NY S03241 | 2019-2020 | General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 5 2019 - 25% progression
Action: 2019-02-05 - REFERRED TO BANKS
Pending: Senate Banks Committee
Text: Latest bill text (Introduced) [HTML]

Summary

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.

Tracking Information

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Title

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.

Sponsors


History

DateChamberAction
2019-02-05SenateREFERRED TO BANKS

New York State Sources


Bill Comments

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