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NY S05209
Bill
Status
6/17/2011
Primary Sponsor
Hugh Farley
Click for details
AI Summary
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Expands definition of "retail instalment obligation" to include agreements executed by a buyer in New York if solicited in person by a salesperson, regardless of where the agreement was entered into.
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Expands definition of "retail instalment credit agreement" to include agreements executed by a buyer in New York if solicited in person by a salesperson, regardless of where the agreement was entered into.
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Increases the threshold for motor vehicle retailers to be classified as "sales finance companies" from five contracts per year or $25,000 in aggregate unpaid balances to five contracts per year or $100,000 in aggregate unpaid balances.
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Creates new exemption for "secondary holders" of sales finance contracts who purchase contracts originated and serviced by licensed entities but have no direct contact with the obligor.
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Extends New York's money transmission licensing requirements to any person inducing New York residents to engage in check selling or money transmission through mail, electronic mail, telephone, radio, television, internet, or other electronic means.
Legislative Description
Relates to retail instalment contracts and transmitters of money; makes clear that the term "retail instalment obligation" includes an agreement no matter where entered into if it is executed by the buyer in this State and if solicited in person by a salesperson or other person acting on his or her own behalf or that of the seller; clarifies when banking institutions are exempt from coverage of the article and when New York persons are subject to the protections of this article.
Last Action
referred to banks
1/19/2012