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NY A02962
Bill
Status
Introduced
1/22/2013
Primary Sponsor
Keith Wright
Click for details
AI Summary
- Prohibits foreign banking corporations from making payday loans directly or indirectly, or providing loans to other lenders for purposes of financing, refinancing, or extending payday loans
- Defines payday loans as short-term cash advances made in exchange for a post-dated personal check or share draft plus a fee, or authorization to debit a consumer's transaction account on a future date plus a fee
- Prohibits creditors from making payday loans if they know or have reasonable cause to believe the check or account is held at an insured depository institution or insured credit union
- Defines insured credit unions as those chartered by the federal government or federally insured credit unions chartered by a state
- Takes effect ninety days after becoming law
Legislative Description
Prohibits foreign banking corporations from issuing payday loans; defines payday loans as any transaction in which a short-term cash advance is made to a consumer in exchange for (i) a consumer's personal check or share draft, in the amount of an advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or (ii) a consumer's authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.
Last Action
referred to banks
1/8/2014
Committee Referrals
Banks1/22/2013
Full Bill Text
No bill text available