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NY A08260
Bill
Status
6/2/2017
Primary Sponsor
Kenneth Zebrowski
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AI Summary
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Establishes a seven-member task force on online lending institutions, with three members appointed by the governor, two by the temporary president of the senate, and two by the speaker of the assembly.
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Task force membership should include representatives from the online lending community, small business community, financial services industry, and consumer protection community.
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Requires task force to submit a comprehensive report by April 15, 2018 analyzing online lending prevalence in New York, complaint data, industry practices, interest rates, consumer credit utilization, small business credit gaps, and existing regulatory frameworks.
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Report must evaluate impacts of proposed regulations on credit availability, assess consumer protections against predatory lending, and explore multistate regulatory harmonization and industry disclosure best practices.
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Task force automatically expires and is deemed repealed on April 15, 2018; members receive no compensation but are reimbursed for actual necessary expenses.
Legislative Description
Establishes the task force on online lending institutions to identify the main participants in the online lending industry, how they serve consumers and small businesses, the impact thereof, and to report its findings and recommendations.
Last Action
substituted by s6593a
6/20/2017