New York Senate Bill S08292

New York 2025-2026 Regular Session

• Introduced: 5/30/25
• Refer: 5/30/25

Caption

Extends the effectiveness of provisions of law relating to permissible fees in connection with open end loans from June 30, 2025 until June 30, 2027.

Summary

This bill amends a prior 1996 chapter relating to banking law and extends the sunset date for provisions governing permissible fees in connection with open-end loans. Under current law, those provisions were set to expire on June 30, 2025; this bill would push the expiration date to June 30, 2027. The bill does not create a new fee structure or change the substantive fee rules themselves; it simply keeps the existing framework in place for two additional years. Because the measure is a sunset extension, its practical effect is to preserve the current rules for lenders and borrowers using open-end loan products, including any limits or authorizations tied to permissible fees under the amended banking law. If enacted, the law would continue to operate as amended by the 1996 act and its later amendments until the new expiration date, after which the provisions would again revert unless further extended.

Impact

The bill affects New York banking law by extending the life of a temporary statutory framework governing fees associated with open-end loans. It delays the repeal of the amended provisions in chapter 223 of the laws of 1996, as previously extended, and thereby maintains the current legal treatment of permissible fees for lenders, creditors, and consumers using open-end credit products through June 30, 2027.

Sentiment

No committee transcripts or recorded votes were provided, so there is no direct evidence of support or opposition in the available materials. Based on the bill text, the measure appears routine and technical in nature, aimed at continuing an existing regulatory regime rather than changing policy direction. Such sunset-extension bills are often treated as maintenance legislation and may draw limited public attention.

Contention

The main point of potential contention is whether the existing fee rules for open-end loans should continue unchanged or be allowed to expire and revert to prior law. Stakeholders most likely to care include banks, lenders, consumer advocates, and borrowers, especially if they disagree about the fairness, cost, or necessity of the current fee provisions. However, the provided materials do not identify any specific objections, amendments, or debated issues.