Recent legislative introductions:
- S.5880 (Sanders), “The New York State Loan Shark Act,” would cap the annual percentage rate of interest/APR at 15% for credit cards and consumer loans.
- A.7668 (Seawright)/S.6100 (Sanders) extends the law relating to permissible fees in connection with open end loans, currently set to expire in June 2019, until June 2021.
- S.5721 (Comrie) would mandate that businesses offer at least two years of identity theft prevention and mitigation services after a security breach involving an individual’s social security number. Businesses operating under financial hardship would have exemptions. There is currently no Assembly companion bill.
Among Bills of Interest On Committee Agendas:
Assembly Codes Committee:
- A.1931 (Zebrowski)/S.982 (Breslin) would require banking institutions maintaining checking accounts for customers to shall either pay checks in the order received or from smallest amount to largest.
- A.2611-B (Dinowitz)/S.2884-B (Sanders) would prohibit the disclosure or use of consumer credit history in hiring, employment and licensing determinations. (Employers who must utilize credit history pursuant to state or federal law would be exempt.) The legislation is on the Senate floor.
- A.5294 (Crespo)/S.2302 (Kavanaugh) would prohibit a licensed lender or a consumer reporting agency from using the credit scores of members of an individual’s social network to determine the credit worthiness of such individual. This bill is currently on the floor in the Senate.
Assembly Judiciary Committee:
- A.5611 (Weinstein)/S.3216 (Comrie) states that current affirmative allegation provisions for high-cost loans and subprime home loans would be applicable to all mortgage foreclosures. The legislation is on the Senate floor.
Senate Housing, Construction & Community Development Committee:
- A.6370 (Williams)/S.5357 (Comrie) would expand the definition of “tenant” for the purposes of required notice during a mortgage foreclosure action. This bill is on the floor in the Assembly. NYBA opposes this bill.
- S5079A (Skoufis), the “Zombie Property Remediation Act of 2019” relates to foreclosure actions involving abandoned properties. There is no Assembly companion bill.
Items On This Week’s Legislative Committee Agendas:
Assembly Consumer Affairs & Protection Committee:
- A.2611-B (Dinowitz)/S.2884-B (Sanders), to prohibit disclosure or use of consumer credit history in hiring, employment and licensing determinations. (Legislation is on the State Senate floor.)
- A.5294 (Crespo)/S.2302 (Kavanagh), would prohibit a consumer reporting agency or lender from using the credit scores of members of an individual’s social network to determine the credit worthiness of such individual. This bill is currently on the floor in the Senate.