SUBJECT:

PURPOSE:

Low-income consumers face a variety of challenges in the financial marketplace. Many low-income consumers do not have access to traditional banking services and are therefore forced to rely on non-bank entities, such as check cashers and rent-to-own businesses. Many of these consumers also use alternative products offered by traditional service providers, such as short-term "payday loans" and high-cost home loans. Significant fees and high interest rates are often associated with the use of these alternative services and products.

These hearings will examine the impact of alternative financial services on low-income consumers. The hearings will also investigate the need for increased state regulation of alternative financial service providers, including rent-to-own businesses, check cashers, and financial institutions that offer short-term, high-cost loans, in order to ensure consumer protection in this area.

Oral testimony will be limited to ten minute durations. Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committees would appreciate advance receipt of prepared statements. Written testimony will also be accepted and may be sent to the contact persons listed on the reply form. In order to publicize the hearing further, please inform interested parties of the Committees' interest in receiving written testimony from all sources.

In order to meet the needs of those who may have a disability, the Senate and Assembly, in accordance with their policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Senate and Assembly facilities and activities.

PUBLIC HEARING REPLY FORM

Persons invited to present testimony at the public hearings on Financial Issues Facing Low-Income Consumers to be held on September 20, 2006 or who wish to submit written testimony only, are requested to complete and return this reply form to:

Jeffrey O'Donnell
Legislative Associate
Room 513 - Capitol
Albany, New York 12248
Phone: (518) 455-4355
Fax: (518) 455-4128

I will address my remarks to the following subjects:

I will require assistance and/or handicapped accessibility information. Please specify the type of assistance required: