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NY S03996
Bill
Status
4/27/2015
Primary Sponsor
Diane Savino
Click for details
AI Summary
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Expands definition of "retail instalment obligation" to include agreements executed by buyers in New York if solicited in person by a salesperson or agent, regardless of where the agreement was entered into.
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Expands definition of "retail instalment credit agreement" to include agreements executed by buyers in New York if solicited in person by a salesperson or agent, regardless of where the agreement was entered into.
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Adds out-of-state state banks to the list of institutions exempt from money transmission licensing requirements under Banking Law Article 10.
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Clarifies that persons engaging in check selling or money transmission business are subject to New York licensing requirements if they solicit New York residents or located persons by mail, email, telephone, radio, television, internet, or other electronic means.
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Effective immediately upon enactment.
Legislative Description
Relates to retail installment 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
6/6/2016