New York opts out of certain federal interest rate provisions for consumer credit transactions made in the state.

New York S10688 opts the state out of certain provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, allowing New York to apply its own interest rate limitations to consumer credit transactions made in the state. The bill defines "covered consumer credit transaction" as those made in New York where federal interest rate authority would otherwise apply. It establishes enforcement mechanisms and penalties for violations, ensuring that state law governs such transactions.

New York opts out of certain federal interest rate provisions for consumer credit transactions made in the state.

New York S10688 opts the state out of certain provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, allowing New York to apply its own interest rate limitations to consumer credit transactions made in the state. The bill defines "covered consumer credit transaction" as those made in New York where federal interest rate authority would otherwise apply. It establishes enforcement mechanisms and penalties for violations, ensuring that state law governs such transactions.