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NY A07786
Bill
Status
5/21/2021
Primary Sponsor
Kevin Cahill
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AI Summary
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The superintendent of financial services must review employee and small business employer protections in the payroll services industry in consultation with the commissioner of taxation and finance.
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The review must examine the current state of protections, incidence of fraud or misappropriation of payroll funds, and the number of small businesses and payroll service providers in New York.
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The superintendent must evaluate the feasibility and advisability of requiring payroll service providers to obtain insurance, post bonds, or use other risk management tools to protect payroll funds stolen or misappropriated after transmission from employers.
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The superintendent must assess whether the department of financial services should have regulatory oversight over third-party payroll service providers.
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The superintendent must submit a report with findings, conclusions, and recommendations to the governor, senate president, and assembly speaker within 120 days of the act's effective date.
Legislative Description
Requires the department of financial services, in consultation with the department of taxation and finance, to conduct a study regarding insurance or other risk mitigation tools and third-party payroll service providers; provides that the superintendent of financial services shall submit a report to the governor, the temporary president of the senate and the speaker of the assembly of the department's findings, conclusions, and recommendations.
Last Action
substituted by s3577
6/10/2021