Extends certain provisions relating to installment loans and obligations evidencing installment loans

2025 Regular Session Introduced by Michaelle Solages

Extends the sunset of the 1993 installment-loan law to Sept 30, 2029, keeping current framework in force through that date.

REFERRED TO LOCAL GOVERNMENTS

Overview

Jurisdiction: New York

Introduced by: Assembly Member Solages (at the request of the Environmental Facilities Corporation)

Date Introduced: April 16, 2026

Committee: Local Governments

Purpose: Extend the effectiveness of a 1993 law related to installment loans and obligations evidencing installment loans, as previously amended.

What the bill does (Key provisions)

Extension of effectiveness:

The core provision is to extend the period during which the 1993 act (as amended) remains in force.
Specifically, Section 3 of Chapter 492 of the Laws of 1993, as amended by Chapter 342 of the Laws of 2023, is amended to:
Take effect immediately.
Remain in full force and effect until September 30, 2029.
After that date, the act would be deemed repealed.

Retroactive language on timing: The bill states the extension applies to the current law’s timeline, effectively pushing the sunset date from 2026 (as previously set) to 2029.

Who/what is affected

Installment loans sector and related obligations: The changes affect the statutory regime governing installment loans and any obligations evidencing such loans within New York. This includes:

Entities issuing or facilitating installment loans.
The regulatory framework and compliance requirements tied to installment loan instruments.

Local governments and the Environmental Facilities Corporation (EFC): Since the bill is tied to provisions enacted at the behest of the EFC, local governments and the EFC’s programs that rely on installment-loan related authorities could see continuity in the tools available to finance projects.

Procedural/Timeline aspects

Effective dates:

The bill states, “This act shall take effect immediately.”
The extended effectiveness of the installment-loan provisions lasts until September 30, 2029.
After September 30, 2029, the act (Chapter 492 of 1993, as amended) would be repealed.

Next steps: Upon enactment, the law would extend the sunset/expiration date for the installment-loan provisions to 2029, pending any further legislative actions or amendments.

Practical Implications

Continuity of financing tools: Local governments and the EFC can continue to rely on the current installment-loan framework through 2029, avoiding a potential gap in statutory authority.

Planning horizon: Municipalities and lenders can plan for several more years under the existing regime, with a known sunset date of September 30, 2029.

Policy neutrality: The summary indicates the bill is primarily a procedural extension, not a substantive policy overhaul of installment loan terms or consumer protections.

If you’d like, I can compare this extension to prior sunset dates or summarize the original 1993 law and its 2023 amendment to provide broader context.

Bill