Banks

This bill extends the expiration date of the state charter advisory board from October 3, 2026, to October 3, 2031. The advisory board directly impacts financial service providers by offering guidance on chartering and regulating financial institutions. By amending the Financial Services Law, the legislation ensures the board continues to operate for an additional five years before its provisions are repealed. This change allows the board to maintain its oversight role without requiring immediate legislative renewal.

Relates to the prohibition of lending institutions issuing mail-loan checks except in response to an affirmative request or application therefor; provides that any debt, interest, fee or other obligation arising from a mail-loan check issued in violation of this section shall be null and void and unenforceable.

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising.

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising.

Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments.