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NY A06475
Bill
Status
3/7/2019
Primary Sponsor
Tremaine Wright
Click for details
AI Summary
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Amends Banking Law Section 9-t to require lending institutions issuing mail-loan checks to disclose interest rates in legible type on the front page of solicitation letters.
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Mandates inclusion of a cost demonstration table showing total loan costs at offered interest rates over incremental periods of six months, one year, and three years.
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Maintains existing requirements for mail-loan checks including photographic ID statement on check face, no envelope references indicating check contents, non-transferable status, and six-month expiration date.
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Takes effect 60 days after becoming law.
Legislative Description
Requires lending institutions that send unsolicited mail-loan checks to clearly state in solicitation letter the interest rate to be applied to such loan and to demonstrate the total cost of loan in a dollar amount, at the offered interest rate, over periods of six months, one year, and three years.
Last Action
referred to banks
1/8/2020