New York Senate Bill 3241 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 5 2019 - 25% progression, died in committee
Action: 2020-01-08 - REFERRED TO BANKS
Pending: Senate Banks Committee
Text: Latest bill text (Introduced) [HTML]

Prohibits foreign banking corporations from issuing payday loans; defines payday loans as any transaction in which a short-term cash advance is made to a consumer in exchange for (i) a consumer's personal check or share draft, in the amount of an advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or (ii) a consumer's authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.

Prohibits foreign banking corporations from issuing payday loans; defines payday loans as any transaction in which a short-term cash advance is made to a consumer in exchange for (i) a consumer's personal check or share draft, in the amount of an advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or (ii) a consumer's authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.

Sen. Leroy Comrie [D]

Date	Chamber	Action
2020-01-08	Senate	REFERRED TO BANKS
2019-02-05	Senate	REFERRED TO BANKS

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2019/S3241
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S03241&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S03241