WeVote
Log In

Bill

Bill

S 6388

Provides for electronic notice for collateral loan brokers

2025 Regular Session Introduced by Pete Harckham

Establishes an electronic notice framework for collateral loan brokers to deliver and manage notices to consumers electronically, with consent, accessibility, and retention rules.

SUBSTITUTED BY A3228A
0
WeVote Research Nonpartisan
Bill Summary · S 6388

Summary of Bill S 6388 – Provides for Electronic Notice for Collateral Loan Brokers

Overview

Bill S 6388 proposes to establish electronic notice requirements for collateral loan brokers. Introduced on March 13, 2025, the measure is currently referred to the Consumer Protection committee. The primary sponsor is Senator Pete Harckham.

Purpose and Intent

  • Modernize how notices are delivered in collateral loan transactions.
  • Promote timely delivery and accessibility of information to consumers.
  • Streamline regulatory and industry practices by enabling electronic communications.

Bill Details

  • Bill Number: S 6388
  • Title: Provides for electronic notice for collateral loan brokers
  • Status: Referred to Consumer Protection (as of introduction)
  • Introduced: March 13, 2025
  • Primary Sponsor: Pete Harckham
  • Related Bills:
    • S 8131 (prior-session)
    • A 3228 (companion)
    • A 3228 (companion)

What the Bill Would Do (High-Level)

  • Establish an electronic notice framework specifically for collateral loan brokers.
  • Create standards around the manner and form of electronic notices (e.g., delivery methods such as email, secure portals, or text messaging) and the circumstances under which notices may be delivered electronically.
  • Address consumer consent requirements for electronic notices and ensure accessibility and reliability of electronic communications.
  • Provide for recordkeeping and retention of electronic notices, as well as any necessary audit or compliance requirements.
  • Include enforcement provisions and penalties for noncompliance (to be specified in the text).

Note: The bill’s text would detail the exact mechanics (who must be notified, what must be disclosed, delivery timelines, consent procedures, accessibility standards, retention periods, and remedies for failure to comply). The summary above reflects the purpose indicated by the title and committee referral.

Who Would Be Affected

  • Collateral loan brokers would need to implement and comply with electronic notice requirements.
  • Consumers involved in collateral loan transactions would receive notices electronically, subject to consent and accessibility provisions.
  • Regulators and oversight bodies would administer and enforce the new notice framework.

Procedural and Timeline Aspects

  • The bill was introduced on March 13, 2025.
  • It has been referred to the Consumer Protection committee for review.
  • No final passage or effective date is provided in the current information; timelines will depend on committee action and eventual floor votes.

Related Considerations

  • The bill has a prior-session companion (S 8131) and a companion in the Assembly (A 3228), indicating cross-chamber interest and potential alignment with related collateral loan notice reforms.

For readers seeking specifics on delivery methods, consent requirements, and enforcement details, the full text of S 6388 will provide the definitive provisions.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.