NY A03636

Prohibits any person from requiring a confession of judgment in contracts or agreements for financial products or services.

Applies to financial products or services offered by persons regulated by the New York superintendent of financial services under banking law or insurance law, or offered to consumers.

Excludes financial products or services exclusively regulated by federal agencies, regulated by other state agencies for consumer protection, or where state regulations would be preempted by federal law.

Defines covered financial products and services to include those requiring registration or licensing, those with specific consumer protection provisions in state law, and securities, commodities, and real property subject to General Business Law Article 23-A.

Takes effect 90 days after enactment.