New York State Assembly

 
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A10440 Summary:

A10440 Actions:

A10440 Committee Votes:

Committee:BANKS   Chair:Robinson      
DATE:06/01/2016AYE/NAY:22/7  Action: Favorable refer to committee Ways and Means        
Robinson
Aye
Tenney
Nay
Perry
Aye
Tedisco
Aye
Magee
Aye
Finch
Nay
Abbate
Aye
Raia
Nay
Miller
Aye
Curran
Nay
Weprin
Aye
Malliotakis
Nay
Rodriguez
Aye
Lalor
Nay
Simotas
Aye
Stec
Nay
Ryan
Aye
Castorina
Absent
Kearns
Aye
Sepulveda
Aye
Mosley
Aye
Gjonaj
Aye
Fahy
Aye
Bichotte
Aye
Blake
Aye
Linares
Aye
Jean-Pierre
Aye
Seawright
Aye
Richardson
Aye
Cancel
Aye

Committee:WAYS AND MEANS   Chair:Farrell      
DATE:06/06/2016AYE/NAY:30/2  Action: Favorable refer to committee Rules        
Farrell
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Aye
Barclay
Aye
Gantt
Aye
Fitzpatrick
Nay
Weinstein
Aye
Saladino
Aye
Glick
Aye
Hawley
Aye
Nolan
Aye
Duprey
Aye
Pretlow
Aye
Corwin
Excused
Perry
Excused
Malliotakis
Nay
Colton
Aye
Walter
Aye
Cook
Aye
Cahill
Aye
Aubry
Aye
Hooper
Aye
Thiele
Aye
Wright
Excused
Cusick
Aye
Ortiz
Aye
Benedetto
Aye
Markey
Aye
Moya
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye

Committee:RULES   Chair:Heastie      
DATE:06/08/2016AYE/NAY:29/0  Action: Favorable         
Heastie
Aye
Kolb
Aye
Gottfried
Aye
Tedisco
Aye
Lentol
Aye
Oaks
Aye
Farrell
Aye
Butler
Aye
Gantt
Aye
Crouch
Aye
Nolan
Excused
Finch
Aye
Weinstein
Aye
Barclay
Aye
Hooper
Aye
Raia
Aye
Ortiz
Aye
Duprey
Aye
Pretlow
Aye
Cook
Aye
Glick
Aye
Morelle
Aye
Aubry
Aye
Englebright
Aye
Wright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Markey
Aye

A10440 Floor Votes:

A10440 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10440
 
                   IN ASSEMBLY
 
                                      May 27, 2016
                                       ___________
 
        Introduced by M. of A. CANCEL -- read once and referred to the Committee
          on Banks
 
        AN  ACT  in  relation  to requiring a study and report on online lending
          products and platforms available  to  small  businesses  in  New  York
          state; and providing for the repeal of such provisions upon expiration
          thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. 1. The superintendent of financial services shall study and
     2  issue a report on online small business lending products  and  platforms
     3  that  originate from lenders licensed by New York state or advertised to
     4  small businesses within New York state. Such study  shall  address,  but
     5  not be limited to the following issues:
     6    (a) whether online lenders are offering credit at reasonable and tran-
     7  sparent  interest rates and charging reasonable and transparent fees and
     8  payment terms;
     9    (b) whether lenders  offer  inclusive  and  non-discriminatory  credit
    10  access and observe fair lending practices;
    11    (c) what type of underwriting is conducted before issuing credit;
    12    (d)  whether lenders report loan repayment information to major credit
    13  bureaus and consult the borrower's credit data when underwriting a loan;
    14    (e) whether lenders are offering small businesses the opportunity  for
    15  further financial and business planning and the opportunity to establish
    16  a more traditional, long-term banking access to credit; and
    17    (f)  a  review  of  any other products or practices the superintendent
    18  deems relevant to small business access to capital.
    19    2. Such report shall be made to  the  governor,  the  speaker  of  the
    20  assembly and the temporary president of the senate no later than January
    21  1, 2018.
    22    3.  The  superintendent  of  financial  services  may  request, and is
    23  authorized to receive, any information from any state agencies  that  is
    24  relevant  and  material to the completion of this study and report. Such
    25  information shall be subject to the same requirements for confidentiali-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15525-01-6
        A. 10440                            2
 
     1  ty and limitations of use, if any, as are applicable to such state agen-
     2  cy's use of such information.
     3    §  2.  This  act shall take effect immediately and shall expire and be
     4  deemed repealed January 1, 2018.