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NY A08574
Bill
Status
7/10/2017
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
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Amends State Finance Law by adding section 163-c to require state agencies to consider compliance with usury caps when awarding banking services contracts.
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State agencies must factor into contract scoring whether financial institutions comply with interest rate caps established in General Obligations Law section 5-501 and Banking Law section 14-a for loans to state residents.
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Scoring methodology shall be developed through regulations adopted by the Superintendent of Financial Services in consultation with the State Comptroller.
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Takes effect 120 days after becoming law, with the Department of Financial Services authorized to adopt necessary rules and regulations immediately.
Legislative Description
Relates to the procurement of banking services.
Last Action
enacting clause stricken
12/15/2017