Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to banks |
May 16, 2013 |
referred to banks |
Senate Bill S5505
2013-2014 Legislative Session
Sponsored By
(D, WF) 21st Senate District
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
Actions
2013-S5505 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banks
2013-S5505 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5505 TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF THE BILL:: A long history of discriminatory banking policies and practices has left low income communities with limited financial service options, costly banking fees, and a proliferation of financial services with exorbitant fees and interest rates. A review of the current state of banking and financial services in low income communities is needed in order to access overall impact on the residents of these communities. SUMMARY OF SPECIFIC PROVISIONS: 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 cashes services serving low income communities. 2. Such study and report carried out pursuant to this section shall address the following issues:
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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