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S06431 Summary:

BILL NOS06431A
 
SAME ASSAME AS A08385
 
SPONSORSERINO
 
COSPNSR
 
MLTSPNSR
 
Amd 110 & 410, R & SS L; amd 340, Bank L
 
Restricts use of pension assignments and which persons can engage in the business of offering consideration for pensions.
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S06431 Actions:

BILL NOS06431A
 
05/18/2017REFERRED TO CIVIL SERVICE AND PENSIONS
06/02/2017AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
06/02/2017PRINT NUMBER 6431A
06/12/2017COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/12/2017ORDERED TO THIRD READING CAL.1571
06/13/2017PASSED SENATE
06/13/2017DELIVERED TO ASSEMBLY
06/13/2017referred to governmental employees
01/03/2018died in assembly
01/03/2018returned to senate
01/03/2018REFERRED TO CIVIL SERVICE AND PENSIONS
03/19/20181ST REPORT CAL.657
03/20/20182ND REPORT CAL.
03/21/2018ADVANCED TO THIRD READING
04/17/2018PASSED SENATE
04/17/2018DELIVERED TO ASSEMBLY
04/17/2018referred to governmental employees
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S06431 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6431--A
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                      May 18, 2017
                                       ___________
 
        Introduced  by  Sen.  SERINO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- committee discharged, bill amended, ordered  reprinted  as  amended
          and recommitted to said committee
 
        AN  ACT  to amend the retirement and social security law and the banking
          law, in relation to pension assignments
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section 110 of the retirement and social security law, as
     2  amended by chapter 291 of the laws  of  1999,  is  amended  to  read  as
     3  follows:
     4    §  110.  Exemption  from  taxes  and  legal process. a. The right of a
     5  person to a pension, a pension-providing-for-increased-take-home-pay, an
     6  annuity or a retirement allowance, to the return of  contributions,  the
     7  pension,  the pension-providing-for-increased-take-home-pay, annuity, or
     8  retirement allowance itself, any optional benefit, including any benefit
     9  or monies accruing under an  optional  retirement  program  pursuant  to
    10  article  eight-B  or one hundred twenty-five-A of the education law, any
    11  other right accrued or accruing to any person under  the  provisions  of
    12  this  chapter  and  the monies in the various funds continued under this
    13  chapter:
    14    1. Are hereby exempt from any  state  or  municipal  tax,  except  the
    15  estate tax, and
    16    2.  Shall not be subject to execution, garnishment, attachment, or any
    17  other process whatsoever, and
    18    3. Shall be unassignable,  except  as  in  this  chapter  specifically
    19  provided.
    20    b. Except as specifically provided in this chapter, a person or entity
    21  shall  not  use  any device, scheme, transfer or other artifice to evade
    22  the applicability and prohibition or paragraphs two and three of  subdi-
    23  vision  a  of  this  section,  including the deposit of such benefits or
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11808-03-7

        S. 6431--A                          2
 
     1  funds into a joint account with the person or  entity  or  the  authori-
     2  zation  to a person or entity under a power of attorney or other instru-
     3  ment or document to access an account or otherwise obtain funds from  an
     4  account to which benefits or funds have been deposited.
     5    c.  Any  contract or agreement made in violation of this section shall
     6  be void. All sums paid  to  or  collected  by  a  person  or  entity  in
     7  violation  of  this section shall be returned by the person or entity to
     8  the benefit recipient or his or her heirs or beneficiaries  as  restitu-
     9  tion.
    10    d.  Any benefit recipient, his or her guardian or conservator, or heir
    11  or beneficiary may bring an action to enforce  the  restitution  author-
    12  ized.
    13    § 2. Section 410 of the retirement and social security law, as amended
    14  by chapter 549 of the laws of 1983, is amended to read as follows:
    15    §  410.  Exemption  from  taxes  and  legal process. a. The right of a
    16  person to a pension, a pension-providing-for-increased-take-home-pay, an
    17  annuity or a retirement allowance, to the return of  contributions,  the
    18  pensions, the pension-providing-for-increased-take-home-pay, annuity, or
    19  retirement  allowance  itself,  any  optional  benefit,  any other right
    20  accrued or accruing to any person under the provisions of  this  chapter
    21  and the monies in the various funds continued under this chapter:
    22    1.  Are  hereby  exempt  from  any  state or municipal tax, except the
    23  estate tax, and
    24    2. Shall not be subject to execution, garnishment, attachment, or  any
    25  other process whatsoever, and
    26    3.  Shall  be  unassignable,  except  as  in this chapter specifically
    27  provided.
    28    b. Except as specifically provided in this chapter, a person or entity
    29  shall not use any device, scheme, transfer or other  artifice  to  evade
    30  the  applicability and prohibition or paragraphs two and three of subdi-
    31  vision a of this section, including the  deposit  of  such  benefits  or
    32  funds  into  a  joint  account with the person or entity or the authori-
    33  zation to a person or entity under a power of attorney or other  instru-
    34  ment  or document to access an account or otherwise obtain funds from an
    35  account to which benefits or funds have been deposited.
    36    c. Any contract or agreement made in violation of this  section  shall
    37  be  void.  All  sums  paid  to  or  collected  by  a person or entity in
    38  violation of this section shall be returned by the person or  entity  to
    39  the  benefit  recipient or his or her heirs or beneficiaries as restitu-
    40  tion.
    41    d. Any benefit recipient, his or her guardian or conservator, or  heir
    42  or  beneficiary  may  bring an action to enforce the restitution author-
    43  ized.
    44    § 3. Section 340 of the banking law, as amended by chapter 22  of  the
    45  laws of 1990, is amended to read as follows:
    46    § 340.  Doing  business  without  license prohibited. (a) No person or
    47  other entity shall engage in the business of making loans in the princi-
    48  pal amount of twenty-five thousand dollars or less for any  loan  to  an
    49  individual  for  personal, family, household, or investment purposes and
    50  in a principal amount of fifty thousand dollars or less for business and
    51  commercial loans, and charge, contract for, or receive a greater rate of
    52  interest than the lender would be permitted by law to charge if he  were
    53  not  a licensee hereunder except as authorized by this article and with-
    54  out first obtaining a license from the superintendent.
    55    (b) For the purposes of this section, a  person  or  entity  shall  be
    56  considered  as engaging in the business of making loans in New York, and

        S. 6431--A                          3
 
     1  subject to the licensing and other requirements of this article,  if  it
     2  solicits  loans  in  the  amounts prescribed by this section within this
     3  state and, in connection with such solicitation, makes loans to individ-
     4  uals  then resident in this state, except that no person or entity shall
     5  be considered as engaging in the business of making loans in this  state
     6  on  the  basis  of isolated, incidental or occasional transactions which
     7  otherwise meet the requirements of this section.
     8    (c) Nothing in this article shall apply to  licensed  collateral  loan
     9  brokers.
    10    (d)  Any  person who engages in the business of offering consideration
    11  in exchange for a secured interest in all or part of pension proceeds in
    12  the possession of a participant, beneficiary, or  member  of  a  pension
    13  plan,  program,  or system shall be deemed to be engaged in the business
    14  of making loans and shall be subject to the licensing and other require-
    15  ments of this article.
    16    § 4. This act shall take effect immediately.
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