Loading chat...
NY A00199
Bill
Status
Introduced
1/9/2013
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
- Adds new section 163-c to the State Finance Law requiring state agencies to consider whether financial institutions comply with interest rate caps when awarding banking services contracts
- Interest rate caps referenced are those established in Section 5-501 of the General Obligations Law and Section 14-A of the Banking Law for loans to state residents
- Scoring of banking services contract offers shall include compliance with interest rate caps as a factor alongside quality, cost, and efficiency considerations
- Superintendent of Financial Services shall adopt regulations in consultation with the State Comptroller to implement the scoring methodology
- Takes effect 120 days after becoming law, with regulations to be completed before the effective date
Legislative Description
Relates to the procurement of banking services.
Last Action
referred to banks
1/8/2014
Committee Referrals
Banks1/9/2013
Full Bill Text
No bill text available