New York S03925 prohibits foreign banking corporations from issuing payday loans.
New York S03925 amends the banking law to prohibit foreign banking corporations from issuing payday loans. The bill defines payday loans as transactions where a short-term cash advance is made to a consumer in exchange for a personal check or share draft, with presentment deferred until a future date, or an authorization to debit the consumer's transaction account on a future date. The prohibition applies to any loan made directly or indirectly by a foreign banking corporation, or any loan made to another lender for the purpose of financing a payday loan.
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