NY A09175

Adds new section 163-c to State Finance Law requiring state agencies to consider a financial institution's compliance with interest rate caps when scoring contract bids for banking services.

Directs agencies to evaluate whether financial institutions comply with the interest rate cap established in General Obligations Law Section 5-501 and Banking Law Section 14-A for loans to state residents.

Scoring methodology for banking service contracts must include quality, cost, efficiency, and interest rate cap compliance, with regulations adopted by the Superintendent of Financial Services in consultation with the State Comptroller.

Takes effect 120 days after becoming law, with authority granted to the Department of Financial Services to immediately adopt necessary rules and regulations for implementation.