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S5148Senate2015-2016 SessionSame asA6105

Relates to loan products that may be offered by banks

Sponsor Diane J. SavinoSD-23Affects Finance
Status
Senate Floor Calendar
Impact
Pending
Outcome
Companion signed

Bill progress

Signed via A6105

What's happening

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Who cares

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Sponsors

Primary sponsor
Diane J. Savino

Senator · Senate District 23

Chair, Banks

No co-sponsors yet.

History

  1. Substituted by A6105A
  2. Amended on third reading 5148a
  3. Advanced to third reading
  4. 2nd report cal.
  5. 1st report cal.670
  6. 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.

A6105Assembly

Relates to loan products that may be offered by banks

Signed by Governor · Sponsor Annette Robinson

Signed into law

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S5148A

Title of bill

An act to amend the banking law, in relation to loan products that may be offered by banks

Purpose or general idea of bill

The purpose of the bill is to allow banks to offer asset-building consumer loan products, where consumers borrow small amounts of the loan in an interest-bearing savings account in the borrower's name.

Summary of specific provisions

Section 108.4 (c) of the banking law prohibits banks and trust companies from requiring, as a condition precedent to making a loan, the placing of a portion of the principal of the loan in an interest-bearing savings account with the bank or trust company. This legislation will amend banking law section 108.4 (c) to provide a limited exception so that banks may, with the approval of the superintendent of financial services, offer responsible and low-interest consumer loans, even if the loan programs require borrowers to place a sum on deposit.

Effects of present law which this bill would alter

Amends section 1 paragraph (c) of subdivision 4 of section 108 of the banking law.

Justification

Credit Unions are able to offer asset building loan products, which encourage customers to borrow responsibly and build healthy saving habits. This legislation would permit banks and trust companies to offer the same loans that credit unions are permitted to make.

Prior legislative history

This is a new bill.

Fiscal implications for state and local governments

None.

Effective date

This act shall take effect immediately

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.