NY High-Cost Bill to ‘Plug’ Part 41 Regulation Loopholes
June 4, 2001
The Ways and Means Committee of the New York Assembly is considering legislation that would prevent predatory lenders from circumventing state regulations approved last year to curb abusive lending practices. A 7828, which was reported out of the Assembly Banking Committee on May 22, is far tougher than high-cost loan regulations issued by the state banking regulators last year, maintains grassroots advocate and bill supporter, ACORN.