New York legislation · 2025-2026 General Assembly
New York S10688: Opts the state out of certain provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221
Status: In committee, August 26, 2026
Opts the state out of certain provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221; establishes applicable interest limitations.
What the bill says
An act to amend the banking law and the financial services law, in relation to opting the state out of certain provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221.
From the introduced text, August 26, 2026:
AN ACT to amend the banking law and the financial services law, in relation to opting the state out of certain provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings. The regulation of interest and usury is among the oldest exercises of the states' police powers. New York, in its exercise of that police power, has a substantial and longstanding interest in protecting its residents, its communities, and its economy from excessive interest and evasions of its lending laws. Before the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) codified federal rate exportation, the law governing an interstate consumer-usury dispute generally favored the jurisdiction in which the consumer resided, entered the transaction, received credit, and incurred the debt. After DIDMCA, that balance shifted, and in addition to national banks benefitting from rate exportation, sections five hundred twenty-one through five hundred twenty-three of the DIDMCA extended specified federal interest-rate authority to certain statechartered institutions. Section five hundred twenty-five of that act, however, expressly permits a state to provide that it does not want such provisions to apply with respect to loans made in that state. The legislature finds that in pursuit of …
Sponsors
- Zellnor Myrie (D, 20) · primary sponsor
Latest actions
- : REFERRED TO RULES
Subjects: Banking Law
Common questions
- What is S10688?
- S10688 is a bill in the New York Legislature (2025-2026 General Assembly): Opts the state out of certain provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221.
- What does S10688 do?
- In its own words: An act to amend the banking law and the financial services law, in relation to opting the state out of certain provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221.
- What is the status of S10688?
- In committee as of August 26, 2026. Latest action: REFERRED TO RULES (August 26, 2026).
- Who sponsored S10688?
- Zellnor Myrie (D, 20).
- Where is the official record for S10688?
- On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/S10688
Source: official New York record. Tracked by Delilah, AI for legislation across all 50 states and Congress.