Bill S5716A-2013

Directs the department of financial services to study, evaluate and make recommendations concerning businesses engaged in pension loan advancements

Directs 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 advancements.

Details

Actions

  • Feb 4, 2014: PRINT NUMBER 5716A
  • Feb 4, 2014: AMEND AND RECOMMIT TO FINANCE
  • Jan 8, 2014: REFERRED TO FINANCE
  • Jun 7, 2013: REFERRED TO FINANCE

Memo

BILL NUMBER:S5716A

TITLE OF BILL: An act to direct 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 advancements

PURPOSE:

To direct the department of financial services to study, evaluate and make recommendations concerning businesses engaged in pension loan advancements.

SUMMARY OF PROVISIONS:

Section 1 authorizes and directs 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 advancements.

Section 2 authorizes and directs the department of financial services to hold public hearings while conducting its examination and evaluation of businesses engaged in pension loan advancements.

Section 3 directs the department of financial services to submit a report on or before January 1, 2015 to the superintendent of financial services, the governor and the legislature with its findings, recommendations and regulatory proposals for businesses engaged in pension loan advancements.

Section 4 sets the effective date.

JUSTIFICATION:

This bill would give greater transparency to the practices of businesses engaged in pension loan advancements by authorizing the department of financial services to study and publicly report their findings. Currently, these businesses target those with fixed-incomes,including seniors and military veterans, for advancement loans borrowed against future pension payments. This study by the department of financial services will allow state agencies to better understand the long-term effects of these business practices.

LEGISLATIVE HISTORY:

2013 S. 5716 - Finance Committee/A. 7332 - Banks Committee

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

Immediate.


Text

STATE OF NEW YORK ________________________________________________________________________ 5716--A 2013-2014 Regular Sessions IN SENATE June 7, 2013 ___________
Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Finance -- recommitted to the Committee on Finance in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to direct 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 advancements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The department of financial services is hereby authorized and directed to examine, evaluate and make recommendations concerning the licensure, limits on fees and interest and disclosure practices of businesses engaged in pension loan advancements. S 2. The department of financial services shall hold public hearings in the course of conducting its examination and evaluation pursuant to this act. S 3. The department of financial services shall submit a report, on or before January 1, 2015, to the superintendent of financial services, the governor and the legislature of its findings, conclusions and recommen- dations, and shall submit with its report such legislative and regulato- ry proposals as it deems necessary to implement its recommendations. S 4. This act shall take effect immediately.

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