New York S 4129: Requires lending institutions that send unsolicited mail-loan checks to clearly state the interest rate and the total cost of loan in a dollar amount

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S04129 Summary:

BILL NOS04129 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Amd §9-t, Bank L

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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 interest rate, over periods of six months, one year, and three years.

Go to top S04129 Actions:

BILL NOS04129 

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02/03/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS04129 Committee&nbspVotes:

Go to topS04129 Floor&nbspVotes:

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

Go to topS04129 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4129

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks

 AN ACT to amend the banking law, in relation to full disclosure of
 interest rate on unsolicited mail-loan checks

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

 1 Section 1. Subdivision 2 of section 9-t of the banking law, as amended
 2 by chapter 184 of the laws of 2022, is amended to read as follows:
 3 2. Any lending institution which issues mail-loan checks shall:
 4 (a) include on the face of each check issued to a non-customer a writ-
 5 ten statement, in legible type reading "ONE FORM OF VALID PHOTOGRAPHIC
 6 ID NEEDED TO CASH OR DEPOSIT"; provided, however, that any entity cash-
 7 ing or accepting a mail-loan check for deposit may require more than one
 8 form of identification;
 9 (b) make no reference on the outside of the envelope containing a
 10 mail-loan check that indicates that a check is enclosed within such
 11 envelope;
 12 (c) provide that all mail-loan checks shall be non-transferable; [and]
 13 (d) include the transaction fee and interest rate and an expiration
 14 date of not more than six months on the mail-loan check, as well as any
 15 additional information that the superintendent may require; and
 16 (e) provide in legible type on the front page of the solicitation
 17 letter, the interest rate or rates to be applied to such loan, and
 18 provide a table demonstrating the total cost of such loan at incremental
 19 dollar amounts, at the offered interest rate, over incremental periods
 20 of time of six months, one year, and three years.
 21 § 2. This act shall take effect on the sixtieth day after it shall
 22 have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07656-01-5

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