NY A08938

Replaces the task force on online lending institutions with a directive for the Department of Financial Services to conduct a comprehensive study on online lending practices, economic impact, and operations in New York State.

Requires the superintendent of financial services to submit a written report with findings and recommendations to the governor, legislative leaders, and banking committee chairs by July 1, 2018.

Report must include analysis of online lenders operating in the state, their lending practices, interest rates, disclosure practices, types of credit products available, complaints and investigations, and applicable state and federal regulations.

Report shall not include personal identifying information of any borrowers and must be prepared in consultation with stakeholders including online lenders, consumers, and small businesses.

Changes the expiration date of the original task force legislation from April 15, 2018 to July 1, 2018.