Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2010 |
referred to economic development |
Sep 22, 2009 |
referred to economic development |
Assembly Bill A9152
2009-2010 Legislative Session
Sponsored By
WRIGHT
Archive: Last Bill Status - In Assembly 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
2009-A9152 (ACTIVE) - Details
2009-A9152 (ACTIVE) - Sponsor Memo
BILL NUMBER:A9152 TITLE OF BILL: An act to amend the general business law, in relation to authorizing collateral loan brokers to extend the holding period for collateral for an additional three months PURPOSE: To offer pledgors the option of an.extended holding period subject to the relinquishment of surplus in the event of default. SUMMARY OF PROVISIONS: Section 1: Amends §§ 44 of the General Business Law (GBL) which requires Collateral Loan brokers to furnish a notice of election to borrowers detailing the holding period and other terms of the pawn transaction including the return of surplus. The bill adds a new paragraph (t) to the Notice of Election, which affords pledgors notice of an amendment to §§ 48 of the GBL set forth in Section 2 below. Section 2: GBL Section 48 is amended to permit the option of electing a seven month holding period, in lieu of the current four month holding period, provided that the pledgor permits the Collateral Loanbroker to retain the article at the end of the extended hold period. JUSTIFICATION: This legislation is intended to afford an optional extended hold period to borrowers utilizing a Collateral Loanbroker while at the same time improving New York's anachronistic regulatory environment. Borrowers in approximately half of all states (including the three most populated states other than NY (pop 19 million) - Cali-
2009-A9152 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9152 2009-2010 Regular Sessions I N A S S E M B L Y September 22, 2009 ___________ Introduced by M. of A. WRIGHT -- read once and referred to the Committee on Economic Development, Job Creation, Commerce and Industry AN ACT to amend the general business law, in relation to authorizing collateral loan brokers to extend the holding period for collateral for an additional three months THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 44 of the general business law is amended by adding a new paragraph (f) to read as follows: (F) THE HOLDER OF THIS TICKET MAY REQUEST THAT THE COLLATERAL LOAN BROKER RETAIN POSSESSION OF THE ARTICLE PLEDGED FOR AN ADDITIONAL THREE MONTHS FOLLOWING THE INITIAL FOUR MONTH HOLDING PERIOD. AT ANY TIME PRIOR TO THE EXPIRATION OF THE EXTENDED HOLDING PERIOD, THE HOLDER MAY REDEEM THE ARTICLE PLEDGED BY PAYING THE COLLATERAL LOAN BROKER THE AMOUNT OF THE LOAN, INTEREST, SERVICE CHARGE AND OTHER LAWFUL CHARGES. IN THE EVENT THAT THE EXTENDED HOLDING PERIOD IS REQUESTED AND THE ARTI- CLE IS NOT REDEEMED, IT SHALL VEST IN THE COLLATERAL LOAN BROKER FOR HIS OR HER USE OR BENEFIT. S 2. Section 48 of the general business law is amended by adding a new subdivision 3 to read as follows: 3. NOTWITHSTANDING ANY PROVISION OF ANY GENERAL OR SPECIAL STATUTES, LOCAL LAWS AND ORDINANCES TO THE CONTRARY, AT THE REQUEST OF A PAWNOR A COLLATERAL LOAN BROKER SHALL RETAIN POSSESSION OF A PLEDGE FOR AN ADDI- TIONAL THREE MONTHS FOLLOWING THE INITIAL FOUR MONTH HOLDING PERIOD. AT ANY TIME PRIOR TO THE EXPIRATION OF THE EXTENDED HOLDING PERIOD, A PERSON ENTITLED TO REDEEM A PLEDGE MAY REDEEM UPON PAYMENT OF PRINCIPAL, INTEREST, SERVICE CHARGES AND ALL OTHER LAWFUL CHARGES. IN THE EVENT THAT THE PLEDGE IS NOT SO REDEEMED, IT SHALL VEST IN THE COLLATERAL LOAN BROKER FOR HIS OR HER OWN USE OR BENEFIT. NOT LESS THAN THIRTY DAYS PRIOR TO THE END OF THE THREE MONTH EXTENDED HOLDING PERIOD, NOR MORE THAN FORTY-FIVE DAYS PRIOR THERETO, THE COLLATERAL LOAN BROKER SHALL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05079-02-9
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