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NY S02932
Bill
Status
6/10/2014
Primary Sponsor
Hugh Farley
Click for details
AI Summary
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Expands definition of "retail instalment obligation" to include agreements executed by the buyer in New York if solicited in person by a salesperson or representative of the seller, regardless of where the agreement was originally entered into.
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Expands definition of "retail instalment credit agreement" to include agreements executed by the buyer in New York if solicited in person by a salesperson or representative of the seller, regardless of where the agreement was originally entered into.
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Removes exemption for servicemen's readjustment obligations from the definition of "retail instalment obligation."
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Extends money transmitter licensing requirements to persons who solicit transactions with New York residents by any means including mail, email, telephone, radio, television, internet, or other electronic means, not just in-person transactions.
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Adds out-of-state state banks to the list of entities exempt from money transmitter licensing requirements.
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
6/10/2014