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Sponsors
No co-sponsors yet.
History
- Print number 5716a
- Amend and recommit to finance
- Referred to finance
- 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.
Directs the department of financial services to study, evaluate and make recommendations concerning businesses engaged in pension loan advancements
In Senate Committee · Finance · Sponsor Robert J. Rodriguez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5716A
Title of bill
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
Purpose
To direct the department of financial services to study, evaluate and make recommendations concerning businesses engaged in pension loan advancements.
Summary of provisions
Section 1 authorizes and 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.
Section 2 authorizes and directs the department of financial services to hold public hearings while conducting its examination and evaluation of businesses engaged in pension loan advancements.
Section 3 directs the department of financial services to submit a report on or before January 1, 2015 to the superintendent of financial services, the governor and the legislature with its findings, recommendations and regulatory proposals for businesses engaged in pension loan advancements.
Section 4 sets the effective date.
Justification
This bill would give greater transparency to the practices of businesses engaged in pension loan advancements by authorizing the department of financial services to study and publicly report their findings. Currently, these businesses target those with fixed-incomes,including seniors and military veterans, for advancement loans borrowed against future pension payments. This study by the department of financial services will allow state agencies to better understand the long-term effects of these business practices.
Legislative history
2013 S. 5716 - Finance Committee/A. 7332 - Banks Committee
Fiscal implications
None.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.