What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to banks
- Delivered to assembly
- Passed senateVote 58–0
- Amended on third reading 2932a
- Advanced to third reading
- 2nd report cal.
- 1st report cal.595
- Referred to banks
- Referred to banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2932A
Title of bill
An act to amend the banking law, in relation to retail instalment contracts and transmitters of money
Purpose
To ensure that all sales finance companies and money transmitters which do business with residents of New York State are subject to regulation and oversight by the State Banking Department.
Summary of provisions
Section one of the bill amends the definitions of "retail instalment obligation" and "retail instalment credit agreement" in Section 491 of the Banking Law to specify that such terms include agreements wherever entered into if executed by the buyer in this state and if solicited in person by a salesperson or other person acting on his or her own behalf or that of the seller.
Section two of the bill amends Section 641 of the Banking Law which relates to the regulation and licensing of money transmitters. These amendments specify that a person is considered to engage in the money transmitter business in this state if such person induces another person to enter into a transaction by solicitation in or into this state by any means (including mail, e-mail, telephone, radio, television or internet).
Justification
This bill seeks to protect residents of New York State by clarifying and ensuring that sales finance companies and money transmitters which enter into transactions with persons in this state are subject to the legal protections of State law and the regulatory oversight provided by the Banking Department. This regulatory system is designed to protect consumers and ensure they are dealing with companies which are legitimate and financially viable.
Given the ease by which companies can solicit business in New York over the internet or by mail, e-mail, phone, radio or television, it is especially important to ensure that New Yorkers are afforded the same protections with out-of-state companies that they receive with regulated instate companies. This also ensures that businesses are operating on a level playing field.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.