S3925 (2025-26 session)
NY State bill
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.
- Title
- Prohibits foreign banking corporations from issuing payday loans
- Type
- New York State Senate bill
- Session
- 2025-26 session
- Status
- In Senate Committee
- Latest action date
- 2026-01-07
- In committee
- Banks
- Introduced
- 2025-01-30
- Law section
- Banking Law
Sponsors
- Leroy Comrie State Senator, District 14
Co-sponsors
- Jabari Brisport State Senator, District 25
Heard in committee
- Banks NY State Senate committee