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NY A05746
Bill
Status
Introduced
3/4/2015
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
- Adds new section 163-c to state finance law requiring state agencies to consider compliance with interest rate caps when awarding banking services contracts
- State agencies must 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 resident loans
- Scoring of contract offers must include interest rate cap compliance as a factor alongside quality, cost, and efficiency
- Superintendent of Financial Services must adopt regulations in consultation with the State Comptroller to implement the scoring methodology
- Act takes effect 120 days after enactment, with authority for immediate regulatory adoption to meet implementation deadline
Legislative Description
Relates to the procurement of banking services.
Last Action
referred to banks
1/6/2016
Committee Referrals
Banks3/4/2015
Full Bill Text
No bill text available