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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A6105A
- Amended on third reading 5148a
- Advanced to third reading
- 2nd report cal.
- 1st report cal.670
- 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.
Relates to loan products that may be offered by banks
Signed by Governor · Sponsor Annette Robinson
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.