New York S 3925: Relates to directing the board of regents and the state education department to conduct a study on the readiness of children to start kindergarten and adjusting the age of mandatory attendance

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S03925 Summary:

BILL NOS03925 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORCOMRIE

&nbsp

COSPNSRBRISPORT

&nbsp

MLTSPNSR

&nbsp

Add §202-k, Bank L; add §5-532, Gen Ob L

&nbsp

Prohibits foreign banking corporations from issuing payday loans; defines payday loans as any transaction in which a short-term cash advance is made to a consumer in exchange for: a consumer's personal check or share draft, in the amount of an advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or a consumer's authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.

Go to top S03925 Actions:

BILL NOS03925 

&nbsp

01/30/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS03925 Committee&nbspVotes:

Go to topS03925 Floor&nbspVotes:

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

Go to topS03925 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3925

 2025-2026 Regular Sessions

 IN SENATE

 January 30, 2025
 ___________

 Introduced by Sens. COMRIE, BRISPORT -- read twice and ordered printed,
 and when printed to be committed to the Committee on Banks

 AN ACT to amend the banking law and the general obligations law, in
 relation to prohibiting foreign banking corporations from engaging in
 high-cost payday loans

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

 1 Section 1. The banking law is amended by adding a new section 202-k to
 2 read as follows:
 3 § 202-k. Prohibition of payday loans. 1. No foreign banking corpo-
 4 ration shall make any payday loan, either directly or indirectly, or
 5 make any loan to any other lender for purposes of financing a payday
 6 loan or refinancing or extending any payday loan.
 7 2. For purposes of this section "payday loan" means any transaction in
 8 which a short-term cash advance is made to a consumer in exchange for
 9 (i) a consumer's personal check or share draft, in the amount of an
 10 advance plus a fee, where presentment or negotiation of such check or
 11 share draft is deferred by agreement of the parties until a designated
 12 future date; or (ii) a consumer's authorization to debit the consumer's
 13 transaction account, in the amount of the advance plus a fee, where such
 14 account will be debited on or after a designated future date.
 15 § 2. The general obligations law is amended by adding a new section
 16 5-532 to read as follows:
 17 § 5-532. Prohibition on payday loans. 1. A creditor may not make a
 18 payday loan to any person if the creditor knows or has reasonable cause
 19 to believe that:
 20 a. the personal check or share draft the creditor receives from the
 21 person, in exchange for the loan, is drawn on an insured depository
 22 institution or insured credit union; or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05401-01-5

 S. 3925 2

 1 b. the account the creditor receives permission from the person to
 2 debit, in exchange for the loan, is a transaction account or share draft
 3 account at an insured depository institution or an insured credit union.
 4 2. For purposes of this section:
 5 a. "Insured credit union" shall mean any credit union chartered by the
 6 federal government or federally insured credit union chartered by a
 7 state.
 8 b. "Payday loan" shall mean any transaction in which a short-term cash
 9 advance is made to a consumer in exchange for (i) a consumer's personal
 10 check or share draft, in the amount of the advance plus a fee, where
 11 presentment or negotiation of such check or share draft is deferred by
 12 agreement of the parties until a designated future date; or (ii) a
 13 consumer's authorization to debit the consumer's transaction or share
 14 draft account, in the amount of the advance plus a fee, where such
 15 account will be debited on or after a designated future date.
 16 § 3. This act shall take effect on the ninetieth day after it shall
 17 have become a law.

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps