Bill Text: NY A00684 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Engrossed - Dead) 2017-06-19 - substituted by s6161a [A00684 Detail]

Download: New_York-2017-A00684-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                           684
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     January 9, 2017
                                       ___________
        Introduced  by  M.  of  A.  RODRIGUEZ  --  read once and referred to the
          Committee on Banks
        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:
     1    Section  1.  The department of financial services is hereby authorized
     2  and directed to examine, evaluate and  make  recommendations  concerning
     3  the  licensure,  limits on fees and interest and disclosure practices of
     4  businesses engaged in pension loan advancements.
     5    § 2. The department of financial services shall hold  public  hearings
     6  in  the  course of conducting its examination and evaluation pursuant to
     7  this act.
     8    § 3. The department of financial services shall submit a report, on or
     9  before January 1, 2018, to the superintendent of financial services, the
    10  governor and the legislature of its findings, conclusions and  recommen-
    11  dations, and shall submit with its report such legislative and regulato-
    12  ry proposals as it deems necessary to implement its recommendations.
    13    § 4. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03960-01-7