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NY A08187
Bill
Status
6/6/2019
Primary Sponsor
Tremaine Wright
Click for details
AI Summary
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Removes the requirement that fraud or misrepresentation be "intentional" when assessing civil penalties under the financial services law.
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Expands the definition of civil penalty violations to include "unfair, deceptive, or abusive act or practice" in addition to fraud and misrepresentation.
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Extends civil penalty authority to cover service providers utilized by persons offering financial products or services, not just the primary providers themselves.
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Redefines "financial product or service" to include warranties and guaranties/suretyships, broadening the superintendent's regulatory authority.
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Eliminates prior law provisions that directed civil penalty funds to reduce insurance and banking law assessments, removing the dedicated funding mechanism for the financial frauds and consumer protection unit.
Legislative Description
Relates to civil penalties associated with financial frauds; re-defines financial product or service to include warranties sold or provided to a consumer or small business or any guaranty or suretyship provided by a consumer.
Last Action
referred to banks
1/8/2020