New York S 6444: Extends the effectiveness of certain provisions relating to permissible fees in connection with open end loans

Bill Text

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S06444 Summary:

BILL NOS06444 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORHARCKHAM

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§41, 43, 45 & 47, add Art 5-B §§57 - 57-c, Gen Bus L

&nbsp

Provides for electronic recordkeeping requirements for second-hand dealers and pawnbrokers.

Go to top S06444 Actions:

BILL NOS06444 

&nbsp

03/14/2025REFERRED TO CONSUMER PROTECTION

01/07/2026REFERRED TO CONSUMER PROTECTION

Go to topS06444 Committee&nbspVotes:

Go to topS06444 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06444 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6444

 2025-2026 Regular Sessions

 IN SENATE

 March 14, 2025
 ___________

 Introduced by Sen. HARCKHAM -- read twice and ordered printed, and when
 printed to be committed to the Committee on Consumer Protection

 AN ACT to amend the general business law, in relation to recordkeeping
 requirements for second-hand dealers and pawnbrokers

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 41 of the general business law, as amended by chap-
 2 ter 669 of the laws of 2022, is amended to read as follows:
 3 § 41. Licenses, how obtained; penalty for carrying on business without
 4 license. The mayor or such local licensing authority may from time to
 5 time grant, under [his or her] their hand and the official seal of [his
 6 or her] their office, to such citizens, or noncitizens lawfully admitted
 7 for permanent residence in the United States, as [he or she] such mayor
 8 or such local licensing authority shall deem proper and who shall
 9 produce to [him] such mayor or such local licensing authority satisfac-
 10 tory evidence of their good character, a license authorizing such person
 11 to carry on the business of a collateral loan broker, which license
 12 shall designate the house in which such person shall carry on said busi-
 13 ness, and no person, corporation, partnership or firm shall carry on the
 14 business of a collateral loan broker without being duly licensed, nor in
 15 any other house than the one designated in said license, under a penalty
 16 of one hundred dollars for each day [he, she or they] such person,
 17 corporation, partnership or firm shall exercise or carry on said busi-
 18 ness without such license or at any other house than the one so desig-
 19 nated. A collateral loan broker may conduct business via the internet
 20 provided the requirements of this chapter are satisfied. Any person
 21 receiving such license shall pay therefor the sum of five hundred
 22 dollars for the use of the city yearly where such business is to be
 23 conducted in a city with a population of more than one million persons,
 24 and where the business is to be conducted elsewhere the fee for such
 25 license shall not exceed two hundred fifty dollars yearly, and every

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10927-01-5

 S. 6444 2

 1 such license shall expire one year from the date thereof, and may be
 2 renewed on application to the mayor or local licensing authority each
 3 and every year on payment of the same sum and upon performance of the
 4 other conditions herein contained. Every person so licensed shall, at
 5 the time of receiving such license, file with the mayor or such local
 6 licensing authority granting the same a bond to the local authorities,
 7 to be executed by the person so licensed and by two responsible sure-
 8 ties, in the penal sum of ten thousand dollars, to be approved by such
 9 mayor or local licensing authority, which bond shall be conditioned for
 10 the faithful performance of the duties and obligations pertaining to the
 11 business so licensed, and the mayor or such local licensing authority
 12 shall have full power and authority to revoke such license for cause.
 13 § 2. Section 43 of the general business law, as amended by chapter 867
 14 of the laws of 1986, is amended to read as follows:
 15 § 43. Certain entries to be made [in book]; electronic record. Every
 16 such collateral loan broker shall keep [a book in which shall be fairly
 17 written, at the time of such loan, an account and description of