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Sponsors
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History
- Referred to consumer affairs and protection
- Referred to consumer affairs and protection
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A273
Title of bill
An act to amend the general business law, in relation to prohibiting certain loan solicitations
Purpose or general idea of bill
The purpose of the bill is to protect consumers from certain loan solic- itations.
Summary of specific provisions
This bill would prohibit companies from distributing any unsolicited check, money order, draft or other negotiable instrument to any person in this state, which, when redeemed, would enter such person into a loan agreement. Any such loan agreement secured through an unsolicited check shall be void as against public policy.
Justification
Many loan companies dupe consumers into taking high-interest loans they do not need by mailing the consumer what appears to be a real check. All the consumer must do is call a phone number or return a form and the money is theirs, although they may not realize this is a loan, not a gift or sweepstakes winnings, and must be repaid with interest, often at a higher rate. This bill protects the consumer from such marketing ploys.
Prior legislative history
2007-2008: A.219 Referred to Consumer Affairs and Protection 2005-2006: A.467 Referred to Consumer Affairs and Protection 2003-2004: A.4933 Referred to Consumer Affairs and Protection
Fiscal implications
None to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.