NY A08950

Repeals Section 2 of the 2017 law relating to the department of financial services study on pension loan advancement businesses.

Amends Section 3 of the 2017 law to extend the reporting deadline from January 1, 2018 to January 1, 2019 for the department's findings, conclusions, and recommendations.

Requires the department of financial services to submit the report to the superintendent of financial services, governor, temporary president of the senate, speaker of the assembly, and chairs of both senate and assembly banks committees.

Directs the department to include legislative proposals with its report that it deems necessary to implement its recommendations regarding licensure, fee and interest limits, and disclosure practices for pension loan advancement businesses.

Renumbers Section 4 of the 2017 law as Section 3 and applies the same effective date as the original 2017 legislation.