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History
- Referred to banks
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires lending institutions that send unsolicited mail-loan checks to clearly state the interest rate and the total cost of loan in a dollar amount
In Assembly Committee · Codes · Sponsor Michael Benjamin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to full disclosure of interest rate on unsolicited mail-loan checks
Purpose or general idea of bill
To provide in legible type on the front page of the solicitation letter, interest rate or rates to be applied to such loan, and provide a table demonstrating the total cost of such loan at incremental dollar amount.
Summary of specific provisions
This bill would amend the banking law.
Justification
This bill would mandate lending institutions that send unsolicited mail-loan checks to clearly state the interest rate and the total cost in a dollar amount. Unfortunately, we have seen too many cases where individuals claim solicitation.
Prior legislative history
2006: S.1173 2007: S.4527
Fiscal implications
To be determined.
Effective date
This act shall take effect on the sixtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.