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NY S07819
Bill
Status
2/28/2018
Primary Sponsor
Jesse Hamilton
Click for details
AI Summary
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Adds new section 307 to the Financial Services Law imposing a 12-month deadline to complete all compliance audits and examinations by the Department of Financial Services for financial products, services, or regulated persons.
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Requires the Department to provide a preliminary analysis of findings at 6 months after commencement of an audit or examination.
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Requires the Department to provide a final report of findings at 12 months after commencement of an audit or examination.
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Automatically resolves any audit or examination not completed within 12 months by finding the subject in compliance, and prohibits the Department from using any discovered information in subsequent audits or examinations.
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Takes effect 30 days after enactment.
Legislative Description
Relates to instituting a twelve month limitation on compliance audits and examinations by the department of financial services; requires a preliminary and final report during any compliance audit or examination.
Last Action
COMMITTED TO RULES
6/20/2018