NY S07555

Prohibits statewide elected officials, state officers and employees, legislators, legislative employees, and political party chairmen who own or control 10% or more of a corporation, limited liability company, partnership, or firm from receiving compensation for legal fees, consulting, or other contractual services from state or local authorities.

Applies the same ownership-based restriction to municipal officers who own or control 10% or more of a corporation, limited liability company, partnership, or firm.

Expands the definition of violations subject to civil penalties up to $40,000 plus the value of any benefits received, and makes violations punishable as Class A misdemeanors upon conviction.

Clarifies that the restrictions apply whether services are actually performed or not.

Takes effect immediately upon enactment.