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NY A02443
Bill
Status
1/19/2021
Primary Sponsor
Yuh-line Niou
Click for details
AI Summary
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Prohibits any person from requiring a confession of judgment in contracts or agreements for financial products or services
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Applies to financial products and services offered by entities regulated by the superintendent of financial services under banking law or insurance law, or offered to consumers generally
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Excludes products or services exclusively regulated by federal agencies, regulated by other state agencies for consumer/investor protection, or where state superintendent rules would be preempted by federal law
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Defines "financial product or service regulated for consumer or investor protection" to include products requiring state registration or licensing and those with specific consumer protections in state law or regulation
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Effective ninety days after enactment
Legislative Description
Prohibits the inclusion of a confession of judgment in a contract or agreement for a financial product or service.
Last Action
referred to banks
1/5/2022