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History
- Committee discharged and committed to rules
- Notice of committee consideration - requested
- Referred to finance
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.
Relates to the procurement of banking services
In Assembly Committee · Banks · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6348
Title of bill
An act to amend the state finance law, in relation to the procurement of banking services
Purpose
To provide an incentive to financial institutions to comply with the cap on the rates of interest authorized in section 5-501 of the General Obligations Law and established by subdivision one of section fourteen-a of the Banking Law.
Summary of provisions
Section 1 of the bill would add a new section 163-c to the State Finance Law which relates to the procurement of banking services. The new Section 163-c would provide that state agencies, as part of the process of evaluating proposals for procuring banking services, take into account whether a financial institution complies with the cap on the rate of interest for credit cards and loans authorized in section 5-501 of the General Obligations Law and established by subdivision one of section fourteen-a of the Banking Law. The scoring would be accomplished in accord with regulations adopted by the Superintendent of Financial Services in consultation with the State Comptroller.
Section 2 of the bill sets forth the effective date.
Justification
People throughout the State have fallen victim to financial institutions applying usurious credit card and loan interest rates. The current cap on interest rates authorized in section 5-501 of the General Obligations Law and established by subdivision one of section fourteen-a of the Banking Law is applicable only to State-chartered banks. By including compliance with this provision in procurement for State agency banking services, the proposed legislation would create an incentive for banks chartered outside the State to comply with these provisions when offering credit or making loans to residents of the State.
Legislative history
This is a new bill.
Fiscal impact on the state
This bill would have no significant fiscal impact.
Effective date
This act shall take effect on the one hundred twentieth day after it shall have become a law provided, however, that effective immediately the addition, amendment and/or repeal of any rule or regulation necessary for implementation of this act on its effective date are authorized and directed to be made and completed by the department of financial services on or before such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.