Senate Bill S5505

2013-2014 Legislative Session

Requires a study and report on banking products and services offered in low income communities

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee


  • 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

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2013-S5505 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banks

2013-S5505 (ACTIVE) - Summary

Requires a study and report on banking products and services offered in low income communities.

2013-S5505 (ACTIVE) - Sponsor Memo

2013-S5505 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5505

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT in relation to requiring a study and report on  banking  products
  and  services  offered  in  low  income  communities and the impact of
  traditional banks, credit unions and check casher services serving low
  income communities; and providing for the repeal  of  such  provisions
  upon expiration thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 1. The superintendent of financial services shall study and
issue a comprehensive report on banking products and services offered in
low income communities and  the  impact  of  traditional  banks,  credit
unions and check casher services serving low income communities.
  2.  Such  study  and report carried out pursuant to this section shall
address the following issues:
  (a) which products and services are offered in low income  communities
versus which products and services are offered in higher income communi-
ties;
  (b)  review of whether different fees are charged by financial service
providers for products and services in low  income  communities  and  in
higher  income  communities,  including but not limited to, use of auto-
mated teller machine (ATM) fees, checking account  fees,  and  overdraft
fees;
  (c)  review  of  whether  different  interest  rates are instituted by
financial service providers for products  and  services  in  low  income
communities  and in higher income communities, including but not limited
to, savings account interest rates and interest rates on loans;
  (d) the impact of payday loans  within  low  income  communities,  the
prevalence  of such loans and the interest rates charged for such loans,
to the extent such information is available to the department of  finan-
cial services; and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08898-06-3
              

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