filing; (ii) in case of default, and in accordance with the provisions of the instrument evidencing the obligation, either a fine in an amount not to exceed five cents per dollar on any installment which has become due and remained unpaid for a period in excess of ten days, but no such fine shall exceed five dollars and only one fine shall be collected on any such installment regardless of the period during which it remains in default, and provided further that should the aggregate of such fines collected in connection with any loan exceed two per centum of such loan, or in any event twenty-five dollars, the bank or trust company shall refund such excess to the borrower within sixty days after the loan is paid in full, or, subject to an allowance of unearned inter- est attributable to the amount in default, interest on each amount past due at a rate not in excess of the rate provided for in the instrument EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09865-01-5
2015-S5148A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6105
- Law Section:
- Banking Law
- Laws Affected:
- Amd §108, Bank L
2015-S5148A (ACTIVE) - Summary
Relates to loan products that may be offered by banks; authorizes a bank or trust company, with the approval of the superintendent, to offer a loan product that encourages personal savings by requiring a borrower to place a portion of the loan into an interest-bearing savings account.
2015-S5148A (ACTIVE) - Sponsor Memo
BILL NUMBER:S5148A TITLE OF BILL: An act to amend the banking law, in relation to loan products that may be offered by banks PURPOSE OR GENERAL IDEA OF BILL: The purpose of the bill is to allow banks to offer asset-building consumer loan products, where consumers borrow small amounts of the loan in an interest-bearing savings account in the borrower's name. SUMMARY OF SPECIFIC PROVISIONS: Section 108.4 (c) of the banking law prohibits banks and trust companies from requiring, as a condition precedent to making a loan, the placing of a portion of the principal of the loan in an interest-bearing savings account with the bank or trust company. This legislation will amend banking law section 108.4 (c) to provide a limited exception so that banks may, with the approval of the superintendent of financial services, offer responsible and low-interest consumer loans, even if the loan programs require borrowers to place a sum on deposit. EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER: Amends section 1 paragraph (c) of subdivision 4 of section 108 of the
2015-S5148A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5148--A Cal. No. 670 2015-2016 Regular Sessions I N S E N A T E May 5, 2015 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- reported favora- bly from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the banking law, in relation to loan products that may be offered by banks THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (c) of subdivision 4 of section 108 of the bank- ing law, as amended by chapter 19 of the laws of 1991, subparagraph (iv) as amended by chapter 119 of the laws of 1992 and as further amended by section 104 of part A of chapter 62 of the laws of 2011, is amended to read as follows: (c) The rate of interest authorized by this subdivision shall be inclusive of all charges incident to investigating and making any loan. No fee, commission, expense, or other charge whatsoever in addition thereto shall be taken, received, reserved, or contracted for, except (i) the fees payable to the appropriate public officer to perfect any lien or other security interest taken to secure the loan or the premium, not in excess of such filing fee, payable for any insurance in lieu of such filing; (ii) in case of default, and in accordance with the provisions of the instrument evidencing the obligation, either a fine in an amount not to exceed five cents per dollar on any installment which has become due and remained unpaid for a period in excess of ten days, but no such fine shall exceed five dollars and only one fine shall be collected on any such installment regardless of the period during which it remains in default, and provided further that should the aggregate of such fines collected in connection with any loan exceed two per centum of such loan, or in any event twenty-five dollars, the bank or trust company shall refund such excess to the borrower within sixty days after EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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