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NY S03759
Bill
Status
5/8/2017
Primary Sponsor
Jesse Hamilton
Click for details
AI Summary
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Expands the definition of "retail instalment obligation" to include agreements executed by a buyer in New York if solicited in person by a salesperson or seller representative, regardless of where the agreement was originally entered into.
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Expands the definition of "retail instalment credit agreement" to include agreements executed by a buyer in New York if solicited in person by a salesperson or seller representative, regardless of where the agreement was originally entered into.
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Removes the exclusion for obligations intended to be insured or guaranteed under the Servicemen's Readjustment Act of 1944.
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Adds "out-of-state state bank" to the list of financial institutions exempt from money transmission licensing requirements.
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Clarifies that persons engage in the money transmission business in New York when they solicit New York residents to enter transactions through mail, email, telephone, radio, television, internet, or other electronic means.
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
1/3/2018