NY A01484

Prohibits foreign banking corporations from making payday loans directly or indirectly, or from lending to other lenders for purposes of financing, refinancing, or extending payday loans.

Defines "payday loan" as a short-term cash advance to a consumer in exchange for either a personal check or share draft with deferred presentment, or authorization to debit a transaction account at a future date, plus a fee.

Prohibits any creditor from making a payday loan if the creditor knows or has reasonable cause to believe the check or account is at an insured depository institution or insured credit union.

Defines "insured credit union" as any credit union chartered by the federal government or federally insured credit union chartered by a state.

Takes effect 90 days after enactment.