New York S 4371: 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

Bill Text

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S04371 Summary:

BILL NOS04371 

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SAME ASNo Same As

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SPONSORCOMRIE

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COSPNSRRAMOS

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MLTSPNSR

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Amd §§2 & 2976, Pub Auth L

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Enacts the statewide transportation authority reinvestment (STAR) act; exempts mass transit authorities from bond issuance charges.

Go to top S04371 Actions:

BILL NOS04371 

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02/04/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS04371 Committee&nbspVotes:

Go to topS04371 Floor&nbspVotes:

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

Go to topS04371 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4371

 2025-2026 Regular Sessions

 IN SENATE

 February 4, 2025
 ___________

 Introduced by Sens. COMRIE, RAMOS -- read twice and ordered printed, and
 when printed to be committed to the Committee on Corporations, Author-
 ities and Commissions

 AN ACT to amend the public authorities law, in relation to exempting
 mass transit authorities from bond issuance charges

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "statewide transportation authority reinvestment (STAR) act".
 3 § 2. Legislative intent. The public authorities that provide mass
 4 transit service in the areas of New York City, Long Island, Hudson
 5 Valley, Buffalo, Rochester, Albany, Syracuse and their suburbs are given
 6 the power to issue debt, which they can use to fund capital projects or
 7 operations. However, state law requires these authorities to pay the
 8 state a fee each time they issue bonds, totaling up to almost 1% of
 9 bonds issued depending on the amount of the issuance. The legislature
 10 finds that in a time when these authorities face increasing fiscal chal-
 11 lenges, the fees these authorities must pay to the state rob them of
 12 resources to maintain reliable, attractive bus and rail service which is
 13 an inherent public good. It is the intent of the legislature to relieve
 14 transportation authorities of the burden of acting as a revenue source
 15 for the state when they invest in their operations and capital infras-
 16 tructure, and that these authorities use the savings accrued from
 17 exemptions from this fee to maintain service levels and prevent service
 18 cuts, or for transformative capital projects.
 19 § 3. Section 2 of the public authorities law is amended by adding a
 20 new subdivision 7 to read as follows:
 21 7. "mass transit authority" shall mean the metropolitan transportation
 22 authority, New York City transit authority, Triborough bridge and tunnel
 23 authority, Capital District transportation authority, Central New York
 24 regional transportation authority, Rochester-Genesee regional transpor-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05813-01-5

 S. 4371 2

 1 tation authority, Niagara Frontier transportation authority and all
 2 subsidiaries thereof. It shall also refer to any local or state authori-
 3 ty created for the purpose of operating transportation facilities
 4 including, but not limited to railroad and/or omnibus facilities. In
 5 addition, it shall refer to any local or state authority whose chairman
 6 and members also serve as the chairman and members of a local or state
 7 authority created for the purpose of operating transportation facilities
 8 including, but not limited to railroad and/or omnibus facilities.
 9 § 4. Subdivision 4 of section 2976 of the public authorities law, as
 10 added by section 12 of part E of chapter 494 of the laws of 2009, is
 11 amended to read as follows:
 12 4. The provisions of subdivisions one and two of this section shall
 13 not apply to bonds issued by mass transit authorities and to recovery
 14 act bonds issued by the state of New York municipal bond bank agency in
 15 connection with local American Recovery and Reinvestment Act pursuant to
 16 section two thousand four hundred thirty-six-b of this chapter.
 17 § 5. This act shall take effect immediately.

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